What happened

Shares of Activision Blizzard (ATVI) rose on Wednesday after the video-game maker delivered impressive first-quarter financial results. As of 3 p.m. EDT, its stock price was up more than 3% after rising as much as 6.9% earlier in the day.

So what 

Activision Blizzard's revenue surged 27% year over year to $2.28 billion. This growth was driven by strong sales of the company's core franchises, including Call of Duty, World of Warcraft, and Candy Crush.

"Demand for our content has never been stronger," CEO Bobby Kotick said during a conference call with analysts. 

Two young men having a great time playing video games.

Gamers and investors alike applauded Activision Blizzard's first-quarter performance. Image source: Getty Images.

Better still, Activision Blizzard's profitability and cash generation both improved significantly. Its adjusted earnings per share (EPS) jumped 29% to $0.98, while its operating cash flow leapt 470% to $844 million.

Now what 

These results prompted management to boost its full-year revenue and adjusted earnings-per-share guidance to $8.37 billion and $3.42, respectively. That's up from a prior forecast of $8.23 billion in revenue and $3.34 in EPS. 

"The year is off to a very strong start," Chief Financial Officer Armin Zerza said. "Our growth initiatives continued to deliver great results in the first quarter and our momentum has continued across all of our key franchises into the second quarter."