Activision Blizzard Inc. shares dropped in the extended session Thursday after the video-game publisher’s quarterly results and outlook fell short of Wall Street expectations. Activision shares plunged 16% to $25.68 after hours. The company reported adjusted fourth-quarter earnings of 83 cents a share on revenue of $2.12 billion. Analysts surveyed by FactSet had forecast 86 cents a share on revenue of $2.2 billion. The company forecast adjusted first-quarter earnings of 11 cents a share on revenue of $800 million, assuming the close of the acquisition of King Digital Entertainment PLC later this month. Analysts had estimated 19 cents a share on revenue of $756.3 million.
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