On Wednesday, Activision Blizzard said Call of Duty, Guitar Hero and World of Warcraft products drove sales past quarterly guidance.

For fiscal Q3 ended September 30, the company reported net revenues of $711 million, higher than the previously-announced guidance of $636 million.

However, the firm reported an operating loss of $194 million during the quarter. Net loss was $108 million.

Activision Blizzard also said in its earnings release that its board of directors has authorized a stock repurchase program in which the firm can buy back up to $1 billion of its stock.

CEO Robert Kotick said the buyback "illustrates our confidence in the long-term growth of the company and our commitment to providing superior returns to our shareholders."

The company reaffirmed its full year non-GAAP outlook of $4.9 billion in revenues and $1.2 billion in operating income.

Kotick remained optimistic about Activision Blizzard's holiday lineup, but said, "...we remain cautious given the likely slowdown in consumer spending this holiday season."

Activision Blizzard expects December quarter net revenues of $1.6 billion and a loss per share of 1 cent.