Activision Blizzard posted a net loss for the quarter ended in December, due mainly to accounting reporting guidelines, and strong revenues that beat expectations, driven by World of Warcraft, Guitar Hero and Call of Duty.

GAAP net loss for the quarter was $72 million, Activision said Wednesday. Non-GAAP net income for the quarter, which doesn't include deferred revenue and other charges, was $429 million.

Revenues for the quarter were $1.6 billion on a GAAP basis, and $2.3 billion on a non-GAAP basis. Activision expected non-GAAP revenues of $2.2 billion, or earnings per share of 31 cents, beating company expectations of 29 cents.

For calendar 2009, Activision is still cautious due to an uncertain economic environment. The firm expects GAAP net revenues of $4.2 billion and earnings per share of 22 cents. On a non-GAAP basis, the company expects net revenues of $4.7 billion for the year.

The profit outlook was below analyst forecasts, which called for full-year non-GAAP revenues of $5.17 billion and earnings per share of 67 cents, according to Reuters. The guidance drove Activision shares down 28 cents to $9.48 in after market trading.

CEO Robert Kotick said in an earnings call that the company will be "Launching more products than ever before" in 2009, mostly from "proven franchises."

Kotick also said a small amount of new 2009 titles will be based on new IP. "The introduction of new IP is one of our industry's most difficult challenges," he said, adding that that new IP investment could pay off in long term.

Activision is in a particularly strong position, having $3 billion in cash and investments and no debt. The company is "Well positioned to capitalize" on the videogame market this year, Kotick said.

Update: Added stock information.