A previous version of this article had incorrect adjusted quarterly EPS figures and sales for the company. It has been corrected.

Game maker Activision Blizzard Inc. ATVI, -0.92% shares fell 2.8% after the company late Thursday reported first-quarter earnings above expectations but fewer users. Activision said it earned $426 million, or 56 cents a share, in the quarter, compared with $363 million, or 48 cents a share, in the year-ago period. The video-game maker reported adjusted earnings of 31 cents a share in the quarter. Revenue hit $1.19 billion, a record for the company. Analysts polled by FactSet had expected adjusted earnings of 21 cents a share on revenue of $1.09 billion. Activision said it had 431 million monthly active users in the quarter, with "Overwatch" its fastest-growing franchise. The company reported 447 million monthly active users in the fourth quarter and more than 500 million users a year ago. The stock, which was halted immediately after earnings, ended the regular trading day up 2.2%.