Refer to our Form 10-Q for the first quarter of 2018 for additional information. It's not the one you think. King plans to release more games and content in 2018 and beyond, and it has a big tailwind. Activision and Vicarious Visions are honoring the heritage of Crash throughout the trilogy in a variety of ways. That success is a direct payoff of the company's diversification strategy that's added several new hit brands, like Overwatch and Hearthstone, to Activision's portfolio in the past few years.
A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The related cost of revenues is deferred and recognized as an expense as the related revenues are recognized. With more than 100 levels to explore, the Crash Bandicoot N. Shares now trade down roughly 17% year to date. The series has seen a new installment on a roughly annual basis since its debut, and every one of the franchise's mainline entries has featured some form of single-player campaign mode. Additionally, management believes 2018 will be the year esports becomes even more broad in its appeal. Read my new sci-fi thriller novel , available now in print and online.
Activision Blizzard's own Overwatch has no solo campaign mode and is one of the most successful new games of the last decade, but expectations are different for CoD. King continues to attract new advertisers and has repeat advertisers across multiple industries. The backdrop of declining users and aging franchises does make the reception for the company's most recently unveiled game more concerning. Options involve risks and are not suitable for all investors. Shutterstock Gaming giant Activision Blizzard reports earnings after the closing bell on Thursday, May 3. In addition, management believes excluding the change in deferred revenues and the related cost of revenues provides a much more timely indication of trends in our operating results. We look for passionate and talented Engineers, Designers, Artists, and Marketing team members just to name a few.
Investor optimism has sent the stock price up 68% over the last year, based on the expectation that outside of making games will pay off in the long run. Chances of rates holding steady sit at 94%, according to Fed funds futures. For those franchises, Activision actually expects to increase, not reduce, development resources in 2019. The impacts of the new revenue accounting standard are reflected in our financial information as of and for the three months ended March 31, 2018. How a multiplayer focus is changing gaming Single-player is still an important part of many the value proposition for many games, but it's multiplayer modes that tend to drive player engagement in the months after release. Due to the inherent uncertainties in share price and option exercise behavior, we do not generally forecast excess tax benefits or tax shortfalls.
Management has regularly highlighted its audience size and engagement as reasons it is optimistic about its growth initiatives, including in-game purchases, advertising and esports. Blizzard Highlights Toy and apparel offerings for Overwatch continue to expand throughout 2019. Our operating segments are also consistent with our internal organization structure, the way we assess operating performance and allocate resources, and the availability of separate financial information. The Activision Blizzard Consumer Products division develops engaging, high-quality products and experiences that transform the ways audiences connect with the Activision Blizzard franchises and characters they love in their everyday lives. . The forward-looking statements in this press release are based on information available to the company at this time and we assume no obligation to update any such forward-looking statements.
But concerns that the company is out of touch with its market appear to be misplaced. Devoting more energy and resources toward bringing some of its existing franchises to mobile could be controversial, but it's a move that has the potential to pay off in big ways. Operating Metric: Net bookings A is an operating metric that is defined as the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others, and is equal to net revenues excluding the impact from deferrals. If you have time, check out for a look at what else is going on. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding. Prior period results have not been restated to reflect this change in accounting standards.
We do not aggregate operating segments. Therefore, the sum of these measures, as presented, may differ due to the impact of rounding. In that context, it's understandable that Immortal's flubbed debut caused shares to dip roughly 7% in the day of trading following the reveal. Refer to our Form 10-Q for the first quarter of 2018 for additional information. About Activision Blizzard Activision Blizzard, Inc.
These growth opportunities outside of making games are crucial to justifying the stock's relatively high valuation. More information about Activision Blizzard and its products can be found on the company's website,. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. We'll have to wait and see what happens with Black Ops 4, but as a shareholder, I'm not thrilled by the prospect of the next Call of Duty releasing as multiplayer only. This tendency has been reduced somewhat by the video game industry's focus on driving in-game purchases helping to smoothing out revenues between game releases , but it can still be a factor in skewed comparisons.