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Actionable news in ATVI: Activision Blizzard, Inc,

Activision Blizzard beats earnings as competitive gaming gains ground

As video games become more like spectator sports, Wall Street could be reaping the gains in companies such as Activision Blizzard, an analyst told CNBC on Friday.

Video game company Activision Blizzard reported on Thursday better-than-expected earnings for the second quarter, posting 54 cents per share of adjusted earnings on $1.61 billion in revenue, topping the 42 cents per share, ex-items, on $1.46 billion expected by a Thomson Reuters consensus estimate.

Futuristic shooter game "Overwatch" was key to the company's profits, gaining 15 million players globally after its launch.

"They've had a lot of excitement recently," Michael Olson, senior equity research analyst at Piper Jaffray, told CNBC's "Squawk Box" on Friday. "Overwatch is a huge phenomenon if you look at the revenue it generated."

Overwatch was...