The Santa Monica, Calif.-based Guitar Hero publisher saw shares jump $3.53, or 12.74 percent to $31.05 as of 2:40 EST.

On Thursday, Activision posted fiscal year sales of $2.9 billion, up from mmoabc.51 billion, a new record year for the company.

Lazard Capital Markets analyst Colin Sebastian said in a Friday investor note, "[Activision] is well-positioned for solid revenue and earnings growth over the next several years..."

Activision offered fiscal 2009 revenues guidance (not including Vivendi Games) of $2.75 billion and earnings per diluted share of 72 cents.

"The earnings guidance appears easily achievable," said Wedbush Morgan analyst Michael Pachter in a separate note.