Those trends include a change from a release-driven launch model to one that, through expansion packs and upgrades, spreads out a game's content sales over an entire year -- or longer.

Thanks to its massive subscription-based business that's anchored by the World of Warcraft franchise, Activision is even better positioned than its peers to cash in on the surge toward digital gaming purchases.

If record earnings and a spike in profitability is what characterizes a slow seasonal quarter for this business, investors are probably right to be optimistic about the company's potential when big releases, including in the Destiny and Call of Duty franchise, begin impacting results later this year.

Finally, there are Activision's longer-term opportunities that span a wide range of growth avenues including e-sports, consumer products, game broadcasting, and advertising.

If anything, that valuation might underestimate Activision's unique gaming portfolio and leadership position in this attractive industry, which means shareholders could still see market-thumping growth over the next few years.