A sector with a larger percentage of Zacks Rank 1's and 2's will have a better average Zacks Rank than one with a larger percentage of Zacks Rank 4's and 5's. The detailed multi-page Analyst report does an even deeper dive on the company's vital statistics. This will be followed by Hearthstone's biggest ever single-player content later this month.
Our first quarter results exceeded our prior outlook reflecting strong operating discipline. And also what's the latest you can share related to the prospects and potentially timing for Call of Duty mobile?
At the same time, the team will be ramping marketing as they prepare for the launch and ongoing support of Call of Duty mobile and of course, Modern Warfare, our most important release of the year on October 25th. Key factors included business over performance and favorable cost timing as well as an equity investment gain and a lower tax rate. And our in-game advertising initiatives are continuing to grow at incredible rates, advertising net bookings doubled year-over-year in the second quarter and with the foundation for advertising initiatives now in place, we're actively exploring opportunities to leverage these capabilities across other parts of the business, especially with our Esports content. How the latest expansion is landing and sort of resonating with the community.
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. Now I'll provide just a little extra context before I turn to our guidance. Click to get this free report. Thanks for taking the question. Starting with reach, the company had million monthly active users in Q1. And when we find those compelling opportunities, we're not afraid to follow-up on them.
A Net effect of accounting treatment from revenue deferrals on certain of our online-enabled products. In the first quarter, Activision reported non-GAAP earnings of 78 cents per share that remained flat year over year. And the reason that we've created this city-based global league is to be able to attract that same passion and affinity that only city-based teams can really foster as we grow the fan base and as we want to deepen that engagement that our players have with our franchises.
These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. And it has substantially more content than we released in any previous P2P experience. The game's going to be revealed later this quarter. Q1 also saw the highly successful release of Sekiro: Shadows Die Twice, the resulted Activision's approach of selectively partnering with top quality developers, to leverage our publishing and marketing scale and expertise. We will hear now from Tim O'Shea with Jefferies. Candy Crush Friends with its accessible gameplay based on learnings from the Candy series continue to attract both former and new players to the franchise.