Activision Blizzard: Disappointing sales but Blizzard keeps its head above water

Activision Blizzard: Disappointing sales but Blizzard keeps its head above water

Activision Blizzard has unveiled its financial results for the 2nd quarter of 2022. Revenue amounted to 1.6 billion dollars, against 2.3 billion a year earlier. Earnings are plummeting to $0.47 per share, 50% lower than a year earlier. The situation is not glorious but not catastrophic either since we are slightly below analysts’ expectations.

Activision Blizzard presented its results without holding a conference. This is due to the acquisition by Microsoft, which is still in progress and which must be approved by the boards of directors of the two companies by June 30, 2023, but also by the commission in charge of competition.

Number of players and turnovers

Sales are clearly down and Activision explains it in particular by a mixed success for the Call of Duty franchise. However, the company believes its product pipeline is stronger than ever with Call of Duty: Modern Warfare II, Call of Duty: Warzone 2.0, Wrath of the Lich King Classic, World of Warcraft: Dragonflight, and Overwatch coming soon. 2 in 2022. Diablo 4 will also arrive in 2023, with the colossal sales that these titles can generate.

Activision Blizzard also explains that it has invested heavily in development with the acquisition of Proletariat and Peltarion studios, increasing the number of developers by 25%.

  • Activision recorded 94 million monthly players in the 2nd quarter, a decrease of 6 million compared to Q1 2022.
  • Blizzard recorded 27 million monthly users, an increase of 5 million.
  • King is still hovering over the fray with 240 million players, down from 10 million.
  • Revenue
    • Activision announces a turnover of 490 million, with 92 million profits.
    • Blizzard announces a turnover of 411 million US dollars, with 141 million in profits.
    • King announces a turnover of 635 million US dollars, with 248 million profit.

It should be noted that digital revenues now represent 90% of the total, compared to only 4% for retail. Other revenue, which notably includes the Overwatch League and the Call of Duty League, accounted for 6% of total revenue for the quarter.

On the platform side, consoles account for 23% of revenues. The CP drops to only 20%%. The mobile segment is clearly the most important for the past quarter with 51% of turnover.

Geographically, the Americas take the lion’s share and generate 60% of revenues, compared to 29% for Europe, the Middle East and Africa. Asia accounts for 12% of turnover.


Blizzard came out of a particular period with few releases. Revenue is down from Q2 2021, but doing better than the first quarter of this year. The arrival of Diablo Immortal seems to be paying off, as is the launch of Dragonflight pre-orders. The coming months will no doubt be pretty good with WotLK Classic, Overwatch 2, and Dragonflight.

  • The month of June was marked by the release of Diablo Immortal. This is the first step for Blizzard, which should release many games within a year. The MMOARPG quickly rose to the top of downloads in over 100 countries, with over 30 million total downloads.
  • Over 50% of accounts created in recent weeks are new to Blizzard. This is interesting for the company, which can thus encourage them to discover its catalogue.
  • Diablo 4 will be released in 2023 and will mark a strong commitment from Blizzard in terms of live service, with a story that will constantly evolve and new content for several years.
  • On World of Warcraft, players will soon experience WotLK Classic and Dragonfight. Blizzard reaffirms that the developers will offer dense content in order to satisfy its community, in particular thanks to the help of the new developers from the Proletariat studio.