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Activision Blizzard reveals its third quarter financials, with mobile now accounting for 52% of the gaming giant's net revenue

Candy Crush Saga is the top grossing game on US App Stores for the 21st quarter running
Activision Blizzard reveals its third quarter financials, with mobile now accounting for 52% of the gaming giant's net revenue
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Activision Blizzard has released its financial report for the third quarter of 2022, showcasing the company’s performance over the period.

The company saw notable year-on-year falls in several key metrics. Operating income fell from $1.88 billion in Q3 2021 to $1.83 billion in Q3 2022, while net revenue likewise fell year-on-year, from $2.07 billion to $1.78 billion. Although these falls are significant, it’s worth noting once again the effect of the pandemic on the gaming industry, with the market normalising following an unprecedented boom as people spent more time on gaming.

Mobile is King

Diablo Immortal helped to boost the company’s revenue worldwide, with the company’s delayed launch in China seeing the game ranking within the country’s top 10 grossing mobile titles. The game continues to see strong engagement, supported by new content, features and events.

King managed to avoid the global trend of decline, seeing an 8 percent increase in net bookings year-on-year and a 6 percent increase in revenue over the same period. Activision credits this increase to the Candy Crush saga, which recently celebrated its tenth anniversary and was listed as the top-grossing game franchise in US app stores for the 21st consecutive quarter.

Digital channels accounted for $1.61 billion in revenue for the quarter, showing once again the strength of the company in digital spaces. Mobile is identified as a particularly strong performer, accounting for $1 billion of the total net bookings, representing a 20 percent year-on-year increase.

Of the $1.78 billion in revenue generated over the quarter, $932 million came from mobile streams – 52 percent of the total. This strong performance is mirrored in the year to date: The company generated $5.2 billion in net revenue from January 1 to September 30, with $2.57 billion of that – 49 percent – coming from mobile.

Earlier this year, Microsoft begun the process of acquiring Activision Blizzard. Although some insiders claim that the deal is in jeopardy, Activision Blizzard expects the deal to be closed by the end of June 2023.