Activision Blizzard has released its financial report for the third quarter of 2022 which shows a slightly expected decrease in performance as markets normalise from the great surge the gaming industry saw during the pandemic.
Operating income fell from $1.88 billion in Q3 2021 to $1.83 billion in Q3 2022, while net revenue fell from $2.07 billion to $1.78 billion year on year.
More interestingly, however, was the reveal that 52% ($932 million) of Activision Blizzard’s revenue is now coming from mobile streams, up from 40% in 2021.
That mobile source is mostly from King, a game-developing company that Activision Blizzard acquired in 2016 for just under $6 billion. King is well known for the game that all the mothers are professionals at, Candy Crush.
For the 21st consecutive quarter, Candy Crush Saga is the highest-grossing game on the US App Store. Helping King avoid the global trend of decline and actually seeing an increase in revenue over the past year.
Another mobile game that helped boost the company’s revenue was Diablo Immortal, developed by Blizzard Entertainment, the game has seen continued to see strong engagement since its launch earlier this year, which has been supported by new content, features and events.
Microsoft began the process of acquisition of Activision Blizzard earlier this year. Despite reports that the deal is in jeopardy, with the EU recently opening an ‘in-depth investigation’ into the acquisition, Activision Blizzard expects it to be completed by June next year.