Call of Duty as a franchise is responsible for up to 45 percent of Activision's earnings before interest and taxes, Bhatia says, justifying the concern clause. Average reviews of Black Ops 2 were lower than Modern Warfare 3's, and Black Ops 2 launched a week after Halo 4 but a week before Black Friday, meaning some customers may have waited to buy it, Bhatia says.
Sterne Agee downgraded Activision's rating from "buy" to "neutral" and reduced 2013 estimates from $4.74 billion to $4.3 billion.
All this is in spite of the fact that Black Ops 2 pulled in $500 million at retail on its first day, breaking records and surpassing Modern Warfare 3's $400 million, and is the UK's fourth largest launch ever.
- Key specs
- Game format Optical disc, Downloadable
- Online features Multiplayer, Voice chat, Video chat, Store, Browser
- Drive capacity 250 GB
- Controller type Wired, Wireless
- Motion controls Accelerometer, Gyroscopic
- Video outputs HDMI (v1.3), RCA / composite
- Released 2012-09-25
Microsoft Xbox One