Activision Blizzard earnings were just made public and many were waiting to what the details would be regarding potential layoffs hitting the massive gaming company.
The confirmation of the process was reported by Kotaku as more and more employees are suddenly facing termination of their contracts. Vanguard Group Incorporated holds 0.17% of its portfolio in Activision Blizzard, Inc. Now staffing levels on some teams are out of proportion with our current release slate.
In a call with investors today, Activision Blizzard revealed that it has laid off 8-percent of its employees, which works out to around 800 jobs.
As difficult as some of these organizational changes are, I am confident in Blizzard's future and we will continue working hard to live up to not only our mission, but your expectations. "In our regional offices, we anticipate similar evaluations, subject to local requirements".
The company has also seen a number of executives leave in the previous year, including Activision Publishing CEO Eric Hirshberg, Blizzard President and Co-founder Mike Morhaime, and Blizzard Chief Financial Officer Amrita Ahuja who joined Square (SQ) this January as CFO. The new game will be developed by Infinity Ward, best known for its Modern Warfare series in the Call of Duty franchise. Icon Advisers Comm has invested 0.09% of its capital in Activision Blizzard, Inc.
In the past few months, Activision Blizzard has undergone significant change. On Friday, January 11 the company was maintained by KeyBanc Capital Markets. Blizzard founder Mike Morhaime announced his departure past year. The firm develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content. This deal was done in late-December, Johnson said, before it was ultimately announced in early January.
The PEG ratio is used to determine a stock's value while taking the company's earnings growth into account, and is considered to provide a more complete picture than the P/E. Activision Blizzard (NASDAQ:ATVI) has a current PEG of 2.78.
The information comes from an earnings call by Activision Blizzard CEO Bobby Kotick.
The Activision-Blizzard earnings call is history complete with the announcement that almost 800 Blizzard jobs have been lost.