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Activision Blizzard Stats Down, No Longer Top US Gaming Company

Activision Blizzard has seen its shares fall in value and is no longer the most valuable gaming company in the United States. According to Gamespot, a recent surge in the value of ROBLOX Corporation’s stock has put it right at the top of the list, while Activision has fallen to second place due to consistent falls in stock values. EA remains in third place.

While ROBLOX Corporation only operates the ROBLOX platform on which other developers can develop their games, it is still viewed as a game company on many review lists. The company didn’t go public in March 2021 but was rated highly enough to be the third most valuable US gaming company behind EA and Activision. However, in an earnings report for a successful company released earlier this week, its stock rose 40% to a market cap of more than $ 62 billion.

On the flip side, Activision’s stock values ​​have recently fallen after the lag of Diablo IV and Overwatch 2 and the company’s market cap is $ 52 billion. This is on top of the steady decline the company has seen since June when allegations of sexual harassment and discrimination surfaced at many of its studios. After years of investigation, the Securities and Exchange Commission (SEC) felt it appropriate to issue subpoenas for company executives, including Chief Executive Officer Bobby Kotick, in the hopes that they would finally have questions about the company’s handling of these allegations would answer.

Activision’s own behavior did not help the situation. They were charged with destroying evidence related to the SEC investigation and attempting to postpone the lawsuit, which was ultimately unsuccessful. They have made a number of public gestures to stave off some of the criticism, including recently laying off 20 employees and sentencing even more in response to allegations of toxic work culture. They also renamed in-game characters like Overwatch‘s Jesse McCree, now known as Cole Cassidy, after his former namesake was fired for misconduct after filing the lawsuit.

[Source: Gamespot]

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