Activision Blizzard is facing a corporate culture crisis following the suspension of an e-gamer:
As Activision Blizzard Inc. faces a backlash from the gaming community for siding with China over the Hong Kong protests, one analyst is concerned that the internal backlash within Blizzard may be more harmful for the company as a clash of corporate cultures comes to a head.
Activision Blizzard derives 5.2% of its total revenue from mainland China, nearly double from a year ago, according to estimates from FactSet. The company reported annual revenue of $7.26 billion in 2018. Blizzard, known best for its “World of Warcraft” games, merged with Activision back in 2008 and in 2015 the company was added to the S&P 500 index SPX, +0.64%.
Creutz estimates China accounts for more like 10% of company revenue, and is most concerned that investors are counting on Blizzard to turn around the company’s fortunes and that Activision management just alienated that part of the business. Morhaime’s advisory role at Blizzard ended in April, after announcing he was stepping down as president and CEO a year ago.
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