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U.S. Video Game Spending Falls 1% to $4.8B, EA Cuts 400 Jobs
"Game On" is The Fly's weekly recap of the stories powering up or beating down video game stocks.NEW RELEASES:This week's most notable new game release is "Phantom Blade Zero," and action role-playing game from Chinese studio S-Game. The title launches for PC and PlayStation 5on October 29.CIRCANA SEPTEMBER:Circana analyst Mat Piscatella said Thursday that U.S. video game projected total spending across content, hardware and accessories fell 1% in September when compared to a year ago, to $4.8B. Year-to-date spending is now 3% behind 2025's pace, at $41B. September video game hardware spending grew 12% when compared to a year ago, to $362M. Year-to-date hardware spending trails 2025's pace by 9%, at $2.9B. PlayStation 5 hardware dollar sales grew 43% in September when compared to a year ago. Spending fell year-on-year for both Xbox Series, down 2%,and Nintendo Switch 2, down 12%. Sony's dollar share of the video game hardware market reached its highest point in a month since May 2025. PlayStation 5 led all hardware platforms in both unit and dollar sales in September. Total video game hardware unit sales fell 3% in September compared to a year ago. PlayStation 5 unit sales increased by 22% year-on-year, with Switch 2 unit sales falling 14% and Xbox Series dropping 27%. Xbox Ecosystem console unit sales fell to an all-time September low. The previous record low was set a year ago.Total content spending fell 2% in September when compared to a year ago, to $4.2B, Piscatella added. Year-to-date content spending is also 2% behind 2025's pace, at $36.3B. Non-mobile subscription spending fell 5% in September when compared to a year ago. It was the first monthly year-on-year drop in subscription spending since February 2024. PS5 exclusive "Marvel's Wolverine" was the best-selling game of September in full game dollar sales, debuting as 2026's 11th best-selling game overall. "Wolverine" generated the highest launch month full game dollar sales for a Sony published title since the February 2024 debut of "Helldivers II." Take-Two's"NBA 2K27" surpassed Capcom's"Resident Evil Requiem" to become the best-selling game of 2026 year-to-date. "NBA 2K27" ranked 2nd overall in September behind only "Marvel's Wolverine." Other top-selling games in the U.S. in September were Electronic Arts' "EA Sports FC 27," Nintendo's "Fire Emblem: Fortune's Weave," Bandai Namco's"The Blood of Dawnwalker," and Capcom's "Onimusha: Way of the Sword."EA/BIOWARE:In a letter to staff, Electronic Arts said it will slash around 400 jobs, or roughly 3% of its total workforce, and shut down "Mass Effect" developer BioWare, which it acquired in 2007, Bloomberg's Jason Schreier reported last week, citing a person familiar with the company's plans. In the letter, EA COO David Tinson and chief studios officer Cam Weber wrote that "over the past several months, we've taken a hard look at our business" and will cancel certain projects, including BioWare's next "Mass Effect" game, which had been in early development, the author noted. The game maker still intends to invest in its sports titles, online shooter "Apex Legends," "Battlefield," and action-adventure games such as the next "Star Wars Jedi" game and a new title based on Marvel's Iron Man, the author said.NETFLIX/MICROSOFT:Netflixoffered Microsoft $500M to license Xbox games for adaptations on the streaming platform, with Xbox CEO Asha Sharma countering with an offer to do so for $800M, Puck's Matthew Belloni reports. Netflix pulled its offer following the counter, the report noted. The news comes weeks after Xbox launched an "XP" unit that will oversee adaptations of its video games.ROBLOX SHORT:Bleecker Street Research is short Roblox, saying "it has become the prisoner of its failings." The short-seller recently published report on Roblox titled "The Safety is Theater, But the Hit to Virality is Real," arguing the company's age-verification and child-safety measures are easily circumvented, citing the purchase of 100 age-verified child accounts that were accessed from multiple countries without triggering additional verification. The report also claims users could bypass parental controls and encounter inappropriate content despite Roblox's stated safeguards. The report further contends that these safety changes have hurt user growth and engagement, pointing to declines in new-user acquisition, daily active users, monthly payers, and creator payout growth. Bleecker argues Roblox is becoming a smaller, slower-growing platform while facing potential regulatory risks tied to its safety promises.TAKE-TWO/BOFA:This week, BofA lowered the firm's price target on Take-Twoto $330 from $368 and keeps a Buy rating on the shares. While the firm reduced its FY28 EPS estimate to $13.03 from $14.13, it recommends being long Take-Two through the GTA 6 launch, arguing that the stock remains cheap on the long-term growth that it believes "will soon become apparent." While GTA Online's importance "cannot be overstated," the firm believes its upside assumptions "remain reasonable," the analyst added.MORE VIDEO GAME NEWS:Sony-owned video game developer Sucker Punch, which made PlayStation games "Ghost of Tsushima" and "Ghost of Yotei," has laid off 26 people at the studio, Aftermath reportsMicrosoft's latest Xbox console exclusive shooter "Gears of War: E-Day," which received mostly positive reviews from critics, had a budget of over $500M, not including marketing, Kotaku reportsXbox COO Helen Chiang is leaving the Microsoft unit after the new position was created just a few months ago, The Verge saysXbox is planning a major overhaul to Game Pass, Fortune reportsCapcom confirmed a data breach into CAPCOM ID accounts
Major Averages Rise as Investors Eye Earnings Week
The major averages were broadly higher near noon as investors prepare for an important week of earnings, the Federal Reserve's interest-rate decision and fresh inflation data. Markets are attempting to stabilize after the S&P 500 and Nasdaq Composite posted a second consecutive weekly decline, with investors weighing whether heavy artificial intelligence spending will translate into stronger earnings and cash flow.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Anthropic has publicly filed for an IPO on Nasdaq under the stock ticker "ANT"Metaannounced a $35B equity offering and plans for a $60B at-the-market program upon the commencement of trading of its recently announced Class C sharesSpaceXreported a $40B GPU equipment lease agreement with Apollo GlobalApolloannounced a strategic investment in Mubadala CapitalEQT Corporationagreed to acquire Range Resourcesin an all-stock transaction2. WALL STREET CALLS:Barclays upgraded Teslato Overweight, citing a merger opportunity with SpaceX, stronger core business outlook, and signs of Robotaxi inflectionBlockdowngraded to Equal Weight at Morgan StanleyNew Street upgraded Intelas CPU scarcity strengthens turnaroundAdvance Auto Partsdowngraded to Sell at Rothschild & Co Redburn and reinstated with an Underperform at BofAMorgan Stanley upgraded Lockheed Martinafter the company's F-35 production agreement3. AROUND THE WEB:Analysts expect companies in the S&P 500 to report profit growth of 30% in Q3 earnings compared to last year, yet Nvidiaand Micronare expected to account for 34% of that growth, WSJ saysAppletweaked macOS for its OLED touch MacBook Pro, due Wednesday, with a dynamic interface that adapts to whether touch or the trackpad was last used, Bloomberg reportsAnthropic'sClaude accessed Georgia voter data without human authorization, Axios saysNetflixusers are watching shows on the platform less and aren't opening the app on as many days a month as they did a few years prior, Bloomberg reportsVolkswagen'sAudi CEO Gernot Doellner defended his decision to stand alongside President Donald Trump during a rally in Perry, Georgia, Reuters says4. MOVERS:Surgery Partnersgains after Healthspan announced it will acquire the company for $23.50 per share in cashXtendincreases after reporting preliminary 9M revenue and appointing Matt McGraw as its U.S. CEOXencorhigher after announcing updated results from its Phase 1 study of XmAb819PagSeguroand Nu Holdingslower in New York after President Luiz Inacio Lula da Silva won Brazil's presidential runoffArcos Doradosfalls in New York after BofA downgraded the stock to Neutral5. EARNINGS/GUIDANCE:Verizonreported Q3 results and raised its outlook for FY26, with CEO Dan Schulman calling it "another record-breaking quarter"Easterly Government Propertiesreported Q3 results, raised its outlook for FY26, and provided its guidance for FY27Bank of Hawaiireported Q3 results, with EPS missing consensusHBT Financialreported Q3 results, with EPS and revenue beating consensusAlliance Resource Partnersreported Q3 results, with CEO Joseph Craft III noting it was "an outstanding third quarter"INDEXES:Near midday, the Dow was up 124.66, or 0.24%, to 52,339.82, the Nasdaq was up 273.69, or 1.05%, to 26,229.03, and the S&P 500 was up 61.37, or 0.80%, to 7,685.05.
Netflix Q3 Earnings Beat Expectations, Outlook Weak
"Now Streaming" is The Fly's weekly recap of the stories surrounding the biggest content streamers.PLAYING THIS WEEKEND:Among this weekend's most notable new streaming content is season three of Netflixromantic comedy series "Nobody Wants This," starring Kristen Bell and Adam Brody. Netflix subscribers can also catch the new season of French mystery thriller series "Lupin," while Prime Videousers can watch season two of action thriller series "The Terminal List," starring Chris Pratt and Taylor Kitsch.NETFLIX RESULTS:Earlier this week, Netflix reported better-than-expected Q3 earnings per share with revenue that was in-line with consensus estimates. Operating margin grew to 34.6% from 28.2% year-over-year, with the company noting that revenue growth was driven primarily by subscription revenue, reflecting increases in memberships and pricing, growth in advertising revenue and a favorable impact from F/X rates, net of hedging. Looking ahead, Netflix provided a downbeat outlook for Q4 earnings and revenue and a below-consensus revenue outlook for fiscal 2026.Following the report, at least a dozen securities analysts cut their price targets on the shares, with UBS saying that the Q3 results were in line on revenue with better expense-timing-driven profits, while softer Q4 guidance and weaker advertising point to 2026 revenue at the low end of guidance. Margins and long-term goals remain intact, with improved U.S. content execution, focused investment in core film/TV/live offerings, and a new Chief Content Officer key to restoring engagement and growth, the firm added.Additionally, Needham analyst Laura Martin downgraded Netflix to Hold from Buy without a price target. The company's FX-neutral revenue growth decelerated from 14% in Q1 to 12% in Q2 and to 11% in Q3, with single-digit revenue growth projected in FY27, the analyst tells investors in a research note. Netflix content problem "seems clear", and while the firm believes Peter Rice is "an excellent TV executive," it will take him about two years to fix the company's $20 billion content slate, Needham noted, stating that the strategic position at Netflix relative to YouTubeis deteriorating.COMCAST RESULTS:Comcastalso reported quarterly results this week, with adjusted earnings per share and revenue for the third quarter coming in ahead of consensus estimates. Of note, Comcast's Peacock streaming platform delivered EBITDA of $261M, increasing $478M year-over-year, with paid subscribers on the platform rising 17% year-over-year to 48M. Looking ahead, CFO Jason Armstrong said during the company's earnings call, "We're simplifying our organizational structure to move faster, improve execution, and operate more efficiently. As part of this transformation, we do expect to take a significant charge in the fourth quarter... We expect to have a significant charge in the fourth quarter related mostly to our transformation efforts, and I would quantify that at over $1 billion."Following the report, several analysts lowered their price targets on the stock, with Citi saying the upcoming "transformation activities" to which the company alluded are "apt to create some uncertainty on 2027 expectations." Meanwhile, Goldman Sachs analyst Michael Ng lowered the firm's price target on Comcast to $23 from $24 and maintained a Neutral rating on the shares. The company's results demonstrated improving trends in Connectivity & Platforms segment EBITDA and broadband ARPU, which should continue in Q4 and provide confidence in Comcast's convergence strategy, the analyst tells investors in a research note. That said, broadband net losses missed and likely will continue to see pressure from increasing competition well the management focuses more on managing broadband as part of the overall converged relationship, the firm added.COMCAST JOB CUTS:Prior to the release of the Q3 print, Bloomberg's Kelcee Griffis reported that Comcast intends to cut a significant number of jobs as part of a broader overhaul of its cable TV, broadband, and wireless businesses. The reorganization is meant to put the company in a stronger position to operate as an independent entity after it spins off the NBCUniversal businesses in 2027, the author noted.SKYDANCE INVESTMENT:On Wednesday, John Malone said he predicts SpaceXcould invest $8B-$10B in Skydanceand secure a global content-output deal, helping David Ellison reduce the media company's debt burden while giving Elon Musk's company access to content and other assets, The Hollywood Reporter's Alex Weperin reported. "I think there's a deal coming there," Malone said at the Paley Center International Council Summit, pointing to the financial ties between Musk and Oraclefounder Larry Ellison, David Ellison's father and a major backer of Skydance. A day later, Semafor's Rohan Goswami reported that Elon Musk has invested roughly $1B in Skydance, according to people familiar with the matter.VERSANT/DISNEY:Versantannounced a licensing agreement to stream season one of E!'s The Golden Life on Hulu. The first two episodes will be available on Hulu and Hulu on Disney+for bundle subscribers in the U.S. beginning November 3, with remaining episodes available seven days after premiering on E!.FUBO/NBA:On Thursday, FuboTVannounced new distribution agreements for carriage of seven regional sports networks for the 2026-2027 National Basketball League season. The Fubo streaming service will continue to carry local coverage of the following teams in each respective market through new distribution agreements: Atlanta Hawks; Charlotte Hornets; Detroit Pistons; Miami HEAT; Milwaukee Bucks; Oklahoma City Thunder; Orlando Magic. Carriage of the Los Angeles Clippers was previously announced through a direct distribution agreement with the NBA and the team.STOCK PLAYS:Other publicly traded companies in the streaming space include Apple, AMC Networks, Fox, and Roku.
Nasdaq and S&P 500 Decline Amid AI Spending Concerns
The Nasdaq and S&P were broadly lower amid renewed concerns over AI spending and an increase in oil prices. Meta shares slid despite strong revenue growth as investors weigh rising AI spending and legal costs, while Tesla is under pressure as its investment plans raise questions about returns. Oil prices were more than 2% higher amid continued tensions between the U.S. and Iran, as President Trump accused Iran in a Truth Social post of "doing everything they can to drive up the price of oil" prior to midterms.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Metareported mixed Q3 results, narrowed its FY26 capital expenditure guidance, and announced the establishment of a new Class C common stockTeslareported better-than-expected Q3 earnings, with CEO Elon Musk saying it will take at least a year to get Optimus robot production to 20,000 units per weekIBMreported upbeat Q3 results, with the company saying it is executing "solidly" against its prioritiesTexas Instrumentsreported better-than-expected Q3 results and provided upbeat Q4 earnings guidanceLockheed Martinprovided a "beat and raise" report for Q3 and announced a framework agreement with the Department of War for F-35 Lightning II fighter jets2. WALL STREET CALLS:BMO upgraded Blockto Outperform on Square volume accelerationNetflixdowngraded to Peer Perform at Wolfe ResearchCLSA and BNP Paribas upgraded Teslato Hold on potential SpaceXmergerRBC downgraded Dutch Broson competition, tough comparisonsBMO upgraded Ionisahead of Q3 report3. AROUND THE WEB:SB Energy, the SoftBank Group-controlleddeveloper of a massive planned Ohio data center project for OpenAI, is considering going public in December or possibly waiting until next year, The Information reportsA Sixth Circuit panel appeared reluctant to overturn Ford's$13.2M trade secrets verdict, Bloomberg Law reportsInfineum, a U.K.-based chemicals joint venture owned by Shelland ExxonMobil, has selected Bank of America to run a sale of the business, FT saysTSMCis looking into alternatives to rare-earth components in factory equipment, hoping to reduce the potential for Beijing export controls to disrupt plant operations, Reuters reportsSamsungand SK Hynixare upgrading their factories in China to produce more advanced memory chips, Reuters reports4. MOVERS:Biohavengained after the FDA accepted its new drug application resubmission for VyglxiaSpotifyincreased in New York after reporting Q3 results and providing guidance for Q4Kohl'swas higher after Gordon Haskett upgraded the stock to BuyTTM Technologieswas lower after reporting Q3 results and providing guidance for Q4, FY26, and FY27Hexcelfell after reporting Q3 results and increasing its buyback program to $750M5. EARNINGS/GUIDANCE:Honeywell Technologiesreported Q3 results and raised its guidance for Q4 and FY26Cencoraprovided guidance for FY26Badger Meterreported Q3 results, with EPS beating consensusFirstServicereported Q3 results, with CEO Scott Patterson noting he was "pleased" with the resultsPool Corp.reported Q3 results and backed its guidance for FY26INDEXES:The Dow rose 11.89, or 0.02%, to 52,867.98, the Nasdaq lost 694.00, or 2.60%, to 26,008.86, and the S&P 500 declined 93.74, or 1.21%, to 7,663.43.
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