Activision Blizzard to lay off 8 percent of workforce — more than 780 employees

There were signs of trouble at Activision Blizzard.

Fans turned against major new releases in 2018. Top executives fled the Santa Monica video game giant, which publishes flagship titles such as "Call of Duty" and "World of Warcraft." Bungie, a legendary studio, suddenly broke off a long-term deal with the company in January, taking a major franchise with it.

And on top of it all was "Fortnite." The upstart, free-to-play online battle royal game kept posting record user numbers and soaring profits - based solely on in-game costume purchases - raising fears that industry stalwarts like Activision were chasing an obsolete business