Activision Blizzard has released its financial results for the first quarter of its fiscal 2012, posting total net revenue of $1.17 billion for the period ending on March 31, 2012. This is a 23 percent drop over the same period in 2011, where Activision Blizzard posted a net revenue of $1.44 billion. Net income was also down year over year, with the pub/dev reporting a remainder of $384 million for Q1 2012, as compared with $503 million in Q1 2011.

Breaking that down a little more specifically, Activision itself was responsible for 23 percent ($271 million) of segment net revenues, down 19 percent form the $323 million it was responsible for in 2011. Blizzard accounted for 21 percent ($251 million) of segmented net revenues, down 42 percent year-over-year vs. the $357 million it posted for Q1 2011.

Many of Activision and Blizzard's major releases are still pending, including Diablo 3, World of Warcraft: Mists of Pandaria and Call of Duty: Black Ops 2. Looking forward, Activision Blizzard expects to report a "record" non-GAAP Q2 net revenue of $805 million due to Prototype 2, Amazing Spider Man and Diablo 3. As for the rest of the year, the company expects to end fiscal 2012 to the tune of $4.2 billion in net revenue.