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Call of Duty: Ghosts

Call of Duty: Ghosts numbers are "troubling"

Numbers down when compared to Black Ops 2.

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An analyst has warned investors that the Call of Duty behemoth may well be slowing down, revealing comparison figures that show Activision's most recent release down 19 percent when compared to the sales of Call of Duty: Black Ops 2.

Cowen & Company's Doug Creutz told investors that the dip in sales may be accounted for as gamers move through the console generation transition, although he did note that Ghosts current-gen sales were lower despite releasing earlier in the month than last year's entry.

"Upon further reflection, we think the [Call of Duty] numbers are a bit more troubling than they first appeared," Creutz wrote in a note to investors (via VentureBeat). Creutz then looks even further back. When compared to life-to-date sales, Call of Duty: Ghosts is 32 percent down against Call of Duty: Modern Warfare 3.

"We don't think it is out of the question that the title could wind up comparing down 20 percent to 25 percent year-over-year [to Black Ops II], which is appreciably worse than the down 10 to 15 percent that we think is baked into guidance," Creutz added.

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