Any active gamer's heart will tremble with the mention of Activision Blizzard, Inc (NASDAQ:ATVI), the creator of gaming gems like Call of Duty, Crash Bandicoot, Guitar Hero, Candy Crush Saga, and Spyro/Skylanders. Investors' hearts will react in a very similar way, as ATVI did not miss in its earnings in the last 5 years, and that is a true track record. The company's stock has been riding on the Call of Duty momentum since the launch of CoD: Mobile in October 2019. Still, Activision's revenues had only a slight growth (on average) in the last couple of years, depending on the launching dynamics of new gaming titles.

On the other hand, Sea Limited (NYSE:SE), an e-commerce and video game development company, which publishes games under the name Garena, has a much more aggressive strategy when it comes to revenues. Last year, the company's revenues jumped to $4.4. billion which was an increase of 101%. The analysts' expectations for this year are quite ambitious. They expect that the company's revenues will rise another 90%.

This American developer and creator of electronic games were formed through a merger of Activision and Vivendi Games. Activision was the first third-party and independent video game publisher, initially founded by former Atari game developers in 1979. Vivendi Games was the parent company of Blizzard Entertainment, a video game developer famous for Diablo, Warcraft, and StarCraft franchises. Both Blizzard and Activision kept their corporative identities and development streams.

In 2020, 82.3% of the company's revenues came from digital sales, such as subscriptions, downloading games, and in-game spending. Comparing to 73.6% in 2016, this a growth that affected the company's operating margin, which jumped to 43%, and that is in the same ballpark as the tech giants like Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOG).

Especially during the pandemic, Sea's gaming division, Garena, generated more than $2 billion in profits, which was the company's main firepower to battle its rivals until the group's other segments like Shopee and SeaMoney start making profits. Shoppe is an e-commerce platform like Amazon (NASDAQ:AMZN), while SeaMoney is a leading digital financial services provider in Southeast Asia, both aiming to become the region's most popular apps, together with the remaining Sea's apps and services.

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