Sony’s Q2 FY2025 earnings report delivered a stark tale of two live-service games. Helldivers 2 continues smashing expectations after launching on Xbox, while Destiny 2 triggered a massive $204 million impairment charge as the game fails to meet the projections Sony had when it acquired Bungie for $3.6 billion back in 2022. The contrast couldn’t be sharper between a scrappy co-op shooter exceeding all predictions and a franchise giant stumbling hard.
The Numbers Tell the Story
During Sony’s Q2 FY2025 investor briefing on November 10, 2025, CFO Lin Tao revealed that the company recorded an impairment loss of approximately 31.5 billion yen (roughly $204 million USD) against a portion of Bungie’s intangible and other assets in connection with Destiny 2. She explained that due to changes in the competitive environment, the level of sales and user engagement have not reached the expectations Sony had at the time of acquisition.
An additional 18.3 billion yen in development cost corrections further dragged down PlayStation’s Game and Network Services segment operating income, despite overall sales increases during the quarter. Sony has downwardly revised its business projections for Destiny 2 for the foreseeable future while committing to continue making improvements.
Meanwhile, Helldivers 2 launched on Xbox on August 26, 2025, and absolutely crushed it. According to Alinea Analytics, the game sold approximately 926,000 copies on Xbox within its first six days. For comparison, the PlayStation 5 launch in February 2024 sold around 633,000 copies in the same timeframe. That’s roughly 50% higher sales on a competitor’s platform than on Sony’s own hardware.
Sony’s Response
Sony’s earnings report described Helldivers 2 as doing extremely well on Xbox, attracting new players while simultaneously boosting engagement on PS5 and PC. The wording suggested Sony may not have expected such strong performance on competing hardware. The game charted consistently in Xbox’s most-played rankings throughout September and October, proving the momentum extended well beyond launch week.
What Went Wrong at Bungie
The $204 million impairment represents a harsh reality check for Sony’s most expensive gaming acquisition. When Sony purchased Bungie in 2022 for $3.6 billion with a significant portion earmarked for employee retention, the company bet big on Destiny 2’s longevity and Bungie’s expertise in live-service games. That bet isn’t paying off.
Destiny 2’s player base has been in freefall. Recent data shows the game’s baseline player count dropped approximately 50% compared to previous years. Reddit discussions among longtime players describe the decline as dramatic, with many pointing to recent changes under new leadership that replaced player-friendly modifications with excessive grinding requirements.
The problems extended beyond disappointing engagement numbers. Between October 2023 and July 2024, Bungie cut nearly 50% of its entire workforce through multiple rounds of layoffs and restructuring. That’s 475 people impacted out of a workforce that peaked at around 1,600 in 2023. By the end of 2024, Bungie’s headcount had dropped to approximately 850 employees.
The first wave hit in October 2023 when Bungie laid off roughly 100 employees (8% of the workforce). Bloomberg reported at the time that the cuts came weeks after executives revealed Bungie’s revenue was 45% lower than projected. CEO Pete Parsons attributed the shortfall to the underperformance of the Lightfall expansion.
A second, larger wave struck in July 2024, cutting 220 employees (17% of the remaining workforce). Another 155 employees were reassigned to other PlayStation Studios, and around 40 moved to a new spinoff studio. Parsons acknowledged that Bungie had been overly ambitious and exceeded its financial safety margins, operating at a loss.
Why Helldivers 2 Succeeded
Helldivers 2 represents almost everything Destiny 2 isn’t right now. Developer Arrowhead Game Studios launched the co-op shooter in February 2024 with a team of only about 120 developers, later expanded to around 130 after the game became an unexpected phenomenon. The studio kept monetization fair, avoided aggressive live-service practices that plague competitors, and maintained consistent communication with players.
The game sold 12 million copies by May 2024, making it the fastest-selling PlayStation-published title of all time. It passed Destiny 2’s concurrent player count on Steam just weeks after release. At its peak in February 2024, Helldivers 2 hit 458,709 concurrent players on Steam alone.
The Xbox launch in August 2025 came with perfect timing alongside a Halo crossover DLC pack. Players got ODST-themed armor, weapons, and cosmetics, bringing Halo fans into the Helldivers universe. The collaboration worked brilliantly, with the game reaching its highest player count since launch at over 500,000 concurrent players shortly after the Xbox release.
The Live Service Divide
Sony’s earnings call highlighted that more than 40% of first-party software revenue now comes from recurring live-service games. Monthly active users climbed 3% year-over-year to 119 million, and total playtime increased 1% across Q2. Live-service titles are critical to PlayStation’s financial health, which makes the Destiny 2 situation even more concerning.
The contrasting fortunes of these two games illustrate how unpredictable the live-service space has become. Destiny 2 had every advantage when Sony made its acquisition – an established player base, years of content, proven monetization, and experienced developers. Helldivers 2 was a niche sequel from a small studio that most people had never heard of.
Yet the scrappy underdog thrived while the established giant stumbled. Industry observers point to several factors. Helldivers 2 launched with fair pricing ($40 base game), reasonable battle pass mechanics, and no pay-to-win elements. Destiny 2 increasingly pushed players toward expensive expansions, seasonal content, and complicated progression systems that felt more like chores than entertainment.
What This Means for Sony
The Helldivers 2 success on Xbox raises questions about Sony’s future platform strategy. With Microsoft preparing an Xbox-PC hybrid console, PlayStation games will already be available on the device through Steam. Releasing more older titles directly on Xbox Series X and S could capture extra revenue without risking PlayStation’s platform strategy.
Sony mentioned Xbox by name in the earnings report, which remains relatively rare in these updates. The company’s full-year guidance stays steady at approximately $29.8 billion in sales, up 3% primarily due to foreign exchange rates. Operating income remains at roughly $3.3 billion even after Sony absorbed a $200 million tariff hit during the quarter.
As for Bungie, the studio remains operationally independent, but Sony acknowledged in August 2025 that Bungie’s autonomy is becoming lighter as integration increases. The Marathon controversy earlier in the year, when the upcoming extraction shooter was found to contain unauthorized use of an independent artist’s work, didn’t help public perception.
Sony didn’t directly state whether the Marathon incident influenced the impairment decision, but the studio faced significant public criticism throughout 2025. Marathon already faced mixed reception from players skeptical about extraction shooters as a genre, and the unauthorized artwork scandal damaged trust further.
Player Perspectives
The gaming community’s reactions split along predictable lines. Destiny 2 veterans expressed frustration on Reddit and forums about years of investment in a game that feels like it’s being mismanaged into the ground. Many pointed to leadership changes that replaced player-friendly systems with mechanics designed to maximize engagement metrics rather than enjoyment.
Helldivers 2 players, especially newcomers on Xbox, described the game as exactly what cooperative shooters should be – challenging, rewarding, and fun without feeling exploitative. The community embraced the influx of Xbox players, though veterans warned newcomers to expect friendly fire incidents as everyone learns to coordinate orbital strikes and avoid accidentally calling precision bombardments on teammates.
Looking Ahead
Sony faces a challenging balancing act. The company needs Destiny 2 to stabilize and Marathon to launch successfully to justify the Bungie acquisition. Meanwhile, Helldivers 2’s continued success proves that Sony can produce hit live-service games without spending billions on acquisitions.
For Bungie, the pressure intensifies with every quarterly report. The studio must deliver with Marathon while somehow revitalizing Destiny 2 despite a dramatically reduced workforce and plummeting player confidence. Whether Bungie can turn things around or if Sony will need to write down even more of its investment remains to be seen.
FAQs
How much did Sony lose on Destiny 2?
Sony recorded an impairment loss of approximately $204 million USD related to Destiny 2 assets, along with an additional $118 million in development cost corrections within the Game and Network Services segment.
How many copies did Helldivers 2 sell on Xbox?
Helldivers 2 sold approximately 926,000 copies on Xbox within its first six days after launching on August 26, 2025. For comparison, it sold around 633,000 copies on PS5 in the same timeframe at its original launch.
Why did Sony acquire Bungie?
Sony purchased Bungie in 2022 for $3.6 billion to gain expertise in live-service game development and secure the Destiny franchise along with upcoming titles like Marathon. A significant portion of the purchase price was earmarked for employee retention.
How many employees has Bungie laid off?
Bungie cut nearly 50% of its workforce between October 2023 and July 2024, impacting approximately 475 people. The studio’s headcount dropped from around 1,600 employees at its peak in 2023 to approximately 850 by the end of 2024.
Is Destiny 2 shutting down?
No, Destiny 2 is not shutting down. Sony stated it will continue making improvements to the game despite downwardly revising business projections. However, player engagement and sales have fallen short of Sony’s acquisition expectations.
What is Helldivers 2’s total player count?
Helldivers 2 reached over 500,000 concurrent players after its Xbox launch and Halo crossover DLC. The game sold 12 million copies across all platforms by May 2024, making it PlayStation’s fastest-selling published title ever.
Why did Helldivers 2 sell better on Xbox than PlayStation?
By the time Helldivers 2 launched on Xbox in August 2025, word of mouth had spread significantly. The game was relatively unknown at its February 2024 PS5 launch but became a phenomenon over the following months, creating stronger demand for the Xbox version.
What is Marathon?
Marathon is Bungie’s upcoming extraction shooter currently in development. The game faced controversy in 2025 when it was found to contain unauthorized use of an independent artist’s work, forcing Bungie to apologize and conduct a full asset audit.
Is Bungie still independent from Sony?
Bungie remains operationally independent, but Sony stated in August 2025 that Bungie’s autonomy is becoming lighter as integration with PlayStation Studios increases.
Conclusion
Sony’s Q2 FY2025 earnings report painted two wildly different pictures of live-service gaming success. Helldivers 2 proves that quality gameplay, fair monetization, and strong community engagement can turn a niche sequel into a blockbuster hit. The game’s extraordinary performance on Xbox demonstrates that great games find audiences regardless of platform exclusivity.
Destiny 2’s struggles tell a cautionary tale about acquisition expectations versus reality. Sony bet $3.6 billion that Bungie could deliver consistent live-service revenue and expertise to guide PlayStation’s online future. Instead, the company faced massive layoffs, declining player engagement, and a $204 million write-down with more potential losses on the horizon. Whether Bungie can stabilize Destiny 2 and successfully launch Marathon remains one of the gaming industry’s biggest questions heading into 2026.