Bad games facing intense competition will lead to a loss of profit. Not exactly rocket science. I do find it _interesting_ that New World is mentioned by name, but not FFXIV or other established competitors to WoW.
It's probably more evocative to point to fresh faced, newly launched competition that is suffering (the usual, not that most of Bloomberg's audience would know that) MMO launch issues with server capacity and queues.
Myself, I'm kind of surprised the article didn't mention the upcoming launch of the newest Battlefield, poised to compete nicely against Vanguard.
I'm also a little surprised the article didn't mention the loss of Destiny from the Activision portfolio and the turmoil in Overwatch and the loss of a lot of key Overwatch 2 executives and the slipping of almost all of its deadlines to the point that some people are on "death watch" for the title expecting it to be canceled. Activision's executive problems have already bubbled down to affecting their future games in a way that could snowball.