Call of Duty: Ghosts has sold much less than its predecessors, estimates market analysis firm Cowen & Company.

According to the firm, Infinity Ward’s latest entry sold 19 percent less year-on-year compared to 2012’s Call of Duty: Black Ops 2, and 36 percent less year-on-year compared to 2011’s Call of Duty: Modern Warfare 3.

Analyst Doug Creutz added that the figure was even more worrying for Activision than it appeared, as Call of Duty: Ghosts has had an extra week on sale compared to Black Ops 2 at this time last year, and two extra weeks on Modern Warfare 3 at this time two years ago.

Creutz has not factored in Xbox One and PlayStation 4 sales, but doubted their impact would make up the difference.

“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 2], which is appreciably worse than the down 10 to 15 percent that we think is baked in to guidance,” he said.