According to an article on MCV,
Activision is 'blaming' Raven for poor sales of their recent
Singularity FPS and not the poor marketing campaign/bad timing (released at the same time as other strong franchises from other studios) that was done for the game;
“Singularity fell short of meeting what is an exceptionally high bar within the shooter genre,” Activision COO and CFO Thomas Tippl told investors. “Fortunately, Call of Duty was the title that raised that bar and the shortfall of Singularity was offset by Call of Duty's catalogue and DLC performance."
That seems woefully misguided to be comparing the earnings of a new franchise to one that's been established for a good number of years with a $1+ billion turnover. Not sure what they were expecting
*/me rampant speculation, could it be that Activision is 'finding' reasons to let Raven go legitimately? If the studio is making a loss, in Activisions eyes I might add, then the publisher gives itself 'good reason' to call Raven a dead donkey and cut it loose, after all it's a big studio and probably costs Activision much more money than they're willing to spend given their recent tactics - it's easier to kill an established studio and cheaper to hire new help as they don't have the power to negotiate the same rates of return of the established studio; how much money will they have saved over the CoD debacle for instance.
Whatever is going on doesn't look good for Raven's long term prospects.
