Activision Blizzard has announced that it drew in $1.17 billion in net revenue for its first quarter, ending March 31, 2012.

However, this is a 23 percent drop from its first quarter last year. Overall, net income ended at $384 million, down from $503 million in 2011.

Keep in mind that Activision still has yet to release a lot of their big titles this year, such as Diablo 3, World of Warcraft: Mists of Pandaria and Call of Duty: Black Ops 2. In the second quarter alone the company expects to post a “record” net revenue of $805 million behind Prototype 2, Amazing Spider Man and Diablo 3.

In Call of Duty news, Activision announced that the Elite service has reached 10 million users. Of that, about 2 million are paid subscriptions. Since February, this is an increase of about 500,000 paid users.