With the amount of success its predecessor garnered, "Ted 2" failed to live up to expectations as it only garnered $32.9 million on its debut. That is $15 million short of its projected revenue according to Variety.

The comedy film was dominated by Pixar's "Inside Out" and "Jurassic World," with both films hitting the $50 million mark.

It is worth noting that "Ted" earned as much as $54 million during its debut, and finished with $549.4 million in global revenue. Furthermore, with bad reviews surfacing online, it might not help the cause of "Ted 2" to bring in more audiences.

Wesley Morris of Grantland wrote that director Seth MacFarlane was pretentious in some aspects of the film.

"MacFarlane...isn't sophisticated or honest enough to unpack his sexual and racial fantasies and hangups. He just spews them," as stated by Morris.

Jason Bailey at Flavorwire also wrote that some offensive jokes in the film were purely taunting and gimmick. "The 'offensive' jokes that pop up every once in a while in 'Ted 2' aren't social satire, or good gags, or even particularly vicious - they're a gimmick, taunting, trollery," he said.

Lastly, here's what Washington Post film critic Ann Hornaday has to say about MacFarlane and his film.

"As he proved with his misbegotten 'A Million Ways to Die in the West,' MacFarlane is essentially a guy who's gotten appallingly lucky on television. He exhibits zero proficiency in cinematic staging and no sense of pace. The coarseness and monotony of politically incorrect jokes wear the viewer down."

With that said, fans might be wondering if the film could still get a third sequel, Seth MacFarlane sat down with Collider last week to discuss the future of the franchise.

"It's all based on appetite," he said. "If 'Ted 2' does as well as the first one, it means people want to see more of these characters. If that happens, then there would likely be a 'Ted 3.' The franchise, to me, is one that's more character-based than premise-based."

"If you look at it like episodes in television, if you have characters that people like and they want to see them, again and again, you can tell any number of different stories. If there's a desire for it, than yeah, we would do a 'Ted 3'," he added.

With "Ted 2's" underwhelming performance as of the moment, the film might need a huge turnaround to pave way for "Ted 3."