(EW.com) - This just in: Ron Burgundy is no match for a fire-breathing dragon at the box office.

"Anchorman 2: The Legend Continues" (CinemaScore: B) beat out "The Hobbit" sequel on Friday, but updated totals show the Will Ferrell-starrer trailing Peter Jackson's fantasy pic for the three-day weekend.

In first place, "The Hobbit: The Desolation of Smaug" fell about 60 percent and brought in an estimated $31.5 million from 3,903 screens in its second weekend in theaters — spot on with Grady Smith's prediction.

Its domestic take now stands at a healthy $127.5 million. But that total lags behind the first "Hobbit" film by a significant margin. In 2012, "An Unexpected Journey" dropped 56.4 percent in its second weekend, earning nearly $36.9 million and bumping its domestic total to $150 million. That film played in about 200 more theaters and had a stronger opening weekend.

Meanwhile, Paramount's heavily marketed "Anchorman 2: The Legend Continues" opened in second place with a weekend estimate of $26.8 million. The PG-13 rated sequel opened in 3,507 locations Wednesday and is expected to net about $40 million for its first five days, much lower than EW's prediction. The first "Anchorman" opened in July 2004 to $28.4 million and went on to gross $85.3 million domestically.

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