Following Ubisoft’s recent financial report announcements, the stock fell 13.79% on the Dow Jones to hit a seven-year low.
French video game developer and publisher Ubisoft’s stock fell 13.79% on the Dow Jones to hit a seven-year low after releasing updated financial targets.
Not only was a cost reduction of 200 million dollars announced, but the development of several games was stopped. In addition, the Skull and Bones game has been postponed again to the 2023-2024 financial year. Assassin’s Creed Mirage and Avatar: Frontiers of Pandora are also dated to the same period.
With the updated financial targets, the company corrected its net sales from previously 830 million dollars to 725 million dollars. For full-year net bookings, guidance was cut 10% after previously increasing by the same amount.
CEO Yves Guillemot is disappointed with the new forecasts. “We are clearly disappointed with our recent performance. We face opposing market dynamics as the industry continues to shift toward mega-brands and live-ever games, against a backdrop of a deteriorating economy that is impacting consumer spending.”
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