Ubisoft recently shared its updated financial targets for 2022-23 and targets for 2023-24, announcing $200 million in cost reduction and canceling three unannounced titles. A large unannounced premium game is launching in 2023-24, along with Assassin’s Creed Mirage, Avatar: Frontiers of Pandora and Skull and Bones (which has been delayed again). However, US-listed shares on Dow Jones dropped by 13.79 percent to $4.39 per share.
As per Morningstar, this marked a seven-year low for the publisher (February 2016 was the previous lowest). Third-quarter net bookings now target EUR725 Million ($778.8 million) from EUR830 million. Its full-year net bookings guidance was previously up by over 10 percent. That’s been updated to be down by more than 10 percent.
Ubisoft CEO Yves Guillemot said, “We are clearly disappointed by our recent performance. We are facing contrasted market dynamics as the industry continues to shift towards mega-brands and everlasting live games, in the context of worsening economic conditions affecting consumer spending.”
Time will tell where the publisher goes from here, especially with major titles like Just Dance 2023 and Mario + Rabbids Spark of Hope performing below expectations. Stay tuned in the meantime for further updates.
Related Forum: Gaming Discussion