Overview
- Ubisoft reported first-quarter net bookings of €255.8 million, a 9% year-on-year drop that slightly beat the company’s internal guidance.
- The company reaffirmed its full-year target of net bookings down by a high single-digit percentage and expects about €370 million in second-quarter bookings.
- Management said some major productions have been delayed into fiscal 2028 and 2029 to allow more development time and improve final quality.
- Ubisoft widened a restructuring program that includes closing the Winnipeg and Belgrade studios and targeting at least €200 million in additional savings over two years on top of €300 million in prior cuts, with layoffs prompting staff walkouts in Barcelona.
- A bright spot is the July remake Assassin’s Creed Black Flag Resynced, which sold roughly 3.5 million copies in two weeks, but the market reacted badly to the results and cost plans with a sharp fall in the stock price and ongoing investor concern.