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“Disappointed” by its performance, Ubisoft revises its financial objectives for 2022-2023

2023-01-11T17:55:45.804Z


“We are clearly disappointed with our recent performance,” said group CEO Yves Guillemot. French video game publisher Ubisoft, " disappointed " by its recent performance despite the release of major games, revises its financial objectives for the whole of the 2022-2023 financial year with sales down " by more than 10% " compared to the previous year, he announced on Thursday. For the staggered 2022-2023 financial year, the French group had initially communicated a growth target of " g


French video game publisher Ubisoft, "

disappointed

" by its recent performance despite the release of major games, revises its financial objectives for the whole of the 2022-2023 financial year with sales down "

by more than 10%

" compared to the previous year, he announced on Thursday.

For the staggered 2022-2023 financial year, the French group had initially communicated a growth target of "

greater than 10%

" in "

net bookings

" ("

net reservations

", i.e. sales excluding deferred revenue), its benchmark indicator.

But due to the context of "

deteriorating macroeconomic conditions

", observed in particular during the holiday season despite the release of major games at the end of the year, Ubisoft has decided "

a complete revision of (its) revenue outlook leading to a cautious increased for years to come

,” he said in a statement.

Read alsoHow the massive arrival of the PlayStation 5 could revive the video game market

Its “

net bookings

” objective for the third quarter of the 2022-23 financial year is now expected “

at around 725 million euros

” against a previous objective “

of around 830 million euros

”.

We are clearly disappointed with our recent performance

,” said Yves Guillemot, co-founder and CEO of Ubisoft, quoted in the press release.

Despite excellent ratings and player reception as well as an ambitious marketing plan, we were surprised by the underperformance of Mario and Rabbids: Sparks of Hope in the final weeks of 2022 and early January.

Just Dance 2023 also underperformed

,” he added.

As a result, Ubisoft announced a set of "

measures

" aimed at reducing its costs and "

strengthening its growth prospects

", with a strategy clearly centered on its flagship games and the "

building of brands

" worldwide, like its Assassin's Creed franchise.

Thus, Ubisoft indicated that it had stopped the development of three "

unannounced

" projects, in addition to the four already announced in July 2022. In parallel with these seven canceled games, the title "

Skull and Bones

", initially planned for the beginning of November 2022 before be postponed to March 2023, will now be released in "

2023-2024

".

Read alsoUbisoft posts a net loss in the 1st half, despite the increase in revenue from its catalog

This postponement comes as the highly anticipated game "

Avatar

", initially scheduled for the end of 2022 to accompany the theatrical release of the second opus of the American blockbuster, had also been rescheduled for "

2023-2024

".

We expect our strategy (…) to end up generating significant value creation

,” said Ubisoft CFO Frédérick Duguet.

Source: lefigaro

All news articles on 2023-01-11

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