Ubisoft cancels three games and slashes targets, citing 'worsening macroeconomic conditions'
Publishing timestamp: 2023-01-11 19:35:44
Summary
Ubisoft, a French video game publisher, has lowered its third-quarter net bookings target and slashed its full-year financial targets due to poor performance of its titles and a challenging economic environment. The company has canceled three unannounced games and its share price has dropped 38%, erasing 3 billion euros from its market value. Chinese tech giant Tencent has increased its stake in the company. Analysts have said that Ubisoft's lineup of games over the holidays "just aren't good enough to command attention".
Sentiment: NEGATIVE
Keywords: internet, media, ubisoft entertainment sa, business news, tencent holdings ltd, technology,