Assassin's Creed maker Ubisoft sinks to seven-year low after slashing guidance, cancelling games
Publishing timestamp: 2023-01-12 11:08:03
Summary
Ubisoft shares dropped to their lowest level in seven years after the company reduced its revenue guidance and cancelled three titles. This follows similar profit warnings from Devolver Digital and Frontier Developments. The gaming industry is expected to contract 4.4% this year due to higher prices and borrowing costs. Tencent is Ubisoft's largest shareholder, but analysts have dampened hopes of a takeover. Ubisoft is cutting costs and narrowing its focus to fewer titles.
Sentiment: NEGATIVE
Tickers: MSFT, UBI-FR, UNDEFINED,
Keywords: devolver digital inc, gaming software, internet, media, ubisoft entertainment sa, business news, markets, technology, microsoft corp, economy,