[ad_1]
Ubisoft shares plummeted after the French game publisher declared a sweeping reorganization and the cancellation of six games.
The “Assassin’s Creed” creator saw its stock sink 33% during a delayed start to trading leading losses on Paris’s SBF 120 indexes.
Meanwhile, Ubisoft further said that it would cease development of several projects, including the highly anticipated remake of “Prince of Persia: The Sands of Time”, and has reduced its net bookings forecast for 2026.
In this connection, Corentin Marty, analyst at brokerage firm TP ICAP Midcap said, “The prospect of a return to positive cash generation appears distant, and the financial structure is likely to be weakened again in the near term.”
Shares were trading at 4.6 euros in early Thursday trading, leaving Ubisoft a market value of 616 million euros ($720 million).
According to the data from LSEG, the shares have halved in value last year, with market capitalization flailing below 1 billion euros- a stark contrast to the company’s a peak of 11 billion euros in 2018.
Ubisoft is in the process of shutting down its Stockholm and Halifax studios. In a significant move, the company is seeking to end the hybrid work era, sparking internal criticism and concerns over staff morale.
[ad_2]
