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Ubisoft, the veteran gaming publisher, has unexpectedly postponed the release of its latest half-year financial results, simultaneously halting trading of its shares and bonds. This last-minute delay, coupled with a staggering 47% drop in its stock value this year alone, has ignited widespread concern and speculation about the company’s future.
While an official statement from Ubisoft promises the publication of results “in the coming days,” the sudden move suggests an imminent announcement with significant implications for its share price. An internal email from Ubisoft CFO Frédérick Duguet, obtained by Insider Gaming, cited the need for “extra time to finalize results” and a halt in trading to “minimize market volatility.”
However, given Ubisoft’s precarious financial standing, many industry observers are questioning if this is more than a routine accounting adjustment. The company has endured a challenging period, with its stock price in a steady decline since 2021. Factors such as the post-pandemic economic landscape, a string of commercially disappointing titles, and numerous project cancellations have led to a more than 90% plunge in share value over the past five years, and a 50% drop in the last year alone.
Speculation regarding a potential acquisition of Ubisoft has been rampant since 2022, with Chinese tech giant Tencent frequently named as the most likely suitor due to its increasing investment in the company. As recently as early October, Ubisoft restructured key franchises like Far Cry, Assassin’s Creed, and Rainbow Six into a new subsidiary, Vantage Studios, bolstered by a substantial $1.25 billion cash injection from Tencent.
The 40-year-old gaming titan, renowned as one of the industry’s largest third-party publishers, appears to be in dire need of capital, having struggled to produce major hit games in recent years. Between 2022 and 2023, Ubisoft reportedly canceled seven projects. The company also ventured into a largely unsuccessful NFT initiative, culminating in a late-2024 release that failed to gain significant traction.
Ubisoft’s woes continued with its most anticipated 2024 release, Star Wars Outlaws, which, despite not being a complete failure, generated relatively modest sales. This performance reportedly prompted a strategic shift within the company, placing immense pressure on its next flagship title, Assassin’s Creed Shadows.
Although Shadows achieved a respectable milestone of five million players, it may not have been sufficient to address the company’s underlying issues. In June, Ubisoft also made the difficult decision to shut down the free-to-play shooter XDefiant, resulting in the layoff of approximately 300 employees associated with the project.
While an acquisition by Tencent remains the most popular theory behind the delayed financial statement, Gauthier Andres, co-founder of Origami Media, presented a more alarming, albeit less likely, scenario: Tencent withdrawing its investment from Vantage Studios. The repercussions of such an event, he suggests, would be severe for Ubisoft.