Ubisoft shares fall after project cancellations

Ubisoft’s shares have plummeted after news of several canceled projects and lower-than-expected sales in 2022.

Speaking to investors, the company said it faces “major challenges as the industry continues to shift towards megabrands and long-lived titles,” resulting in underperformance from recent releases Mario + Rabbids: Sparks of Hope and Just Dance 2023.

Since the announcement, the company’s shares have fallen 19 percent to €19.26 financial times reported.

Skull and Bones has experienced another release delay, in addition to the cancellation of three unannounced games.

Seen in an email to staff by kotakuUbisoft CEO Yves Guillemot urged employees to take responsibility for the success of upcoming projects.

“Now more than ever, I need your full energy and commitment to get us back on the road to success,” said Guillemot. “I also ask each of you to be extra careful and strategic about your spending and initiatives to ensure we are as efficient and lean as possible.

“The ball is in your hands to deliver this lineup on time, to the quality expected, and to show everyone what we can do.”

Ubisoft’s lineup for the next fiscal year (ending March 2024) includes Assassin’s Creed Mirage, Avatar, Skull and Bones, and at least one unannounced big game.

Earlier this week, British developer Frontier saw its share price fall following the poor performance of its F1 manager game.