Ubisoft shares plummet to lowest price in over 14 years amid its recently announced 'restructuring' centered on cancellations, layoffs, and generative AI [Yahoo! Finance]
UBISOFT ENTMT UNSP/ADR (UBSFY)
NASDAQ:AMEX Investor Relations:
ubisoft.com/en-us/company/investor_center/index.aspx
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Source: Yahoo! Finance
Wednesday, Ubisoft announced a " major reset " of its organizational hierarchy and game development plans that CEO Yves Guillemot said would foster "the conditions for a return to sustainable growth." That included a fundamental shakeup to its internal studio structure, the cancellation of six projects including the Prince of Persia: The Sands of Time remake , and for some reason, a promise that more "player-facing generative AI" was on the way As you might expect when a company announces everything is on fire, everything is on fire: as CNBC pointed out a day after the announcement, the company's share price went down by around 34% after the restructuring was announced. When the stock market closed yesterday the price sat at €4.06 (around $4.80) a share. This marks the lowest point in a long downward trajectory going back to 2021 as you can observe on CNBC's website , and it's the lowest share price the company has seen since 2011—the year it reported a $74 million loss . While i
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News
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- After game cancellations and layoffs, Ubisoft laments "important truths" and increases subscription prices for a 17-year-old franchise [Yahoo! Finance]Yahoo! Finance