Ubisoft shares plunge after big-bang restructuring announced [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
Ubisoft stock plummeted more than 39 percent on the Paris market by close of trading, the sharpest intraday fall in the company's history. Bosses had on Wednesday announced they would reorganise many of Ubisoft's fleet of development studios around different game genres, with the remainder offering project-by-project support. Slated for the beginning of April, just after the 40th anniversary of the group's founding, the restructuring was flanked by cancellations for six games in development, including a remake of 2000s-era classic "Prince of Persia: The Sands of Time" hotly awaited by fans. Seven more games have been delayed, while managers want to find a further 200 million euros ($171 million) of cost savings after paring 300 million over the past three years. The powerhouse behind sagas like "Assassin's Creed" and "Far Cry" now forecasts a one-billion-euro operating loss for its 2025-26 financial year. - Big bet - "I'm very worried about the future of the group," said
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