Ubisoft's share price plummets following internal restructure announcement, pivot to heavier use of AI — Developer falls below $1 billion EUR market cap amidst game cancellations and layof...
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's future remains uncertain as the company gears for internal restructuring that will eventually save it around 500 million Euros in operational costs. The developer has suffered through financial woes for the past few years, cancelling six games today — four of which weren't even announced yet — along with enacting layoffs. The news has caused Ubisoft's market cap to fall below 1 billion Euros for the first time since 2012, with trading of shares briefly suspended on Thursday morning, AFP reports. Out of those six titles that Ubisoft put to rest, one was the Prince of Persia: The Sands of Time remake, a highly-anticipated reimagining of a 2000s classic. The game was originally unveiled back in 2020 but has been stuck in development hell ever since, having even changed production studios twice. Sands of Time has now become the poster boy for Ubisoft's instability in an industry it once dominated. Current industry citations say the French developer will report an operating
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News
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- Laid-off Ubisoft workers rally, call on video game developer to reopen in Halifax [Yahoo! Finance Canada]Yahoo! Finance Canada
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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