Ubisoft cuts FY23 operating income view to (EUR500M) from EUR400M

The guidance cut reflects lower net bookings, the postponement of "Skull and Bones" and the depreciation of capitalized R&D. Ubisoft said it is facing major challenges as the industry continues to shift towards mega-brands and long-lasting titles than can reach players across the globe, across platforms and business models. "Our strategy over the past 4 years has been about building long-lasting live games and adapting our strongest franchises, mainly Assassin’s Creed, Far Cry, Tom Clancy’s Ghost Recon, Tom Clancy’s Rainbow Six and Tom Clancy’s The Division, to these converging trends to make them truly global brands," the company said. "However, the games from this investment phase have yet to be released, while our recent launches have not performed as well as expected. Compounding this effect, in the context of worsening macroeconomic conditions, the trends over the Holiday season, in particular the last weeks of December and beginning of January, have been markedly and surprisingly slower than expected."