Ubisoft has now cancelled three more unannounced projects that join the bin with four others it cancelled in July 2022. To make matters worse, the long in-development Skull & Bones has been delayed yet again.
The pirate themed action-adventure game has already seen many delays since its first reveal in 2017. The release window has now been pushed to April 2023.
As Reuters reports, this is not good for the financial outlook of the company, and the news sent shares falling 20 percent while Ubisoft warned investors of lower than expected revenue.
Ubisoft said that it was writing off an estimated 500 million euros instead of the projected 400 million and will cut its full-year revenue targets after ending 2022 with weaker than estimated sales.
The French video game development and publishing house said that that it going to cut over 200 million euros in operating costs over the next two years.
Speaking with Kotaku, former and current Ubisoft employees told the publication that the company had already started a round of layoffs, but Ubisoft clarified that only 27 jobs were cut as part of the restructuring. The company also expects its full-year bookings to fall 10% year-over-year.
As if that weren't enough, titles like Mario + Rabbids: Sparks of Hope and Just Dance 2023 failed to meet sales expectations despite being well received by fans and critics.
Ubisoft CEO Yves Guillemot told investors that the company is, "facing contrasted market dynamics as the industry continues to shift towards mega-brands and everlasting live games, in the context of worsening economic conditions affecting consumer spending.”
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