Days after the delay, Ubisoft has finally revealed its half-year earnings results, which showed that they’re able to beat their sales expectations.
As it turns out, the delay was due to an accounting error that their auditors had spotted. Due to this delay, there were speculations swirling around stating that Ubisoft ‘s finances might be dwindling.
This is not an entirely baseless speculation either, as the gaming industry as a whole has been experiencing massive layoffs this year alone.
In the earnings report, however, Ubisoft revealed that:
“Q2 Net Bookings exceeded expectations, reaching €490.8m, versus guidance of around €450m, and up 39% year-on-year. The outperformance was driven by stronger-than-expected partnerships, and was supported by a robust back-catalog, both highlighting the strength of the Group’s brands.”
Overall, this led to a 20% increase year-on-year in net bookings for the company across the semester.
According to the company, the Assassin’s Creed franchise has shown a strong performance, thanks to Assassin’s Creed: Shadows‘ overperforming despite reports saying it wasn’t selling that great.
The report also talked about Ubisoft’s deal with Tencent, which was announced earlier this year. It mentioned the successful agreements of the deal which will about to close in the next few days.
Once this happens, Ubisoft will proceed with the creation of Vantage Studios, with Tencent acquiring a minority stake.
Ubisoft’s Earnings Reports Revealed Positive Financial Reports
As mentioned, the delay was due to an accounting error, as stated in a post by Dr. Serkan Toto on X (formerly Twitter).
It turns out that Ubisoft’s financial situation isn’t the reason for that, nor was there any fraud or suspicious activity involved.
Back when Ubisoft announced the delay, rumors circulated about the company being acquired by Tencent. However, the deal they had with Tencent wasn’t an acquisition, but for Tencent to become a minority stakeholder of Vantage Studios.
This also provided Ubisoft with a significant amount of money. Overall, this has been a solid quarter for the company, with positive results being attributed to “stronger-than-expected partnerships”.
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Author: 360 Technology Group
