New Titles Deliver Big Time
The company reported Ubisoft posted business sales of €1 billion ($1.21 billion) for its fiscal third quarter, representing an increase of over 100% compared to a year-ago period when the video game business reported sales of €455.5 million ($551.8 million).
Record quarterly sales didn’t surprise market analysts as the entire video game business industry is recording unprecedented results amid the pandemic and the launch of next-generation consoles from Sony and Microsoft.
“Our strategy continues to bear fruits. We achieved the strongest quarter in Ubisoft's history, by far, thanks to the quality of our releases and the depth of our catalog. We are immensely proud of our teams who, in exceptionally challenging times, launched four great titles across multiple platforms and simultaneously continued to enrich our Live services,” company CEO Yves Guillemot said in a statement.
“This is an unparalleled achievement and they showed remarkable adaptability and resilience. Our ability to execute at such a high level of quality demonstrates the power of our production model and the sustainability of our organization.”
The France-based video game business said its new titles, namely “Assassin’s Creed Valhalla” and “Watch Dogs: Legion,” performed extremely well in Q3, with the former delivering record sales to become the second best-selling video game on the PlayStation 5 and Xbox Series X and S consoles.
Guillemot added that the company has witnessed strong momentum in its back catalog of games as well, with the trend continuing into January. For instance, its “Tom Clancy’s Rainbow Six Siege” shooter game has 70 million players, up from 55 million reported in the year-ago period.
“The depth and breadth of our catalog, which goes beyond the brands mentioned, provides us with ever-greater visibility and continues to be a strong driver of profitability,” he added.
Still, Ubisoft stock price fell 6.5% in Paris today as the video game company narrowed its full-year profit and revenue forecast. The business projects that full-year sales will come between €2.22 billion ($2.69 billion) and €2.28 billion ($2.76 billion), which is not as good as a range of €2.2 billion to 2.35 billion ($2.85) it had previously expected.
Ubisoft, which makes a popular video game Assassin’s Creed, reported record quarterly sales that exceeded €1 billion ($1.21 billion).
About the Author
An analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in advanced analytics and media.