Ubisoft results down more than expected as Q4 sales halved
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Ubisoft today reported its financial results for the full year ended March 31, with net bookings in particular seeming to come in worse than even Ubisoft's revised forecast.
Ubisoft had warned investors in January that things hadn't been going to plan, as it turned its expectations for a full-year net bookings growth of 10% into a net bookings decline of "more than 10%" amidst disappointing holiday sales, the cancellation of three games, and the start of a two-year cost-cutting plan.
Technically, the 18% decline it reported is more than 10%, but the gap between the two figures was big enough difference to raise some eyebrows.
When asked in a post-earnings conference call if the difference between the 10% bookings decline guidance and the 18% actual decline meant that fourth quarter bookings had disappointed or if Ubisoft knew it would be reporting the 18% drop back in January, Ubisoft CEO Yves Guillemot simply reiterated that net bookings "were in line with guidance."
The company's fourth quarter release slate consisted primarily of Anno 1800 for consoles, Oddballers, The Settlers: New Allies on various platforms, seasonal updates for its catalog of live service titles, and the first DLC for Mario + Rabbids: Sparks of Hope.
"While this past year was challenging for the industry and for Ubisoft, it was pivotal for the Company as we reinforced our strategic focus on our biggest opportunities, initiated a meaningful cost reduction plan and provided additional development time for our strong pipeline of content," Guillemot said in prepared remarks.
"As part of our progressive reallocation of resources, we notably plan to increase the number of
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