Trading in French video game giant Ubisoft was briefly suspended on Thursday, January 22, following a dramatic fall in its share price, a day after the firm announced it expected to make huge losses this year. Shares plummeted 33% to €4.46 in early Paris trading prior to suspension, in a record drop for the firm. On resumption, it was down 34.37%.You can share an article by clicking on the share icons at the top right of it.
The company behind the Assassin’s Creed series of games has been mired in financial difficulties for years, and, on Wednesday, it announced that it was canceling the development of six video games and postponing the release of seven others.
Ubisoft revealed it expected an operating loss of €1 billion ($1.2 billion) this year and would push through a major organizational restructuring plan, involving some €200 million in cost cuts.
The share price fall surpassed the group’s previous record drop, a 31.92% decrease in October 2013.
Prince of Persia remake canceled
Among the canceled projects is Prince of Persia: The Sands of Time, a remake of one of Ubisoft’s biggest hits from the 2000s. The game is now being shelved despite several years of development and high fan expectations.
Five other games have also been abandoned, comprising “four unannounced titles” and also one mobile game, the group said. Seven other games will receive “additional development time.”
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