(Reuters) – French video game company Ubisoft reported on Thursday net bookings slightly higher than its forecasts for the third quarter, driven by the performance of its new releases and “robust” sales of its catalog.
During the quarter ended in December, the group behind the successful “Assassin’s Creed” franchise posted net bookings of 626.2 million euros, compared to 610 million euros forecast.
This result is partly linked to the release of “Assassin’s Creed Mirage”, which boosted sales of the back catalog of the flagship franchise, Ubisoft said.
“This quarter was marked by positive momentum and marks the start of our recovery,” Yves Guillemot, co-founder and CEO of Ubisoft, said in a statement.
Ubisoft has confirmed its financial targets for the full year, namely strong revenue growth and non-IFRS operating profit of around €400 million.
The group also said it expects a strong increase in net bookings in the fourth quarter, which should help reach an annual record.
To address the UK competition regulator’s concerns over Microsoft’s acquisition of Activision Blizzard, the latter agreed last August to sell its streaming rights to Ubisoft.
“This should improve the attractiveness of our subscription program,” its financial director Frederick Duguet told reporters, adding that Ubisoft had discussed with a number of platforms the possibility of granting exclusive licenses to these rights.
“This is what we are doing, particularly this quarter since we will be entering into a partnership on this theme,” he explained.
The rest of Ubisoft’s 2023-24 game lineup will include the long-delayed “Skull & Bones,” which is scheduled for February 16.
The group said it plans to unveil its full 2024-25 schedule in May, which will include “Star Wars Outlaws” as well as new titles Assassin’s Creed and Rainbow Six.
(Reporting Augustin Turpin, French version Dagmarah Mackos, editing by Kate Entringer)
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