Ubisoft hasn't exploded or been bought by Tencent: Its finances were delayed because of maths nerds, AC Shadows is 'Overperforming', and it's got one upcoming game you don't know about, thank you
All that sound and fury signified nothing, it turned out.
Last week, Ubisoft delayed its quarterly financial report and called a temporary halt to trading in its stocks. The internet immediately did what it does best: descend into wild and frenzied speculation. To be fair, it did all seem quite portentous, and in a world where Saudi Arabia bought EA and Microsoft bought Activision, the theories that Ubi had itself been acquired or undergone some kind of enormous financial calamity didn't feel totally out there.
But stand down, folks. Ubisoft's delayed financial report took place earlier today, and it turns out all that hullabaloo was—per company big boss Yves Guillemot—for perhaps the most boring reason imaginable: "We appointed a new panel of auditors, that was approved at the [Annual General Meeting] last July."
Oh.
In essence, Ubi's new numbers guys decided that revenues from one of its partnerships from the fiscal year before this one needed to be recognised in a different way. The long and short of this process is that the new way of recognising those revenues meant the company suddenly overshot a covenant on how much net debt to core profit it's meant to maintain, and it had to quickly fork over 286 million euros to pay off some outstanding loans and get the ratio back down.
Which is, I'm sure you will concur, very boring, and not at all as apocalyptic as online prophets were forecasting last week.
So, if Ubisoft hasn't suddenly become someone else's property or vanished into a financial black hole, did anything actually interesting come out of its delayed financial report? Well, we did learn that Ubi's pretty chuffed with how Assassin's Creed Shadows has gone. The company's earnings report said that the latest AC (plus "the rest of the brand's catalog") have been "overperforming" against its expectations, though it's keeping schtum about specific sales numbers.
Instead, the only number we get is the flabby metric of "session days"—that is to say, the unique number of individual calendar days that players have actually, you know, played a game. Shadows has, in the year to date, "generated 211 million session days" from among its playerbase, which Ubi says is 35% higher than the average for the two years prior.
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Rainbow Six Siege likewise saw an increase in session days, but the company cops to the fact that "its move to free access" has bred "a temporary surge in cheating [that] has impacted activity and player spending versus expectations," though it promises it's all in-hand.
Aside from that? Well, the presentation accompanying the report notes Ubisoft's lineup of upcoming games. We've got DLC for Avatar, Rainbow Six Mobile, The Division Resurgence (another mobile thing), and the remake of Prince of Persia: The Sands of Time.
But included on that list is a blank box marked "Unannounced title." That could be anything, but for my money? I'd guess we might soon be laying eyes on the Assassin's Creed 4: Black Flag remake that everyone knows is coming but Ubi refuses to let anyone speak about.
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One of Josh's first memories is of playing Quake 2 on the family computer when he was much too young to be doing that, and he's been irreparably game-brained ever since. His writing has been featured in Vice, Fanbyte, and the Financial Times. He'll play pretty much anything, and has written far too much on everything from visual novels to Assassin's Creed. His most profound loves are for CRPGs, immersive sims, and any game whose ambition outstrips its budget. He thinks you're all far too mean about Deus Ex: Invisible War.
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