Ubisoft beats expectations in Q3, confirms financial targets – February 8, 2024 at 6:44 PM EDT

French video game company Ubisoft reported third-quarter net sales on Thursday that slightly exceeded expectations, driven by new releases such as Assassin's Creed Mirage and sales from its older catalog.

The maker of the “Rainbow Six” film series announced net bookings of 626 million euros ($674 million) for the three months to the end of December, exceeding its forecast of 610 million euros.

“This quarter has given us positive momentum and marks the beginning of our transformation,” CEO Yves Guillemot said in a statement.

Ubisoft confirmed its financial targets for the full year: strong sales growth and operating results (non-IFRS compliant) of around €400 million. Ubisoft also sees net bookings “increasing sharply” in the fourth quarter and is on track to set a yearly record.

To address UK antitrust regulators' concerns about Microsoft's acquisition of Activision Blizzard, Activision Blizzard agreed in August to sell its streaming rights to Ubisoft.

“This should increase the attractiveness of our subscription program,” CFO Frederick Doggett said on a call with reporters, adding that Ubisoft has spoken to a number of platforms about potentially exclusivity licensing these rights.

“This is something we are working on now, especially in this quarter where we will be finalizing the partnership on this issue.”

The family company's remaining games for the year include the long-awaited “Skull & Bones,” scheduled for release on February 16.

The company announced that it will publish its full program for 2024-2025 in May, which will include “Star Wars Outlaws” as well as the new “Assassin’s Creed” and “Rainbow Six” titles. (Reporting by Augustin Turpin, Editing by Mark Potter)