Ubisoft Postponed the Release of Its Earnings Results and Halted Share Trading
French publisher Ubisoft was due to present its quarterly results yesterday, but postponed the announcement at short notice, even suspending trading in its shares. No reasons were given.
Ubisoft was due to publish its quarterly figures on Thursday evening. However, just 15 minutes before the scheduled announcement, the French company revealed that it would be postponing the publication of its quarterly results. Even more unusually, it also announced that it would be suspending trading of its shares and bonds on Euronext. The company officially stated that it wanted to avoid 'unnecessary speculation and market volatility' while it was still working on the financial statements.
In an internal email to employees, CFO Frédérick Duguet explained that the half-year figures would be submitted in the coming days and that no further details could be provided at this time. He also acknowledged that this was 'likely to raise questions and drive media coverage', but referred employees to the conference call after the results were released for further information.
However, analysts suspect that the decision could also be due to an upcoming announcement, such as a possible takeover or privatisation of the rest of the company, as well as financial difficulties or an accounting problem.
This announcement comes at a time of upheaval for Ubisoft: the company recently announced the formation of Vantage, in which Tencent holds a 25 per cent stake, which will be responsible for major brands such as Assassin's Creed, Far Cry and Rainbow Six Siege. The company is also working on a more decentralised structure.
