GE Vernova Q2 Revenue Tops Estimates as Earnings Miss, Shares Slide Despite Higher 2026 Outlook 
Australia ASIC Tightens Auditor Oversight After KPMG Leak Scandal 
Alaska Air Q3 Outlook Misses Estimates as Higher Fuel Costs Weigh on Profit Forecast 
Samsung Eyes Up to $1.14 Billion Investment in AI Startup Mistral 
Intel, AMD Seek Long-Term China Server CPU Deals as AI Demand Drives Supply Crunch 
Scandinavian Tobacco Group Sells BREAK and Moro Brands to Japan Tobacco for €176 Million 
Asian Stocks Rise as Oil Retreats on Iran Ceasefire Hopes Ahead of Key AI Earnings 
Oil Prices Rise as Houthi Attacks on Saudi Tankers Heighten Middle East Supply Fears 
Pakistan Seeks $10 Billion U.S. Exchange Stabilization Fund to Boost Forex Reserves 
US Dollar Climbs to Weekly High as Middle East Tensions Lift Treasury Yields and Safe-Haven Demand 
Nike Shifts China Online Sales Strategy to Boost Brand and Fight Local Rivals 
India FMCG Q1 Earnings Preview: Higher Input Costs Likely to Weigh on Profit Margins 
US Dollar Holds Near One-Week High as Middle East Tensions and Oil Prices Drive Market Sentiment 
OpenAI Australia Data Center Switches Cooling Strategy After Recycled Water Plan Fails 
South Korea Q2 GDP Beats Forecasts as AI Chip Exports Drive Growth 
IBM Q2 Earnings Miss Estimates as Software Growth Offsets Infrastructure Weakness 
Gold Climbs Above $4,000 as Middle East Tensions and Fed Outlook Drive Safe-Haven Demand 
Ubisoft, a Montreuil, France-headquartered video game publisher, announced this week that it decided to cancel the release of three games. The company said it also chopped its full-year financial targets and blamed the bad macroeconomic conditions for the moves.
Ubisoft said that the macroeconomic situation has worsened and it seems it will not improve any time soon. It said that these circumstances have pushed the video game industry into chaos and continue to be a plague at the moment.
As per CNBC, the French gaming firm also shared that its “Just Dance 2023” and “Mario + Rabbids Sparks of Hope” game titles did not do well in the market too. Ubisoft said that the poor performances of these games, coupled with the difficult economic environment, forced it to cancel the three games that have not been announced yet.
For its reduced full-year target, the company said it expects its 2022 net bookings to plunge by 10%. Prior to this forecast, it predicted a growth of 10% earlier. The expected net bookings that it expects to come in is €725 million or about $779.4 million, which is lower compared to its original target of €830 million.
“We are clearly disappointed by our recent performance,” Ubisoft’s co-founder and chief executive officer, Yves Guillemot, said in a press release. “We are facing contrasted market dynamics as the industry continues to shift towards mega-brands and everlasting live games, in the context of worsening economic conditions affecting consumer spending.”
He added, “Despite excellent ratings and players’ reception as well as an ambitious marketing plan, we were surprised by ‘Mario + Rabbids: Sparks of Hope’ underperformance in the final weeks of 2022 and early January. ‘Just Dance 2023’ underperformed as well.”
Finally, the CEO said that due to the results, it is taking additional strategic and operational decisions with the approval of Ubisoft’s Board of Directors. He explained that this step is a “key” to continue adapting our organization, to further bolster their execution, and to make sure that they can deliver good games to players worldwide and great value creation.
