Ubisoft Entertainment SA has made the unusual decision to postpone the release of its first-half financial results. The company also requested a trading halt in its shares.
The French gaming company behind Assassin’s Creed said it would announce the results “in the coming days” but did not provide further details. Ubisoft said in a statement that it had also asked Euronext to suspend trading in its shares and bonds until its results were released and would “notify the market of a date for resumption of trading.”
The company did not immediately respond to a request for additional comment, but said in a memo to employees that “additional time is needed to complete the end of the semester.” Ubisoft’s American depositary receipts fell 19%. The company’s shares in Paris have fallen 49% this year and closed nearly 1% lower at 6.77 euros early Thursday.
It would be unusual for any public company to delay an earnings report from its scheduled release date, a move that could heighten concerns about the company’s recent setbacks. In May, Ubisoft said it needed more time to develop some of its biggest games and did not expect revenue to grow this fiscal year. Last year, Ubisoft delayed the release of Assassin’s Creed Shadows to improve upon the Star Wars franchise after it received middling reviews.
Ubisoft Chief Financial Officer Frederick Duguet was scheduled to hold a media briefing shortly before the market close in Paris on Thursday and ahead of planned financial results to be released later in the day. The call was postponed without explanation and then canceled.
Earlier this year, Ubisoft announced a partnership with Tencent Holdings Ltd., which will see the Chinese company invest 1.16 billion euros ($1.35 billion) in a new subsidiary that will own key games such as Assassin’s Creed, Far Cry and Rainbow Six. This is the result of a process that began in January, following the disappointing launch of last year’s Star Wars: Desperados and the delay of the latest Assassin’s Creed game.
In a memo to employees, Ubisoft said it had requested a trading halt “to limit unnecessary speculation and market volatility during this brief delay.”
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