: Ubisoft’s U.S.-listed stock sinks toward 7-year low after ‘Assassin’s Creed’ game company cuts booking targets

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The U.S.-listed shares of Ubisoft Entertainment S.A. UBSFY, -13.79% UBI, +0.25% took a 10.6% dive toward a seven-year low in midday trading Wednesday, after the France-based videogame maker cut its fiscal third-quarter booking target, citing “major challenges” from shifting industry dynamics and a slowing economy. The company’s portfolio of games includes “Assassin’s Creed,” “Tom Clancy’s Ghost Recon” and “Mario + Rabbids: Sparks of Hope.” Ubisoft lowered its third-quarter net bookings target to EUR725 million ($778.8 million) from EUR830 million, and said it now expects full-year net bookings to be down more than 10% versus its previous guidance of up more than 10%. “We are clearly disappointed by our recent performance,” said Ubisoft Chief Executive Yves Guillemot. “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.” The stock, which trades over the counter, was headed for the lowest close since February 2016, has slumped 14.9% over the past three months while the iShares MSCI France ETF EWQ, +0.62% has soared 31.5% and the S&P 500 SPX, +0.68% has gained 9.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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