May 15, 2019 / 3:45 PM / 11 days ago

Ubisoft's fourth quarter misses company's expectations

The Ubisoft booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake

(Reuters) - French video game producer Ubisoft on Wednesday reported fourth-quarter net bookings of 676.7 million euros, below company’s expectations of approximately 698.0 million euros.

Fourth-quarter sales stood at 516.5 million euros ($578.69 million), also missing the company’s target of around 571.0 million euros

“IFRS 15 ... was introduced in our books this year,” CFO Frederick Duguet said, referring to accounting rules. “And, as we had announced, we did not restate last year’s figures”, Duguet said on a call.

This means that figures from 2019-2020 can not be compared with the figures from 2018-2019.

The company expects net bookings of around 2.19 billion euros for the full year 2019-2020 and non-IFRS operating income of around 480 million euros.

For the first quarter of the year, the group expects net bookings of around 270.0 million euros.

Reported by Camille Raynaud. Editing by Jane Merriman

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