July 17, 2019 / 3:55 PM / 3 months ago

Ubisoft posts Q1 net bookings beat, sticks to outlook

(Reuters) - French video games group Ubisoft (UBIP.PA) reported on Wednesday first-quarter net bookings of 314.2 million euros ($353 million), beating its own expectations of about 270 million euros.

“Our first-quarter net bookings came in well above target, thanks to the very robust performance of our games, notably Rainbow Six Siege and Assassin’s Creed Odyssey,” Yves Guillemot, co-founder and chief executive said in a statement.

For the second quarter of the 2019-2020 fiscal year, the Paris-based company, which owns a large game portfolio including Watch Dogs, Far Cry and Ghost Recon Breakpoint, forecasts net bookings of around 310 million euros.

Citing higher-than-expected net bookings and positive games’ performance, the company confirmed its full-year targets and described its games line-up for the year as one of its strongest in the last five years.

Ubisoft had forecast net bookings of around 2.19 billion euros for the full year 2019-2020 and non-IFRS operating income of around 480 million euros.

Jefferies analysts, who have a “buy” rating on the stock, said in a July 17 preview they expected no meaningful new game releases for the current quarter and big titles to start coming out in the third and fourth quarter, which might make some investors nervous about Ubisoft’s outlook.

Sales for the three months ending June 30 were 363.4 million euros, 9% down compared to the prior-year period.

Reporting by Pawel Goraj, Editing by Tomasz Janowski

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