Ubisoft's fourth quarter misses company's expectations

(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.

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