During a protest outside the headquarters of the French video game giant in Saint-Mandé (Paris region), on February 10, 2026. GEOFFROY VAN DER HASSELT / AFP
When announcing Ubisoft’s latest results, CEO Yves Guillemot did not hide his satisfaction: “We delivered a solid third-quarter performance (…) exceeding our expectations.” In fact, compared to the same period in 2024, revenue remained stable at €318 million between July and September 2025, while “net bookings” – an indicator close to revenue – rose by nearly 12% year-on-year, reaching €338 million.
Read more Subscribers only How Ubisoft, the French video game giant, hit breaking point after years of turmoil
Is this enough to reassure markets? Not necessarily. Shares of the French video game giant bounced back slightly on Thursday, February 12, closing at €4.17. But the value remains far from the more than €95 reached in August 2018 or the €85 mark it crossed in January 2021, buoyed by the appeal of video games during Covid-19 lockdowns. Since then, the stock price has only continued to decline.
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Amid a toxic workplace environment and a series of unfortunate strategic choices, Ubisoft has lost its way over the past five years. After the disappointing reception of games like Star Wars Outlaws in 2024, the abrupt discontinuation of XDefiant six months after its launch that same year, and the outright cancellation of new titles, the company found itself forced to implement cost-cutting measures since 2023: €300 million in cumulative savings across 2023 and 2024, then another €200 million announced for the 2026-2027 period on January 21, 2026. This period of austerity has included workforce reductions, with several studios shut down abroad (San Francisco in California, Osaka in Japan, Halifax in Canada, etc.), and now, a plan to cut 200 jobs at its headquarters in Saint-Mandé, Val-de-Marne (Paris region).
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