Ubisoft in the Green Amid Rumors of Job Cuts

Ubisoft shares rose 3.3% to nearly €5, following reports from Les Echos that the video game publisher may reduce its international workforce by approximately 380 positions. This represents just over 2% of the 16,590 employees the group reported globally at the end of March.

According to the French financial newspaper, which cited several consistent sources, the company could close its Belgrade studio in Serbia and its Ubisoft Winnipeg facility in Canada, which opened eight years ago. Additionally, nearly one hundred positions could be eliminated in the United States.

These new measures would come as Ubisoft previously reported massive losses for its last fiscal year ending in March: a net loss of €1.04bn and an operating loss of €1.48bn, on revenue that fell 17% to €1.52bn.

"This annual report confirms that the group needs time to regain its ability to regularly launch hit games and return to sustainable growth, comfortable profits, and robust cash flow generation," Oddo BHF noted following last month's earnings release.