Summary

  • Ubisoft has revealed its revenue declined 31.4% year-on-year in this year's Q3, dropping to €900 million.
  • While this is a sharp drop, Ubisoft says it's in line with its revised expectations for the quarter, following the delay of Assassin's Creed Shadows.
  • Assassin's Creed Mirage and Avatar: Frontiers of Pandora also launched in Q3 2023, making it a much stronger quarter for Ubisoft than Q3 2024.

It's no secret that Ubisoft is in a bit of trouble at the moment, with all hopes riding on Assassin's Creed Shadows to help turn the developer's fortunes around. Last year was pretty disappointing, with high-profile titles like Star Wars Outlaws being a little mediocre, and Assassin's Creed Shadows getting pushed deep into 2025.

We knew that Assassin's Creed's delay would have impacted Ubisoft quite dramatically, but a new earnings report from the developer has revealed exactly how badly. According to the report, first shared by gamesindustry.biz, Ubisoft's revenue last quarter declined by a whopping 31.4 percent year-on-year, dropping to €900 million.

Ubisoft Earnings Report Reveals Dramatic Fall In Revenue Last Quarter

via Ubisoft

On top of that, Ubisoft's net bookings were down 34.8 percent, its digital net bookings were down 33.8 percent, and its back-catalogue net bookings were down 27.7 percent. All of this has led to a 51.8% decline in year-on-year net bookings for Ubisoft's Q3, though the company does state that this massive drop was in line with expectations.

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Assassin's Creed Shadows' delay will obviously be a major reason for that sharp decline, but it's also worth pointing out that Ubisoft had a fairly strong Q3 in 2023. Assassin's Creed Mirage launched during that period, a game that was liked by many, and while it didn't set the world on fire, that period also saw the launch of Avatar: Frontiers of Pandora.

That's already two major game releases in Q3 2023 compared to none in Q3 2024, and will be the biggest contributor to these startling statistics. With Assassin's Creed Shadows coming in March, Ubisoft will be hoping that it has a significantly better Q4, and pre-order sales for the title seem to imply that may be the case. If not, then Ubisoft may soon find itself up the creek without a paddle.

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Assassin's Creed Shadows

Action Stealth RPG Systems 14 8.5/10 OpenCritic Reviews Top Critic Avg: 81/100 Critics Rec: 81% Released March 20, 2025 ESRB Mature 17+ // Blood and Gore, Intense Violence, Language Developer(s) Ubisoft Quebec Publisher(s) Ubisoft Engine AnvilNext
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WHERE TO PLAY

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Experience an epic historical action-adventure story set in feudal Japan! Become a lethal shinobi Assassin and a powerful legendary samurai as you explore a beautiful open world in a time of chaos. Switch seamlessly between two unlikely allies as you discover their common destiny. Master complementary playstyles, create your shinobi league, customize your hideout, and usher in a new era for Japan.

• Explore the captivating open world of feudal Japan, from spectacular castle towns and bustling ports to peaceful shrines and war-ravaged landscapes. Adventure through unpredictable weather, changing seasons, and reactive environments.
• Become Naoe, a shinobi Assassin, and Yasuke, a legendary samurai, as you experience their riveting stories and master their complementary playstyles. As Naoe, use stealth to avoid detection and agility to confound your enemies. As Yasuke, strike your foes with lethal precision and power. Unlock new skills, gear, and progression independently for each character.
• Make information your weapon as you explore the world, and build your own network of spies to be your eyes and ears across locations to hunt down your next target. Along the way, recruit new allies with unique abilities to help accomplish your missions.
• Create a fully customizable hideout for your growing shinobi league as you train your crew, craft new gear, interact with key characters, and choose your base’s layout, decorations, and accessories.

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