Odyssey

Kakao Games Q1 2024 Earnings Results

Kakao Games reported its financial results for the first quarter of 2024, highlighting a period of stabilization within its core gaming division alongside ongoing challenges in non-gaming business segments.

• Kakao Games reported Q1 2024 revenue of 246.3 billion KRW, a 1.2% year-over-year decrease, and an operating profit of 12.3 billion KRW, representing an 8.1% year-over-year increase.
• The company returned to net profitability in Q1 2024, recording 400 million KRW in net profit.
• Core gaming performance was resilient, with mobile game revenue rising 4.8% to 161.3 billion KRW and PC game revenue growing 10.5% to 15.6 billion KRW year-over-year.

Annual Report and Accounts 2022: Frontier Developments

Frontier Developments’ 2022 Annual Report details a period of significant expansion and strategic transition for the UK-based game developer.

• Frontier Developments achieved record revenue of £114.0 million in fiscal year 2022, representing a 26% increase driven by Jurassic World Evolution 2 and its existing portfolio.
• Operating profit was limited to £1.5 million, impacted by a £7.4 million non-cash impairment charge related to the Elite Dangerous: Odyssey expansion.
• The company increased its total headcount by over 25% to 806 employees to support a development roadmap of new sports and strategy titles scheduled through 2026.

Frontier Developments FY22 Financial Results

Frontier Developments achieved record revenue of £114.0 million during the 2022 fiscal year, representing a 26 percent year-on-year increase.

• Frontier Developments achieved record revenue of £114.0 million in FY22, a 26% year-on-year increase driven by Jurassic World Evolution 2 and the Foundry publishing label.
• Operating profit dropped significantly to £1.5 million from £19.9 million in the previous year due to increased R&D and marketing spend, plus a £7.4 million impairment charge for Elite Dangerous: Odyssey.
• The company utilized £8.7 million in tax credits from Video Games Tax Relief and Patent Box schemes to help mitigate the impact of rising costs on net profit.

Ubisoft Third-Quarter 2021-22 Sales

Ubisoft’s third-quarter fiscal 2021-22 results demonstrate the resilience of its vertically integrated, asset-based business model.

• Ubisoft reported third-quarter fiscal 2021-22 net bookings of €746.1 million, maintaining full-year guidance despite a 16.6% year-over-year decline in nine-month net bookings to €1,464.3 million.
• Back-catalog performance grew 10% year-over-year, driven by the longevity of key franchises and sustained post-launch support.
• Assassin’s Creed Valhalla outperformed Assassin’s Creed Odyssey in both life-to-date net bookings and Player Recurring Investment (PRI).

Frontier Developments Interim Results: H1 FY21

Frontier Developments achieved significant financial growth during the first half of the 2021 fiscal year, characterized by a 15 percent increase in revenue to £36.9 million.

Ubisoft H1 FY21 Earnings

Ubisoft’s H1 FY21 earnings report details a period of strong financial performance, characterized by a significant increase in net bookings and a record operating margin of 15%.

• Ubisoft achieved 754.7 million euros in H1 FY21 net bookings, exceeding targets and reaching a record 15% operating margin.
• Net bookings from back catalog and live services grew 39.4% year-over-year, supported by 100 million unique players across titles like Rainbow Six Siege and Assassin’s Creed Odyssey.
• The company reported a non-IFRS consolidated net income of 90.1 million euros, marking a significant year-over-year improvement.

Ubisoft First-Half 2020-21 Earnings Figures

Ubisoft’s first-half earnings for fiscal year 2020-21 demonstrate strong financial outperformance, characterized by record profitability and significant growth in digital and back-catalog net bookings.

Ubisoft Full-Year 2019-20 Sales and Earnings Figures

Ubisoft’s fiscal year 2019-20 financial results reflect a period of significant transition, characterized by a decline in annual performance compared to the previous year, followed by a strong recovery in the fourth quarter.

Ubisoft Third-Quarter 2019-20 Sales

Ubisoft’s third-quarter 2019-20 sales report outlines the company’s financial performance for the period ending December 31, 2019, while reaffirming its strategic focus on long-term digital transformation and live-service engagement.

Ubisoft Entertainment: Rapport Financier Semestriel 2019-20

Ubisoft experienced a challenging first half of the 2019-20 fiscal year, characterized by a notable decline in financial performance.

• Net bookings for the first half of fiscal year 2019-20 fell 11.4% to €661.1 million, while non-IFRS operating income dropped significantly to €6.9 million from €110.2 million the previous year.
• Underperformance of Ghost Recon Breakpoint and The Division 2, combined with weakening back-catalog sales, forced a downward revision of financial guidance and the delay of major titles to fiscal year 2020-21.
• Operational costs increased due to a workforce expansion to 17,220 employees and higher research and development spending.

Ubisoft First-Half 2019-20 Sales and Earnings Figures

Ubisoft’s financial results for the first half of the 2019-20 fiscal year, ending September 30, 2019, reflect a period of transition characterized by a strong back catalog performance despite a decline in overall net bookings.

• Ubisoft’s non-IFRS operating income plummeted to €6.9 million for the first half of fiscal year 2019-20, down from €110.2 million in the prior year, largely due to impairment charges from Ghost Recon Breakpoint.
• Net bookings for the period ending September 30, 2019, totaled €661.1 million, representing an 11.4% decline compared to the same period in the previous fiscal year.
• Digital revenue remains the company's primary driver, accounting for 81.2% of total net bookings and experiencing a 3.5% increase in revenue.

Ubisoft Updates Financial Targets and Release Schedule for 2019-20: Communication of Initial Targets for 2020-21

Ubisoft has significantly revised its financial outlook for the 2019-20 fiscal year, citing disappointing commercial performance from recent AAA releases and a strategic decision to delay several high-profile titles.

• Ubisoft slashed its 2019-20 net bookings target from €2,185 million to €1,450 million and reduced non-IFRS operating income projections from €480 million to a range of €20 million to €50 million.
• The company delayed the releases of Watch_Dogs Legion, Gods & Monsters, and Rainbow Six Quarantine to the 2020-21 fiscal year to allow for additional development time and gameplay refinement.
• Management attributed the financial downturn to the underperformance of Ghost Recon Breakpoint and The Division 2, noting difficulties in maintaining momentum for live-service sequels and a lack of product differentiation.