Paris: France-based video game maker Ubisoft's shares plummeted around 33% on Thursday after the maker of the "Assassin's Creed" video game series announced reorganization and canceled six games.

According to Anadolu Agency, Ubisoft announced a major organizational, operational, and portfolio reset aimed at reclaiming its creative leadership, regaining agility, and driving a sharp rebound. The company aims to renew its trajectory toward sustainable growth and robust cash generation through this overhaul.

The reorganization will focus on three main pillars: a new operating model, a refocused portfolio with a revised three-year roadmap, and the rightsizing of the organization. Ubisoft has discontinued six games that do not align with the new quality and portfolio prioritization criteria. These include the "Prince of Persia: The Sands of Time" remake and four unannounced titles, comprising three new intellectual properties and a mobile game.

Following a £650 million ($760 million) write-down due to the restructuring, Ubisoft anticipates an operational loss of around £1 billion ($1.17 billion) for the fiscal year ending in 2026. The company's CEO and founder, Yves Guillemot, stated that the portfolio refocus would significantly impact the financial trajectory for fiscal years 2026 and 2027. However, he emphasized that this reset would ultimately strengthen the company and enable it to achieve sustainable growth and robust cash generation.

Ubisoft also plans to restructure its studios in Malmo, Helsinki, and Abu Dhabi while closing those in Halifax, Canada, and Stockholm. By March 2028, the firm expects cost-cutting measures to save 500 million euros ($580 million) and reduce fixed expenses from £1.75 billion in the fiscal year ending in 2023 to £1.25 billion on a run-rate basis.

For the fiscal year ending in 2026, Ubisoft projected net bookings of about £1.5 billion, a decrease of £330 million from earlier projections.