Ubisoft reported weak first-quarter results with net bookings of about €256 million, down roughly 9% year over year, but slightly above targeted guidance as Invincible: Guarding the Globe delivered a record quarter and Assassin’s Creed Black Flag Resynced sold about 3.5 million copies in two weeks. Revenues for the quarter were around €268 million, and the company reiterated guidance for a second-quarter net bookings near €370 million while signaling continued benefit from its restructuring and new operating model. The release of Black Flag Resynced marked a bright spot and underscored Ubisoft’s strategy of reviving flagship franchises through remakes and a stronger content pipeline. Ubisoft also disclosed a continued shift in its portfolio mix, with mobile bookings rising and the company warning of a high single-digit decline in net bookings for the full year, alongside a cautious non-IFRS operating margin. The company’s leadership highlighted the establishment of Vantage Studios to oversee top franchises and a broader plan to return to positive free cash flow and EBIT in the coming years.