Ubisoft: Corporate Profile and Strategy

Ubisoft Entertainment S.A. is a French video game publisher founded in March 1986 by brothers Christian,
Claude, Gérard, Michel, and Yves Guillemot. The Guillemots began with a mail-order distribution business in
Brittany, France, and quickly moved into publishing and development. “In 1986, the five Guillemot brothers
founded a mail-order video game publisher called Ubi Soft in Brittany” 1 . Early titles included the Amstrad
CPC game Zombi (1986) developed by the fledgling in-house team. Over the 1990s Ubisoft opened its first
major studio in Paris, and by the mid-1990s had expanded into Romania, Shanghai, and North America 2 .
Key milestones include the 1996 Paris stock listing (Second Market of the Paris Bourse) and the founding of
Ubisoft Montreal in 1997. By its 35th anniversary in 2021, Ubisoft had grown to “more than 45 studios and
offices around the world, [and] more than 20,000 team members” 1 . The company quickly established
flagship franchises (e.g. Rayman, Tom Clancy’s series) during its early years and leveraged global growth to
become a major international publisher.

• 1986: Ubisoft founded by Yves Guillemot and brothers as “Ubi Soft” in Brittany (publishing/
distribution model) 1 .
• 1992: First studio in Paris; expansion into Eastern Europe (Bucharest), Spain, and Italy begins (later
1990s) 2 .
• 1996: Ubisoft listed on Paris stock exchange; Shanghai and Annecy studios open.
• 1997: Ubisoft Montreal established (with government subsidies) as part of global growth.
• 2000: Acquisition of Red Storm Entertainment (Tom Clancy’s Rainbow Six developer).
• 2007: Launch of Assassin’s Creed – sells 2.5M copies in 4 weeks (fastest-selling new IP) and establishes
a major franchise 3 .
• 2010–2020: Series of studio and IP acquisitions (e.g. Nadeo (TrackMania), RedLynx (Trials), Hybride,
FreeStyle Games, Ivory Tower (The Crew), Ketchapp, Ubisoft Blue Mammoth (Brawlhalla), i3D.net,
Green Panda Games) 4 5 6 .
• 2021–2024: Continued expansion (new studios in Asia, Eastern Europe, Australia), and strategic
partnerships (e.g. new Tencent-led joint venture on core IP).

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Figure: Ubisoft Montreal’s headquarters. Founded in 1997, it has become one of Ubisoft’s largest studios (over
4,000 staff by 2022 7 ) and the home of major franchises like Assassin’s Creed. (Image: Ubisoft Montreal
building) Ubisoft’s international footprint includes its original French headquarters and dozens of global
studios. For example, the Ubisoft Montreal studio (opened 1997) “is now one of the largest in the world,
with over 4,000 employees” 7 . This global expansion (Paris, Montreal, Chengdu, Singapore, Toronto,
Annecy, Bucharest, etc.) has been central to Ubisoft’s growth. It began mainly as a publisher/distributor but
soon invested heavily in in-house R&D to create proprietary game IP.

Major Franchises
Ubisoft’s portfolio is anchored by several high-profile game series. Notable franchises include:

• Assassin’s Creed: A historical action-adventure series launched in 2007. Developed primarily by

Ubisoft Montreal (using the proprietary Anvil engine) 8 , Assassin’s Creed has produced 14 mainline
titles (latest: Assassin’s Creed Shadows in 2025) 9 . It weaves historical fiction with science-fiction
framing, set in eras from Renaissance Italy to feudal Japan. The franchise is Ubisoft’s best-selling:
over 200 million copies sold as of Sep 2022 10 . Its most recent entry, AC Shadows (March 2025), was
described by Ubisoft as a “defining moment” that “reaffirmed the power of the Assassin’s Creed
brand” 11 .
• Far Cry: A series of open-world first-person shooters (FPS). The original Far Cry (2004) focused on
jungle survival; sequels include Far Cry 2 (2008), 3 (2008), 4 (2014), 5 (2018), New Dawn (2019 spin-off)
and Far Cry 6 (2021). Far Cry games feature large sandbox environments and libertarian themes. (The
Dunia engine – a modified CryEngine – powers Far Cry titles.) These titles have collectively sold tens
of millions of units, making Far Cry one of Ubisoft’s pillar action-IP.
• Watch Dogs: A modern action-adventure series. Launched in 2014, Watch Dogs features open worlds
with hacking mechanics. There are three games: Watch Dogs (2014), Watch Dogs 2 (2016), and Watch
Dogs: Legion (2020). The series has built a reputation for technology-driven narratives (e.g. Chicago,
California, London settings). Each entry sells a few million copies, and Ubisoft has announced
ongoing online content (co-op modes, mobile spin-offs).

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 • Tom Clancy’s Rainbow Six (R6): A tactical shooter series (originally co-developed with Red Storm
Entertainment). Rainbow Six began in 1998; the modern incarnation is Rainbow Six Siege (2015), a live-
service FPS that remains popular. Siege has a very strong community, with Ubisoft reporting ~30
million unique active players per year in recent years 12 . R6 titles emphasize team-based
combat, realistic tactics, and eSports. (Rainbow Six and related Clancy games Ghost Recon and
Splinter Cell share tech but differ in style.)
• Tom Clancy’s The Division: A third-person online shooter series set in pandemic scenarios. The
Division debuted in 2016, followed by The Division 2 (2019). These use the Snowdrop engine (by
Massive Entertainment). An upcoming mobile spinoff, The Division Resurgence, is due in 2024 13 . The
Division has attracted tens of millions of players globally; Ubisoft emphasizes it as a live-service
franchise (cooperative gameplay, DLC expansions).
• Just Dance: A music/rhythm franchise (founded 2009) where players mimic on-screen dance moves.
Just Dance titles (releases almost yearly) have sold very strongly (over 90 million copies by 2020). It is
one of the highest-selling dance-game series.
• Rabbids: A comedic platform/party franchise spun off from Rayman. It includes games like Raving
Rabbids (2006) and Mario + Rabbids. While not a blockbuster series today, it remains a recognizable
brand, and Ubisoft recently announced a Rabbids TV series.

Each franchise is supported with DLC, expansions, and occasional mobile versions. For instance, Ubisoft
noted that its Assassin’s Creed and Rainbow Six brands each “benefit from solid fan bases of above 30
million unique active players” per year 12 , highlighting the evergreen appeal of these IPs.

Financial Performance
Over the last decade Ubisoft’s revenue has grown significantly, but profitability has fluctuated with release
cycles. In FY 2023-24 (year to March 31, 2024) Ubisoft reported IFRS net sales of €2.30 billion and net
bookings of €2.32 billion, up roughly 33.5% from the prior year 14 . This was a record year driven by
strong digital sales: about 85% of sales were digital 15 . That year, non‑IFRS operating income was €401.4
million 16 , with healthy net income. Active monthly and unique players were also high (134 million unique
annually, 36 million MAU) 12 .

However, FY 2024-25 saw a decline: net bookings fell 20.5% to €1.846 billion 17 . The dip reflected a lighter
release slate (the prior year included Ubisoft’s one-for-all anniversary games and big expansions). As a
result, FY2024-25 swung to an operating loss. IFRS operating income was –€82.6M (versus +€313.6M prior
year) and non‑IFRS operating income –€15.1M 16 . Q4 of 2024-25 bucked the trend with record net
bookings (€902.3M, +3.4% YOY) 17 , helped by Assassin’s Creed Shadows launch and recurring revenue. In
that quarter the company reported a net profit (non-IFRS) of €16.5M and positive cash flow.

Key financial indicators:

- Sales and Net Bookings: FY23-24 net bookings €2.321B 14 ; FY24-25 net bookings €1.846B 17 .
- Profitability: FY23-24 non-IFRS EBIT €401M 14 ; FY24-25 non-IFRS EBIT loss €(15.1)M 16 . IFRS net loss
was €(82.6)M 16 .
- Digital & Recurring: ~85% of sales are digital (downloads, DLC, subscriptions) 15 . Ubisoft+ subscriptions
and in-game revenue (microtransactions) contribute a growing share.
- Players: Unique active players ~134M per year, with top franchises averaging ~30M each 12 .

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In recent quarters Ubisoft has focused on cost reductions and improving free cash flow. For FY24-25 the
company generated about €169M operating cash and remained net-cash-flow positive, partly aided by
financing adjustments. The long-term target is to maintain a net-debt position near zero after the planned
Tencent deal 18 .

Technology and Innovation

Ubisoft has invested heavily in proprietary technology and online infrastructure. Its main game engines
include Anvil (used by Assassin’s Creed and other open-world titles) 8 and Dunia (a modified engine for
the Far Cry series). For example, Assassin’s Creed games are “developed mainly by [Ubisoft] Montreal using
the game engine Anvil” 8 . Ubisoft’s Massive Entertainment studio created the Snowdrop engine, a flexible
AAA engine that powers Tom Clancy’s The Division series, Avatar: Frontiers of Pandora (2023), Star Wars
Outlaws (2023), and even the upcoming Splinter Cell remake 19 . Snowdrop’s design focuses on dynamic
worlds and ease of iteration 20 .

On the online side, Ubisoft launched Ubisoft Connect (fall 2020) – a cross-platform player network
combining the old Uplay and Club systems 21 . Ubisoft Connect provides unified digital storefront,
achievement tracking, and social features across console, PC, and mobile. Underlying this is Ubisoft’s ten-
year-old Online Services Platform, a set of backend services (multiplayer, matchmaking, digital
distribution, live events, challenge systems, etc.) integrated into all games 21 22 . Ubisoft Connect is
presented as a “next-generation gaming and community ecosystem” that removes platform barriers 23 .

For research and innovation, Ubisoft operates La Forge, an internal R&D lab (in Canada, China, France) that
collaborates with academia. La Forge prototypes advances in graphics, animation, AI, audio, physics and
player analytics, aiming to bring new tech into production 24 . Recent R&D interests include advanced
rendering techniques, AI-driven game design, and tools for player behavior analysis. Ubisoft also explores
emerging tech: it has trialed VR game prototypes, experimented with cloud streaming (e.g. “Ubisoft Scalar”
GPU streaming), and funded AI/data science teams. In Q2 2023 Ubisoft announced a partnership with
University of Toronto to advance 4D human capture and AI visualization (for more realistic characters).

Workplace Culture and Controversies

In 2020 Ubisoft made headlines when multiple employees publicly reported harassment and a toxic work
culture. Following these allegations, Ubisoft’s Chief Creative Officer Serge Hascoët resigned immediately,
as did Yannis Mallat (head of Canadian studios) and the global HR head Cecile Cornet 3 . CEO Yves
Guillemot acknowledged “Ubisoft has fallen short in its obligation to guarantee a safe and inclusive
workplace” and promised “profound changes” 25 . The company launched independent investigations and
instituted reforms: it formed a new “Head of Workplace Culture” role to audit policies 26 , set up
anonymous reporting channels, and organized employee listening sessions and surveys 27 .

In media coverage, several former executives (e.g. Hascoët and others) were later investigated by French
authorities. In October 2023 French police detained five ex-Ubisoft managers (including Hascoët and
Tommy François) in an ongoing harassment probe 28 . This kept scrutiny on Ubisoft’s internal culture. The
company has emphasized it will continue “structural shifts” rather than quick fixes 29 26 . While some
employees and observers remain critical – even calling Ubisoft “a toxic cesspool” in anecdotal reports –

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Ubisoft insists it is committed to change. In late 2024 Guillemot reaffirmed an overhaul of HR processes and
demanded that all managers “manage their teams with the utmost respect” 30 .

Other controversies (less prominent) include customer issues (microtransaction backlash on AC: Unity, or
technical problems at launch) and unionization/labor disputes in France over “return to office” policies. But
the major culture scandal remains the 2020-2023 harassment crisis. Ubisoft has since publicized many
initiatives to rebuild trust internally and externally, and leadership turnover has largely ceased apart from
normal retirements.

Strategic Shifts
To adapt to industry trends and past missteps, Ubisoft has shifted its business model toward live services
and recurring revenue. Senior management declared a strategy built on “two pillars: open-world adventures
and games-as-a-service” 31 . In practice, this means focusing on big-brand franchises that can be expanded
with continuous content, rather than pushing for annual new-IP releases. For example, Ubisoft is
developing mobile spin-offs (Assassin’s Creed Jade, The Division Resurgence 32 13 ) and free-to-play titles. The
cancelled shooter XDefiant (2024) was another attempt at a live-service FPS.

Subscription and digital are also key. Ubisoft launched Ubisoft+, a subscription service (on PC and cloud)
giving players access to the full game library and new releases on day one. Though adoption figures are not
publicly disclosed, Ubisoft has positioned Ubisoft+ as a growth channel. By 2024 roughly 85% of Ubisoft’s
revenue was digital (downloads, DLC, microtransactions) 15 , and the company emphasizes boosting its
share of recurring digital sales.

On the free-to-play front, Ubisoft acquired multiple studios to bolster its portfolio. Notable acquisitions:
Owlient (2011, maker of mobile Virtual City) and Ketchapp (2016, casual/mobile games) to expand mobile
offerings 33 5 ; Growtopia (2017 free-to-play sandbox game, ~20M users) 34 ; and Kolibri Games (2020,
creator of idle mobile hits). These moves reflect a strategic pivot from solely premium AAA titles to a mix
including free and casual games. Ubisoft has also launched its own free-to-play projects (e.g. Brawlhalla
acquisition, Ghost Recon Breakpoint seasonal content, Rainbow Six Extraction co-op mode) and considers
more franchising in F2P.

Conversely, Ubisoft has cut costs and prioritized resources. In early 2025 it announced the closure of
Ubisoft Leamington and layoffs of 185 staff across European studios 35 . A company statement cited
“ongoing efforts to prioritize projects and reduce costs that ensure long-term stability” 36 . These were the
latest in a series of restructuring moves (since late 2023) aimed at right-sizing development teams. Analysts
note that Ubisoft has a relatively high fixed cost structure (17,000+ employees 37 ) compared to peers, so
efficiency is a focus.

In summary, Ubisoft’s strategic trajectory is toward evergreen franchises and service-based offerings.
CEO Guillemot spoke of building “billion-euro brand ecosystems” around key IP 11 38 . The planned
Tencent partnership (forming a subsidiary to develop three major franchises) is intended to accelerate this
shift 39 . The goal is higher-margin digital sales and stable engagement, aligning more with how EA,
Activision, and Tencent operate. At the same time, Ubisoft continues to invest in strong single-player
experiences (e.g. the Assassin’s Creed saga) to retain its creative identity.

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Future Projects and Roadmap
Ubisoft’s pipeline for the next 3–5 years is loaded with major releases in core franchises:

• Assassin’s Creed Shadows – Released Mar 2025. The latest entry in the Assassin’s Creed series
(formerly “Codename Red”), set in 16th-century Japan 11 . This is the flagship AC title, following
2023’s AC Mirage. Ubisoft expects Shadows to drive strong sales and player engagement.
• Star Wars Outlaws – Released Oct 2023. An open-world action-adventure set in the Star Wars
universe (Ubi’s first major Star Wars game). It follows a smuggler’s adventures; Outlaws represents a
long-anticipated new franchise (announced 2021) 40 .
• Avatar: Frontiers of Pandora – Released Dec 2023. An open-world FPS/action game based on James
Cameron’s Avatar, developed by Massive (Snowdrop engine). It expands Ubisoft’s portfolio of
licensed open-world games and was part of the FY24 pipeline.
• Tom Clancy’s The Division Resurgence – Planned 2024. A free-to-play mobile MMO shooter
(Android/iOS) using the Division IP. Already in playtests 13 , it aims to bring Division gameplay to
mobile audiences.
• Tom Clancy’s XDefiant – Expected 2024. A free-to-play multiplayer FPS blending Ghost Recon and
Splinter Cell elements. (It entered beta in 2024 but was later cancelled due to quality concerns.)
• Prince of Persia: The Lost Crown – Released Oct 2024. A newly announced 2D action-adventure
from Ubisoft Montpellier, reviving the classic franchise in a metroidvania style.
• Splinter Cell Remake – TBD. Ubisoft Toronto is remaking the original Splinter Cell (and possibly later
SC games) using Snowdrop 19 . No release date announced, likely post-2025.
• Avatar Sequels/Others – Ubisoft retains rights to make more Pandora games (two were
announced: Frontiers and a VR title Quest).
• Skull & Bones – Released Nov 2023. A long-delayed pirate ship combat game. Expected to receive
live-service support, making it a future content driver.
• AC Jade (mobile) – TBC 2025. A mobile-exclusive Assassin’s Creed game in China 32 . Ubisoft is also
developing AC Codename Hexe (rumored for 2026).
• The Crew Motorfest – Released Sept 2023. An arcade-racing game (annual Crew series entry).
• Mario + Rabbids Sparks of Hope – Released Oct 2022. (Though in cooperation with Nintendo, it is
part of Ubisoft’s lineup and received acclaim.)
• Beyond Good & Evil 2 – Still undated (in very long-term development by Ubisoft Montpellier).
• Other Ubisoft Forward announcements: Ubisoft typically holds digital showcases (“Forward”
events) to update its roadmap. Recent forward events have teased new installments of Rainbow Six,
Just Dance, and continued content for Ghost Recon Breakpoint, etc.

According to Ubisoft management, FY 2026-27 and FY 2027-28 will see “significant content coming from [its]
largest brands” 38 . The company’s forecasts anticipate that with these releases, as well as cost cuts, Ubisoft
will return to profitability. CEO Guillemot expressed confidence: “Ubisoft is entering a new chapter, and I am
confident in our ability to build … a healthier, stronger Ubisoft” 38 .

Competitive Positioning
Ubisoft is one of the largest Western game publishers, but it operates on a smaller scale than some peers.
In FY2024, Ubisoft’s revenue (~€2.3B, roughly $2.5B) is well below that of:

• Electronic Arts (EA): ~$7 billion annual revenue 41 (sports and live-service giant).

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 • Activision Blizzard (now Microsoft): ~$7.5B (2022) in net revenue (before acquisition) from Call of
Duty, WoW/Diablo/Overwatch, etc.
• Take-Two Interactive: ~$5.35B (FY2023) 42 (GTA, RDR, NBA2K).
• (By comparison, Ubisoft’s FY23-24 net bookings ~€2.32B).
Ubisoft’s market share of global games (by revenue) is thus comparatively modest, though it ranks
among the top 15 worldwide.

Other metrics reflect this: Ubisoft employs ~17,000 people globally (including ~4,000 in Montreal) versus
~11,000 at EA, ~7,500 at Take-Two, and ~9,500 at Activision Blizzard 37 . In short, Ubisoft has more staff
than these peers despite significantly lower sales, a disparity noted by investors as a cost inefficiency. This
has prompted Ubisoft to aggressively streamline operations.

Qualitatively, Ubisoft’s strengths lie in its deep portfolio of open-world franchises and technical expertise
(proprietary engines, multi-platform reach). Unlike EA (sports) and Activision (shooter/eSports focus),
Ubisoft is known for adventure RPGs and tactical shooters. However, Ubisoft has fewer high-margin live
services; its competitors’ revenue mix has a larger share of microtransactions and subscriptions (e.g. EA’s
Ultimate Team, Activision’s COD microtransactions).

Ubisoft remains majority-owned by the Guillemot family, giving it independence from corporate acquirers
(in contrast to Microsoft’s acquisition of Activision or Tencent’s stakes in Ubisoft). Its stock has been volatile,
reflecting both hope in its AAA pipeline and concern over execution (e.g. poor launches like Avatar: Frontiers
or Star Wars Outlaws have caused market downturns). Institutional and retail investors have occasionally
criticized Ubisoft’s strategy (e.g. calling for cost cuts or leadership changes 43 ), whereas peers like EA and
Tencent have generally seen more stable investor confidence.

In summary, Ubisoft sits in the mid-tier of AAA publishers: larger than niche studios but smaller than the
giants. It competes by leveraging creative IP and a global studio network, while working to improve cost
efficiency and to better compete in the live-service domain.

Conclusion
Today Ubisoft is navigating a critical transition. After a banner 2024 (record net bookings, strong cash flow)
came a 2025 downturn that swung the company to a loss 16 . In response, Ubisoft has cut costs (studio
closures, layoffs) and refocused on its highest-potential franchises 36 38 . The strategic partnership with
Tencent (creating a new subsidiary to develop three key IPs) is expected to “fully deleverage” the company
by late 2025 and accelerate growth in free-to-play and online titles 39 44 .

Management’s guidance is cautiously optimistic: Ubisoft aims to break even by FY2025-26 and return to
positive operating profits in FY2026-27 18 38 . This outlook rests on its strong 2025 pipeline (e.g. AC
Shadows) and 2026–27 releases plus continued cuts improving margins.

Investor sentiment has been mixed. The stock fell sharply after Star Wars Outlaws missed sales expectations,
and activist shareholders pushed for restructuring in 2023 43 . However, the recent quarter’s beat and clear
roadmap have slightly buoyed confidence. With Ubisoft’s franchises still highly popular, analysts note that if
execution improves, the company could deliver solid free-cash generation in the 2025–28 window 44 38 .

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Outlook (3–5 years): Ubisoft’s future hinges on stabilizing revenue and regaining trust. The company is
betting on its top brands (AC, Tom Clancy, Far Cry, etc.) to carry it forward, while expanding into mobile and
free-to-play markets. If these “evergreen” strategies succeed and costs stay under control, Ubisoft could
emerge leaner and more resilient. On the downside, any more major flops or delays could renew pressure
from investors. Overall, Ubisoft enters a new chapter focused on quality over quantity, aiming for a steady
turnaround with major releases planned across FY26–28 38 .

Sources: Ubisoft annual and quarterly reports, press releases, industry news and analyses 1 11 12 14

36 15 38 , among others. Each statement above is drawn from cited public data.

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 1 2 CEO Yves Guillemot on Ubisoft’s 35th Anniversary – Game Makers Podcast
https://news.ubisoft.com/en-us/article/SMtnr8joN2PMcBfRpQUgG/ceo-yves-guillemot-on-ubisofts-35th-anniversary-game-
makers-podcast

3 25 UBISOFT ANNOUNCES DEPARTURES AND REAFFIRMS ITS COMMITMENT TO IMPLEMENTING

30

SIGNIFICANT CHANGE IN ITS WORKPLACE CULTURE

https://news.ubisoft.com/en-au/article/6N7x5SJCroavg2PMegwMrC/ubisoft-announces-departures-and-reaffirms-its-
commitment-to-implementing-significant-change-in-its-workplace-culture

4 5 6 33 34 ubistatic-a.akamaihd.net
https://ubistatic-a.akamaihd.net/0090/PROD/ubigroup/PressKit/20200701/2020_07_Press_Kit_Major_Milestones-EN.pdf

7 Ubisoft Montreal - Wikipedia

https://en.wikipedia.org/wiki/Ubisoft_Montreal

8 9 10 Assassin's Creed - Wikipedia

https://en.wikipedia.org/wiki/Assassin%27s_Creed

11 12 16 17 18 38 39 44 Ubisoft Reports Full-Year 2024-25 Earnings Figures

https://www.globenewswire.com/news-release/2025/05/14/3081367/0/en/Ubisoft-Reports-Full-Year-2024-25-Earnings-
Figures.html

13 32 Upcoming Ubisoft games: Every new Ubisoft game in the works | GamesRadar+
https://www.gamesradar.com/upcoming-ubisoft-games/

14 31 40 staticctf.ubisoft.com
https://staticctf.ubisoft.com/8aefmxkxpxwl/AwOkNohhzmR1qBmQ4Nj4h/096beaa470c05f39f77417742e4d25b8/
Ubisoft_FY24_Earnings_PR_English_final.pdf

15 37 43 Ubisoft Investors Is In Full Panic | by Reading Irrelevance | Medium

https://medium.com/@marno.lucas28.com/ubisoft-investors-is-in-full-panic-a8d71d8d882e

19 20 Snowdrop Engine - Massive Entertainment

https://www.massive.se/project/snowdrop-engine/

21 22 23 How Ubisoft Connect Builds on a Decade of Online Evolution

https://news.ubisoft.com/en-us/article/5WaWQWz9l9qWkIU4tm04ip/how-ubisoft-connect-builds-on-a-decade-of-online-evolution

24 Ubisoft La Forge | Ubisoft

https://www.ubisoft.com/en-us/studio/laforge

26 27 29 Change Starts Today

https://news.ubisoft.com/en-ca/article/7yV2TRI9Zj3G545bnoc3ub/change-starts-today

28 Former Ubisoft executives arrested after sexual harassment investigation | The Verge
https://www.theverge.com/2023/10/4/23901575/ubisoft-executives-arrest-sexual-harassment-investigation

35 36 Ubisoft lays off 185 as it 'restructures' multiple European studios | VentureBeat

https://venturebeat.com/games/ubisoft-lays-off-185-as-it-restructures-multiple-european-studios/

41 Electronic Arts Inc. - Electronic Arts Reports Q4 and FY22 Financial Results
https://ir.ea.com/press-releases/press-release-details/2022/Electronic-Arts-Reports-Q4-and-FY22-Financial-Results/default.aspx

42 Take-Two Interactive Software, Inc. Reports Results for Fiscal Year 2023 | Take-Two Interactive Software,
Inc.
https://www.take2games.com/ir/news/take-two-interactive-software-inc-reports-results-fiscal-year