Ubisoft has wiped over a third off its share price after announcing a “reset” would close down two studios and cancel six games.

As noted by CNBC (thanks, PC Gamer), the stock price had progressively declined since the pandemic, but on Thursday – the day after its announcement – it plummeted another 34 percent. It’s the lowest share price the company has had since 2011, when it reported losses in the multi-millions, and closed at just €4.06. Just seven days prior, the share price was €6.89.

Ubisoft closed two studios and cancelled six projects – including its much-delayed Prince of Persia: The Sands of Time remake – last week as part of a major restructuring effort that will also see delays for seven games. Described as a “major organisational, operational and portfolio reset”, the publisher/developer said the cuts come as it struggles to compete in a “persistently more selective AAA market and an increasingly competitive shooter landscape”.

As well as the six cancellations, Ubisoft has also confirmed it is delaying seven unspecified games “to ensure enhanced quality benchmarks are fully met” and to “maximise long-term value creation”. Though not confirmed, it’s widely believed that this includes the unannounced but much-rumoured Assassin’s Creed Black Flag remake.

All this has led Ubisoft to revise its guidance for the full financial year, saying it now expects net bookings of around €1.5bn – a reduction of €330m.

As Matt reported for us at the time, the restructuring will now see the publisher split its efforts across five “creative houses”, respectively focused on “scaling and extending” its biggest properties (including Assassin’s Creed, Far Cry, and Rainbow Six); on competitive and cooperative shooter experiences (The Division, Ghost Recon, Splinter Cell); on live experiences (For Honor, The Crew, Riders Republic, Brawlhalla, Skull & Bones); on immersive fantasy worlds and narrative-driven universes (Anno, Might & Magic, Rayman, Prince of Persia, Beyond Good & Evil), and on casual and family games.

Former Assassin’s Creed leader Marc-Alexis Côté is reportedly suing Ubisoft following a surprise and suspicious departure from the company last year.