Ubisoft's Q1 sees a 9% dip

Ubisoft has said that its Q1 results is ahead of target while net sales are down 9% year-on-year. The Assassin's Creed maker's new financial report also highlighted that net bookings, while down 8% overall, was strong for its Tom Clancy Rainbow Six Siege during the period.

Here's what you need to know for the three months ended June 30.

The numbers:

• Net sales: €289 million ($321.6 million) (down 9% year on year)
• Net bookings: €268 million ($298 million) (down 8.7% year on year)

The highlights:

Ubisoft said that Tom Clancy's Rainbow Six's net bookings and daily active users had grown due to its new seasonal content. While The Crew 2 saw an increase in its monthly active users during June.

The firm also noted that it held a number of test phases for its free-to-play initiatives. Beta tests were held for Tom Clancy's The Division Resurgence, Tom Clancy's Rainbow Six Mobile, and Tom Clancy's The Division Heartland.

The company also highlighted that its Ubisoft Forward Event, held in June, saw a 64% jump in live viewership. The show featured trailers for the upcoming Assassin's Creed Mirage, Avatar: Frontiers of Pandora, and Star Wars Outlaws.

Regarding the firm's quarter, CEO Yves Guillemot said, "This quarter, we delivered a better-than-expected performance, and we continued to progress on our two-pillar strategy of reaching a significantly larger audience and growing our recurring revenues."

"…In addition to increased engagement and positive sentiment from players, Ubisoft Forward was an important moment of pride for our teams across the world. Our test phases for our free-to-play titles during the quarter provided key data to our teams as they are getting the games ready for release."

Additionally, Ubisoft's board has proposed to nominate independent directors Katherine Hays and Olfa Zorgati to join at its September annual general meeting.

Looking ahead, the games firm projects to earn €350 million ($389.5 million) in net bookings for Q2.