🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Video game maker CD Projekt's first-half profit beats expectations

Published 07/09/2022, 16:45
Updated 07/09/2022, 19:13
© Reuters. FILE PHOTO: A bird flies in front of the CD Projekt logo at its headquarters in Warsaw, Poland January 21, 2020. REUTERS/Kacper Pempel
OTGLY
-

(Reuters) -Polish video game maker CD Projekt's is planning to release one major expansion of its flagship Cyberpunk game, after reporting first-half net profit above expectations.

CD Projekt gained prominence with "The Witcher" medieval fantasy video game series and has been in the spotlight after Cyberpunk's troubled rollout in late 2020.

"We decided to develop one major expansion to the saga of Cyberpunk (....) we are totally fully committed to developing the Cyberpunk further," Michal Nowakowski, board member and head of business development told a conference call on Wednesday.

CD Projekt announced the title of its expansion to Cyberpunk on Tuesday. The expansion - "Phantom Liberty" - is set to premiere next year on PlayStation 5, Xbox Series X|S, PC and Stadia.

The studio said in a blog post https://support.cdprojektred.com/en/cyberpunk/xbox/sp-technical/issue/2239/cyberpunk-2077-on-previous-gen-consoles on Tuesday that the Phantom Liberty expansion is the only one planned for Cyberpunk.

" (..) we definitely want to continue to build upon what was built right now with new stories, new experiences, new content, basically not just the video game format, and I'll leave it here," Nowakowski said, referring to Cyberpunk.

CD Projekt has published two expansions to the Witcher 3 video game.

CD Projekt's net profit rose 8% to 113.7 million zlotys ($23.98 million), compared with analyst expectations of 107 million zlotys.

The company's revenue was down 20% year on year at 377.9 million zlotys.

Most of the revenue was driven by Cyberpunk's version of next-generation consoles released in February, the company's finance chief Piotr Nielubowicz said in a video commentary on the results.

CD Projekt has released several patches and fixes for Cyberpunk and launched the newest patch 1.6 on Tuesday.

Cyberpunk service costs fell 68% to 15.2 million zlotys in the January-June period, helping to reduce overall selling costs by 23% to 101.3 million zlotys.

© Reuters. FILE PHOTO: A bird flies in front of the CD Projekt logo at its headquarters in Warsaw, Poland January 21, 2020. REUTERS/Kacper Pempel

The company plans to publish a strategy update in October.

($1 = 4.7409 zlotys)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.