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CD Projekt Red Back on the Rise Following Cyberpunk 2077 Debacle With Witcher 3 Sales
CD Projekt Red has been going through troubled times. Ever since the disastrous release of Cyberpunk 2077, Polish game developers have found it difficult to gain footing. The game was riddled with bugs and shipped in an unfinished state.
Cyberpunk 2077 was launched in December last year, and the company saw a massive spike in sales. However, this didn’t transform well into the quarterly report. Today, CD Projekt Red published its financial results for the first half of the current year, and things are looking up for the company.
CD PROJEKT will publish H1 2021 financial results today after the trading session, at 5:20 pm CEST.
The teleconference with the Board members, which starts at 6:00pm CEST, will be streamed live on our website https://t.co/WoWPeT4ULt.
— CD PROJEKT IR (@CDPROJEKTRED_IR) September 1, 2021
CD Projekt Red witnesses a massive increase in sales
As per the financial reports, CD Projekt Red’s earnings are higher 29% to PLN 471 million ($124 million) on the back of continued sales from Cyberpunk 2077 and The Witcher 3: Wild Hunt and its expansions. The company also broke down the figures and it looks like a majority of players are favoring digital instead of boxed games.
Digitally distributed sales grew 32%, while purchases of boxed games were simply up 5% year on year. The demographics have also shifted for CD Projekt Red as the company summarized its European sales sank 52% when compared to last year, for the first half of 2021, while North American sales grew 94%.
The company also acknowledged the fact that Cyberpunk 2077 continues to be a matter of concern and “costs related to the ongoing intensive work on the part of the development team on updates and further development…”
The company has laid down a roadmap outlining how the fixes and patches for CyberPunk 2077 will be released. But the community is divided over the issue of shipping a broken game.
Here’s our financial update from Piotr Nielubowicz, CD PROJEKT’s CFO https://t.co/4Tegw7oJBF
— CD PROJEKT IR (@CDPROJEKTRED_IR) September 1, 2021
As per CD Projekt Red, the first-half net profits were down 28% to PLN 105 million ($27.6 million).
While the company has created some generation-defining games in the past, the current situation is worrisome for CD Projekt Red.
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