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

by jcp
Editorial & Advertiser disclosure

(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.

The company plans to publish a strategy update in October.

($1 = 4.7409 zlotys)

(Reporting by Anna PruchnickaEditing by David Goodman and Jane Merriman)

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