Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Poland's CD Projekt third-quarter profit soars thanks to Cyberpunk boost

Published 11/28/2022, 11:29 AM
Updated 11/28/2022, 12:56 PM
© Reuters. FILE PHOTO: A bird flies in front of the Cd Projekt logo at its headquarters in Warsaw, Poland January 21, 2020. Picture taken January 21, 2020. REUTERS/Kacper Pempel//File Photo
NFLX
-

(Reuters) -Polish video game maker CD Projekt's third-quarter net profit jumped more than 500%, topping expectations, helped by sales of its flagship Cyberpunk 2077 game.

Interest in the game was spurred by the Cyberpunk: Edgerunners anime series which premiered on Netflix (NASDAQ:NFLX) in September, and the release of an update to the game, the company said.

"The popularity of the series and the positive reception of the 1.6 update to Cyberpunk 2077, released a week earlier, had a measurable impact on the game's sales," CD Projekt Chief Executive Adam Kicinski said in a statement.

Net profit came in 98.7 million zlotys ($21.94 million), compared to the 88 million zlotys expected by analysts.

The studio also behind The Witcher franchise reported revenue of 245.5 million zlotys, up 70% and above expectations of 239 million zlotys.

The third quarter was the best so far this year for sales of Cyberpunk 2077, CD Projekt's Chief Financial Officer Piotr Nielubowicz said, without giving a specific number.

© Reuters. FILE PHOTO: Boxes with CD Projekt's game Cyberpunk 2077 are displayed in Warsaw, Poland, Dec. 14, 2020. REUTERS/Kacper Pempel/File Photo

The company said in September it had sold 20 million copies of the game so far, compared to more than 13.7 million it earlier said it had sold in its debut year.

($1 = 4.4981 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.