CD PROJEKT rose in price after the release of the financial report. In it, the company reported the best third quarter in its history
On the morning of November 29, trading of CD PROJEKT shares on the Warsaw Stock Exchange began with growth. The share price of the Polish company increased by 5% to 113.45 zlotys ($28.9) per share. This is how investors reacted to CD PROJEKT's report for the third quarter of 2023.
It should be noted that the bidding has just begun, and by the evening the result may change for the better or for the worse.
We have selected the main thing from the report.
- CD PROJEKT's revenue increased by 80% compared to the third quarter of 2022 and amounted to 442.6 million zlotys ($112.6 million).
- Most of the revenue came from CD PROJEKT RED — 382 million zlotys ($97.2 million). GOG's revenue amounted to 83.7 million zlotys ($21.2 million).
- North America remained CD PROJEKT's main market. This region accounted for 74.5% of sales revenue. Next are Europe (17.24%) and Asia (5%). The domestic market (Poland) provided 2.12% of sales revenue.
- CD PROJEKT's net profit increased by 105% to 202.8 million zlotys ($51.6).
- According to Piotr Nielubowicz, CFO of CD PROJEKT, the company has not yet had such indicators for the third quarter.
- CD PROJEKT has increased research costs. By them, the company understands "the costs of working on new games incurred at the initial stage", which precedes the development stage.
- During the quarter, CD PROJEKT spent slightly less than 75 million zlotys ($19 million) directly on the development of new projects.
- As of October 31, almost half of CD PROJEKT's employees are working on Project Polaris, the next game in The Witcher universe. That's 330 people. For comparison: in July, about 260 people were playing the game. The Project Polaris team will continue to grow. The company's CEO Adam Kiciński announced that by the middle of 2024, it will have more than 400 developers.
- In two months, the Cyberpunk 2077: Phantom Liberty expansion has sold 4.3 million copies. Recall that its sales at the end of the debut week amounted to 3 million copies. According to the company's estimates, one in five owners of the version of Cyberpunk 2077 for PC or for next-generation consoles bought the add-on. The company did not share new sales figures for Cyberpunk 2077 itself.
