CD Projekt profit drop by 64% as company still does not disclose Cyberpunk 2077 sales
CD Projekt has released a financial report for the first quarter of 2021 (ended March 31). Although the company saw a little increase in sales, its profit experienced a major drop.
Key figures for the first quarter
- Revenues from sales were PLN 197,632 (around $54 million), which is up 2% year-over-year.
- Games accounted for 73.8% of total sales. It is worth noting that Cyberpunk 2077 generated 60% of the product sales.
- CD Projekt didn’t disclose the exact number of copies sold in the first quarter. If Cyberpunk 2077’s share refers to revenues from game sales, it can be roughly said that the game sold less than 400 thousand copies during the reporting period.
- Net income was PLN 32.4 million (around $8.8 million), which is down 64.7% year-over-year. According to CD Projekt CFO Piotr Nielubowicz, it’s due to “continuing depreciation of Cyberpunk 2077 development expenditures, work on updating the game, and R&D activities related to future projects.”
CD Projekt’s results were below forecasts. Analysts expected the company’s revenues from sales to be PLN 238.2 million (around $65 million), and net income to be PLN 91 million (around $24.9 million).
The company also said that part of the development team has already begun to work on new projects. It is still unknown what those games will be about, but CD Projekt will start working on two titles simultaneously in 2022.
