Polish video game developer CD Projekt (CDR.WA) reported a 2.3% decline in its full-year net profit on Tuesday, mainly due to the absence of new game releases during the year. The company’s net profit stood at 469.9 million zlotys ($122 million), surpassing analysts’ expectations, which had forecasted a profit of 390 million zlotys, according to a Reuters poll.
While net profit decreased, the company’s revenue dropped nearly 20%, totaling 985 million zlotys for the year. CD Projekt’s performance was supported by the release of the long-anticipated expansion to its flagship game, “Cyberpunk 2077,” which boosted the previous year’s results.
Looking ahead, the company faces a couple of years without a major game release. Its revenue for the upcoming quarters is expected to be largely driven by sales from existing titles. “The results of the CD Projekt Group are primarily driven by sales of ‘Cyberpunk 2077,'” said finance chief Piotr Nielubowicz. “Even in the absence of any major launch, the past year was the third-best in the group’s history in terms of net profit.”
As of November 2024, cumulative sales of “Cyberpunk 2077” had surpassed 30 million copies, while its “Phantom Liberty” expansion had sold more than 8 million units. The company also plans to release “Cyberpunk 2077: Ultimate Edition” for macOS in 2024, aiming to tap into a new group of gamers.
In addition, CD Projekt is expanding the “Cyberpunk” universe, with a new animation project currently in development for Netflix, marking another step in the franchise’s growth.
