CD Projekt's first-quarter profit more than doubles
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POLISH video game maker CD Projekt more than doubled its first-quarter net profit, helped by a pick up in sales of its flagship Cyberpunk 2077 game after months spent fixing glitches.
"The next-gen version of Cyberpunk released together with a major update...had a positive effect on the game's perception and sales figures, particularly on console," the company's chief executive Adam Kicinski said in a statement on Thursday (May 26).
CD Projekt has been working to fix Cyberpunk ever since its bug-ridden debut in late 2020 and it has released several patches and fixes for the game.
Net profit jumped 112 per cent to 68.9 million zlotys (S$22.4 million), slightly above the 67 million expected by analysts polled by Reuters.
Finance chief Piotr Nielubowicz said most of CD Projekt's first-quarter revenue had come from Cyberpunk, while the company's balance of cash, deposits and T-bonds increased by more than 107 million zloty in the first 3 months of the year.
The company, also behind The Witcher franchise, reported a 9 per cent rise in revenue to 216 million zlotys, topping the 207 million expected by analysts.
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Selling costs dropped 2 per cent to 60.6 million zlotys led by a 63 per cent fall in costs relating to Cyberpunk service, but publishing costs rose 87 per cent. REUTERS
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