CD Projekt reports 49% plummet in sales revenue in Q3 2024
CD Projekt Group released its third quarter earnings for 2024 today, reporting "strong sales" of Cyberpunk 2077 and The Witcher 3 despite sales revenue plummeting 49% year-over-year, dropping from €102.7 million ($107.5m) to €52.8 million ($55.2m).
Total post-release sales of Cyberpunk 2077 now top 30m copies whilst its expansion, Phantom Liberty, has sold over 8m copies.
Whilst sales of Cyberpunk 2077 and its expansion are down 67%, The Witcher sales are up 44% year-on-year.
CD Projekt Group 2024 third quarter results:
Whilst this quarter's results are down significantly on the same period last year, the company's overall performance this year is down by 15%, dropping from €178.1m ($186.4m) to €151.4m ($158.5m). Similarly, net profitability is also down 14% across the fiscal year thus far. Investment in research, development, and product maintenance costs is up roughly 25% this financial period.
Since July, the company's headcount has remained broadly stable, rising slightly from 639 to 650 developers. The majority of the studio is now dedicated to the new Witcher project, Project Polaris.
The studio also confirmed it has "progressed to full-scale production" of Polaris, the first instalment in the new Witcher trilogy.
"I'm proud to confirm that several weeks ago the Polaris team wrapped up preproduction and moved on to full-scale production – the most intensive phase of development," said joint-CEO, Michał Nowakowski.
"We are very pleased with our progress on this project, and I wish to thank the team for its dedication."
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