CD Projekt's first-quarter profit more than doubles: Check details

bgr.in:

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, reports Reuters. Also Read — Liked watching Uncharted? Here are the upcoming series/movies inspired by famous games

“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. Also Read — The Witcher 3: Wild Hunt next-gen upgrades to release at the end of this year, confirms CD Projekt Red

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 percent to 68.9 million zlotys ($16.06 million), slightly above the 67 million expected by analysts polled by Reuters. Also Read — Sony PlayStation 5 restock dates revealed: Check new offer, other details

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 three months of the year.

The company, also behind “The Witcher” franchise, reported a 9 percent rise in revenue to 216 million zlotys, topping the 207 million expected by analysts. Selling costs dropped 2 percent to 60.6 million zlotys led by a 63 percent fall in costs relating to Cyberpunk service, but publishing costs rose 87 percent.

Meanwhile, CD Projekt Red‘s much-awaited PlayStation 5 and Xbox Series X/S version of The Witcher 3: Wild Hunt is announced to release in the last three months of this year.