According to the first quarter reports, CD Projekt Red, which went through a difficult process after the release of Cyberpunk 2077, experienced a big decrease in revenues.
CD Projekt Red The company recently published its first quarter financial reports for 2021. Looking at these reports, it seems that the company had to make significant changes in the Cyberpunk 2077 road map, but more importantly, it experienced a significant decrease in its revenues. According to reports, the company’s revenue fell by about 64.7% to $8.84 million.
CD Projekt Red revenues fell 65%
Especially after the release of The Witcher 3: Wild Hunt, it is living its golden age. CD Projekt Red As you know, Ceyberpunk is going through a problematic period after 2077. The company’s financial looking at the reports We see that this problem is also quite big financially. The company’s first quarter report for 2021 was published, and according to this report, revenue from $32.5 million fell 64.7% to 8.84 million. Earnings were expected to be around $ 21.8 million in analyst comments much earlier.
In the statements made, the biggest reason for this decline was the effort to fix Cyberpunk 2077. According to the statements made by Piotr Nielubowicz, who is the CFO of CD Projekt Red, the time and budget spent on correcting the game’s deficiencies have been the biggest source of this decrease. Of course, on the other hand, it was stated that some of the future investments of the company caused a decrease in income. In other words, we know that the work on the new games to be released under the signature of CD Projekt Red has started a while ago. We can say that these studies and R&D management also have a return to the company’s budget.
Despite this financial decline, it was stated that the company’s work on Cyberpunk 2077 will continue.