CD Projekt SA's most recent earnings reports are in and, to no one's surprise, company profits are down by more than 50%.
Things Aren't Going Well Over at CD Projekt Red
CD Projekt Red was expected to have a worse 2021 compared to 2020 as a result of the backlash that the company received following the release of Cyberpunk 2077. Although the AAA title had a relatively good launch on PC, its console versions were a different story. To date, Cyberpunk 2077 remains de-listed from the PlayStation Store.
Even then, things at CD Projekt Red are actually a lot worse than you would think. According to a report from Reuters, CD Projekt SA's profit fell by more than half compared to last year.
The company did not specifically mention just how many copies of Cyberpunk 2077 were sold during the first quarter of 2021. However, the report states that Cyberpunk 2077 made up a huge bulk of the company's first-quarter sales.
Overall, the net profit of the Polish company fell by 64.7%, bringing it down to just about $8.9 million (32.5 million zlotys). This is a far cry from the projected 80 million zlotys that CD Projekt SA was expected to bring in during the first quarter of 2021. CD Projekt SA had to spend a lot of money to fix Cyberpunk 2077 post-launch, which had a huge impact on the net profits.