2022-11-28 17:38, update2022-11-28 20:02
CD Projekt released its third quarter results. And as Piotr Nielubowicz, Vice President of Finance said, it was the best third quarter in the company’s history. The most significant revenue driver was the success of “Cyberpunk: Edgerunners” on Netflix and the resurgence of interest in “Cyberpunk 2077”.
The company said in a report that CD Projekt’s net profit in the third quarter of 2022 amounted to PLN 98.7 million. Analysts expected a result of 95.5 million PLN. Compared to the previous year, the score increased by 504 percent. According to the vice president, it was the best third quarter in the company’s history. To date, the largest amount in this period (PLN 40.4 million) was made in 2015, after the premiere of “The Witcher 3” in May of that year.
In the third quarter of 2022, the group generated revenues of more than PLN 245.5 million, while the average analyst forecast was PLN 250.4 million (within the expected range of PLN 243-259 million). Increase revenue by 70%. compared to the same period in 2021. Operating profit rose year-on-year by 521.2 percent. to 97.1 million Polish zlotys. PAP writes that the consensus assumes a profit of PLN 102.7 million.
The increase in the group sales revenue value in the third quarter of 2022 is mainly due to the good reception of the Cyberpunk EDGERUNNERS 1.6 update, which was released in September, ahead of the premiere of the “CYBERPUNK EDGERUNNERS” animated series on Netflix, the report says.
The update included additional game content related to the series (side quests, locations, items, and the arcade game) and a number of technical updates and improvements to the game. The indicated events, supported by a marketing campaign and communications, translating into an increase in sales revenue – directly indicate the factors behind the increase in revenue for CD Projekt.
CD Projekt’s EBITDA profit in the third quarter was PLN 148.8 million, which means an annual increase of 246.9 percent. The consensus assumed an outcome of PLN 136.3 million.
After three quarters, revenue came to PLN 623 million (+1.4% yoy), operating profit to PLN 234.6 million (+70%), and net profit to PLN 212.5 million (+75%).
“Although we believe in the success of the series, its debut exceeded our expectations. In the week of its premiere, our anime reached the top 10 of Netflix in 19 countries. The popularity of the series and the positive reception of the 1.6 update of >> Cyberpunk 2077 << released a week ago was It has a measurable impact on game sales At the end of September, we announced that more than 20 million players had purchased the game We are pleased with the synergies generated by the expansion of our franchise,” said Adam Kiesinski, President, CD Projekt, about the series.
For a long time, the expected very good financial report lowered the exchange rate, which we wrote about in more detail In this article. At the end of Monday’s session, CD Projekt’s share had to pay PLN 138.52, 81 percent more. More than the lowest level in early September.
|CD Projekt Group’s results in the third quarter of 2022, its reference to the PAP Biznes consensus and to the results of previous periods (data in PLN millions)|
|3Q2022||consequences||Negatives.||difference||y/o||P / F||Since the beginning of the year 2022||y/o|
CD Projekt game plans
We are focusing our work on adding >> Cyberpunk 2077< ، والتي من المقرر إطلاقها العام المقبل. في الوقت الحالي ، يعمل ما يقرب من 350 شخصًا على العنوان. بعد إصدار >> Phantom Liberty< ، سوف يعتني بمشروع >Orion< ، الذي سيكون لعبة أخرى في >> Cyberpunk 2077 << universe - said CD Projekt President Adam Kiesinski.
The company announced that conceptual work on the Orion project will begin next year. According to previous information provided by the company, CD Projekt Red North America will be responsible for the “Orion” project.
“Two important things happened to the Cyberpunk brand in September. First we released patch 1.6 (…), a week later the first Cyberpunk Edgerunners anime appeared on Netflix. (…) The popularity of the anime has revived interest in the game – both among returning players as well as gamers neo”- said Adam Kiesinski.
CD Projekt empowers teams working on announced projects in updating corporate strategy.
“At that time, we also strengthened the project teams >> Syriusz< و >> Polaris <<, which employs more than 150 people and 60 methods, respectively.
The “Polaris” project was announced in October as a new opening to the Witcher series, which will be a trilogy. According to information from CD Projekt, which was made available on the occasion of the company’s strategy update, the games will be released within 6 years of the release of “Polaris”.
The Sirius project will be set in the Witcher universe and is intended to be a game for a wider audience, combining both single and multiplayer gameplay.
The company’s president, Adam Kisinski, also said that during the next extraordinary general meeting, the Board of Directors will change the program for the years 2023-2027.
so. PAP, Michał Kopecky
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