Cyberpunk maker CD Projekt misses profit expectations

Cyberpunk maker CD Projekt misses quarterly profit forecast
Cyberpunk maker CD Projekt misses quarterly profit forecast Copyright Thomson Reuters 2021
Copyright Thomson Reuters 2021
By Reuters
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-CD Projekt, the Polish video game maker behind "Cyberpunk 2077", missed expectations on Monday with its third-quarter net profit, weighed down by higher costs.

The company's flagship game has helped to boost sales and earnings this year but its third-quarter net profit of 16.3 million zlotys ($3.92 million) was down 30% from the same period last year, missing analyst expectations of 36 million zlotys.

"This year-on-year reduction in net profit is mainly due to expenses related to updating Cyberpunk and exploratory work on new projects at an early stage of development," finance chief Piotr Nielubowicz said in a statement.

CD Projekt has been mired in efforts to fix Cyberpunk after a bug-ridden launch last December led Sony to keep it off its PlayStation Store for six months, returning in June.

Revenue in the three months to Sept. 30 jumped 40% year on year to 144 million zlotys while the company's selling costs rose 77% to 55.3 million zlotys, including 17.9 million zlotys of Cyberpunk service costs.

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