Polish game developer CD Projekt posts 44% first-quarter profit jump (updated)
28/05/2024 17:04
(Adds detail from paragraph 3)
GDANSK, May 28 (Reuters) - Polish video game developer
CD Projekt CDR.WA posted a higher than expected 44% jump in
first-quarter net profit on Tuesday, driven by higher game
sales.
Net profit reached 100.1 million zlotys ($25.6 million)
against analyst expectations of 76 million.
Sales revenue for the period rose 30% on the year to 226.8
million zlotys, mainly due to continued strong sales of Phantom
Liberty, a feature expansion of the flagship game Cyberpunk
2077.
"We are pleased with the sales figures for the first months
of the year ... Strong earnings went hand-in-hand with solid
operating cash flows, which amounted to 181 million zlotys in
the first quarter," finance chief Piotr Nielubowicz said in a
statement.
"We will now need to invest in future projects, but this is
something we’re well prepared for, owing to our cash reserves
which we have accumulated over the years. We also count on
continuing strong sales of our back catalogue."
In April CD Projekt was presented with the “Evolving Game”
award for Cyberpunk 2077 at the BAFTA Games Awards 2024.
"We are very happy to receive such a prestigious industry
award. We see it as vindication of our hard work on Cyberpunk
2077 over the past three years, as well as on its well-received
Phantom Liberty expansion", Joint CEO Michal Nowakowski said in
the statement.
($1 = 3.9103 zlotys)
(Reporting by Adrianna Ebert; Editing by David Goodman and
David Holmes)
((Adrianna.Ebert@thomsonreuters.com; +48 58 769 65 88))