CD Projekt RED reports Great Revenue Year-On-Year Growth

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    According to CD Projekt RED’s most recent financial results, it has seen a significant increase in profits for the fiscal year that ends in March 2023. Thanks to its wildly successful IPs like Cyberpunk 2077 and The Witcher, the company has survived a promising year. As CD Projekt RED enters a new quarter, its financial performance will undoubtedly increase investor confidence in the business going forward.

    Even though CD Projekt RED may not have recently released any new games, the year 2022 saw plenty of significant updates for the company. Cyberpunk 2077’s next-gen update with patch 1.5 was released in February of last year, reigniting interest among fans. This led to the release of the Netflix anime series Cyberpunk: Edgerunners, which increased the popularity of Cyberpunk 2077 even more.

    Due to its next-gen update in December, even The Witcher 3 saw an increase in interest throughout the year. According to CD Projekt RED’s most recent financial results, the company appears to have benefited from these updates and content releases throughout the year.

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    Recently, CD Projekt RED released its financial results for the 2022 fiscal year, reporting net profits of 347.1 million zlotys ($81 million), an increase of 66% from the previous year. 

    Out of this, sales of Cyberpunk 2077 account for the majority of its earnings. According to the publisher, the game generated 18% more revenue during the same reporting period in 2021 than it did this year. This is not entirely unexpected given that Cyberpunk 2077 had reached 20 million players by September 2022. The company’s profit increases for the year also included revenue from the GOG platform and sales of Witcher 3 copies.

    Piotr Nielubowicz, vice president and chief financial officer of CD Projekt RED, said that the company has already committed over 200 million PLN ($47 million) of its anticipated net profits for 2022 to its ongoing development efforts. The Cyberpunk 2077: Phantom Liberty DLC and several Witcher games were among the new projects that CD Projekt revealed it was working on back in October. Interestingly, the company revealed it will be taking an impairment charge for Project Sirius, which strongly suggests a potential shift in the multiplayer Witcher game’s focus.

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