CD Projekt Experiences 49% Decline in Q3 2024 Sales Revenue

CD Projekt Group has announced its Q3 2024 earnings, revealing a significant 49% year-over-year drop in sales revenue, from €102.7 million to €52.8 million. Despite this decline, the company reported robust sales of Cyberpunk 2077 and The Witcher 3. Cyberpunk 2077 has now sold over 30 million copies, with its expansion, Phantom Liberty, achieving sales of more than 8 million copies. However, sales of Cyberpunk 2077 and its expansion have decreased by 67% year-over-year, while The Witcher series has seen a 44% increase in sales. Key highlights from CD Projekt Group's Q3 2024 results include a 49% decline in sales revenue to €52.8 million and a 61% drop in net profit to €18.1 million. Although this quarter's results show a substantial decline compared to the same period last year, the company's overall performance for the year has decreased by 15%, from €178.1 million to €151.4 million. Net profitability has also decreased by 14% for the fiscal year. The company has invested approximately 25% more in research, development, and product maintenance costs during this financial period. Since July, the company's headcount has remained relatively stable, increasing slightly from 639 to 650 developers, with the majority now focused on the new Witcher project, Project Polaris. The studio has confirmed that Project Polaris, the first installment in the new Witcher trilogy, has progressed to full-scale production. According to joint-CEO Michał Nowakowski, 'The Polaris team has completed preproduction and moved on to full-scale production, the most intensive phase of development. We are pleased with our progress on this project and would like to thank the team for their dedication.'