Polish game developer CD Projekt posts 44% first-quarter profit jump

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GDANSK (Reuters) – Polish video game developer CD Projekt 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)

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