Following the latest financial results of CD Projekt RED, it has recorded a big jump in profits for the fiscal year ending in March 2023. The company has seen through a promising year thanks to its massively popular IPs like Cyberpunk 2077 and The Witcher. Now, as CD Projekt RED heads into another quarter, its financial performance is bound to boost confidence in the company over the coming months.
Although CD Projekt might not have released new titles as of late, 2022 wasn't short on notable updates for the company. Back in February last year, Cyberpunk 2077 shipped its next-gen update with patch 1.5 and generated renewed excitement among fans. This was followed up by the release of the Netflix anime series Cyberpunk: Edgerunners which pushed Cyberpunk 2077's popularity even further. Even The Witcher3 got a boost in interest during the year thanks to its own next-gen update in December. With CD Projekt's latest financial results, it appears that these updates and content releases have proved fruitful for the company during the year.
CD Projekt recently issued its financial performance for the 2022 fiscal year where the group posted 347.1 million zlotys ($81 million) in net profits, a jump of 66% year-on-year. Out of this, a bulk of its revenues stems from Cyberpunk 2077 sales. The company states that the title generated 18% more sales compared to the same reporting period in 2021, which might not be surprising considering that Cyberpunk 2077 crossed 20 million players by September 2022. Additionally, sales of Witcher 3 copies along with revenue from the GOG platform contributed towards the company's profit gains for the year.
As of now, CD Projekt is ramping up its ongoing development efforts with the company's Vice President and CFO Piotr Nielubowicz stating that over 200 million PLN ($47 million) of its 2022 net profits have been invested toward its future projects. Back in October, the CD Projekt announced that it was working on a number of new titles including several Witcher games and the Cyberpunk 2077: Phantom Liberty DLC. Interestingly, the company announced it's taking an impairment charge for Project Sirius, strongly hinting at a possible change in direction for the Witcher multiplayer title.
While it might be some time until fans get to see a new entry in the Witcher franchise, Cyberpunk 2077 players can expect its DLC to release later this year. CD Projekt RED has already confirmed that fans can expect more updates on the Phantom Liberty expansion by June. Either way, following up on a profitable year's performance, 2023 is shaping up to be another interesting year for CD Projekt RED.
Source: CD Projekt