CD Projekt sales up but GOG struggles

Third quarter revenues up 38% as Cyberpunk and Witcher help offset digital storefront's ongoing losses

CD Projekt today reported its third quarter financial results, showing gains for the development portion of its business while the retail side of things lagged.

The company reported total revenues up 38% to PLN 144 million ($34.7 million), while net profits were down 30% to PLN 16.3 million ($3.92 million).

CD Projekt CFO and VP Piotr Nielubowicz attributed the narrowed profits to the expense of updating and servicing Cyberpunk 2077 as well as early work on new projects.

Another contributing factor to the less flattering bottom line was the performance of the company's digital storefront, Despite the addition during the quarter of older Star Trek games, Myst, and new titles like Psychonauts 2, GOG only saw revenues inch upward 3% to PLN 41.8 million ($10.1 million).

At the same time, GOG posted a segment net loss of PLN 4.75 million ($1.14 million) compared to the 130,000 PLN ($31,000) it realized in the year-ago quarter.

Year-to-date, GOG has posted net losses of 9.21 million PLN ($2.21 million) compared to a cumulative 5.7 million PLN ($1.37 million) gain through the first three quarters of last year.

The company also reiterated release windows for next-gen versions of Cyberpunk 2077 and The Witcher 3: Wild Hunt. The former is expected in the first quarter of 2022, while the latter will follow in the second quarter.

Finally, CD Projekt gave an indication as to what The Molasses Flood is working on, saying the recently acquired studio is developing a new project based on one of CD Projekt's own IPs.

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