CD Projekt’s stock has fallen over 75 percent since Cyberpunk 2077’s release
Dying Light developer Techland is now claimed to have overtaken CD as Poland’s biggest developer
Cyberpunk 2077 developer CD Projekt’s stock was now fallen by over 75% following the troubled launch of the game.
As reported by Business Insider Poland, CD Projekt, which was valued at over 40 billion Polish złoty and Europe’s most valuable game company prior to the release of Cyberpunk 2077 in December 2020, is now worth less than 10 billion.
The company is now trading at a similar valuation to its 2017 numbers, and CD Projekt is no longer the most valuable games company in Poland, being surpassed by Techland, developers of the Dying Light franchise.
It’s worth noting that Techland’s numbers aren’t public as they aren’t publicly traded like CD Projekt, however, Puls Biznesu estimates that it could be around 10.6 billion złoty.
“With the redemption of 15 million shares for a consideration of PLN 900 million, one share is valued at PLN 60. Assuming the number of shares of the company at 175.94 million, the implied valuation of Techland is PLN 10.56 billion,” estimates Puls Biznesu.
Cyberpunk 2077 was anticipated to be one of the most significant releases of the last console generation, releasing just as the PS5 and Xbox Series X launched, but things went badly wrong for it at launch.
After three delays, the highly anticipated RPG released for PC and consoles with a host of technical problems, resulting in refunds being offered and the game being pulled from the PlayStation Store.
Following six months of patches designed to improve the game, it finally returned to Sony’s online marketplace in June 2021, when CD Projekt said it believed Cyberpunk 2077‘s performance had reached a “satisfying” level.
Earlier this year CD Projekt said that it has sold 18 million copies of the game, and that the team is working on a major Cyberpunk 2077 expansion featuring a new storyline.
A current generation patch for The Witcher 3: Wild Hunt is also currently in development.
The PS5 and Xbox Series X/S editions of the game were being developed externally by Saber Interactive, which also previously handled the game’s Nintendo Switch port, however, they’ve now been taken in-house by CD Projekt in order to complete development.
A new entry in The Witcher franchise is currently in pre-production.