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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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Cyberpunk costs weigh on CD Projekt's quarterly profit

11/29/2021 | 02:27pm EST
FILE PHOTO: Attendees wait in line during the opening day of E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles

(Reuters) - Video games maker CD Projekt's profit fell short of expectations in the third quarter as the costs of fixing its flagship "Cyberpunk 2077" weighed on its bottom line, the company said on Monday.

CD Projekt has been mired in efforts to fix the Cyberpunk game ever since a bug-ridden launch in December led Sony to pull it from its PlayStation Store for six months.

The Polish company has also delayed the launch of the game's next-generation console version until next year, meaning it will miss out on the key Christmas selling season this year.

CD Projekt said its third-quarter net profit came in at 16.3 million zlotys ($4 million), down 30% from the same period last year and well below an average analyst forecast of 36 million.

"This year-on-year reduction in net profit is mainly due to expenses related to updating Cyberpunk and exploratory work on new projects at an early stage of development," finance chief Piotr Nielubowicz said in a statement.

Revenue in the three months to Sept. 30 jumped 40% from last year to 144 million zlotys but the company's selling costs surged 77% to 55.3 million zlotys, which included 17.9 million zlotys of service costs related to Cyberpunk.

The video game maker did not say how many units of the game it had sold in the quarter. Now selling at half price, it was one of the top sellers on streaming platform Steam last week.

Nielubowicz told a conference call that the level of service spending related to Cyberpunk should decrease more substantially after the game's next-generation console version is released.

CD Projekt said it was on track to release the next-gen versions of Cyberpunk in the first quarter next year and "The Witcher 3: Wild Hunt" in the second quarter.

Cyberpunk's next-gen version is now in a testing phase, company officials said during the call, adding that they saw improvement in sentiment around the game on every platform.

(Reporting by Anna Pruchnicka; Editing by David Goodman and David Clarke)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CD PROJEKT S.A. 1.32% 175.4 End-of-day quote.-9.07%
SONY GROUP CORPORATION 3.95% 12235 Delayed Quote.-18.69%
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Financials
Sales 2022 9 964 B 86 151 M 86 151 M
Net income 2022 798 B 6 896 M 6 896 M
Net Debt 2022 520 B 4 496 M 4 496 M
P/E ratio 2022 19,2x
Yield 2022 0,51%
Capitalization 15 165 B 131 B 131 B
EV / Sales 2022 1,57x
EV / Sales 2023 1,43x
Nbr of Employees 109 700
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Sony Group Corporation Technical Analysis Chart | 6758 | JP3435000009 | MarketScreener
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Mean consensus BUY
Number of Analysts 19
Last Close Price 12 235,00 JPY
Average target price 17 041,05 JPY
Spread / Average Target 39,3%
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Managers and Directors
Kenichiro Yoshida Chief Financial Officer & Executive Vice President
Hiroki Totoki Chief Financial Officer, Director & Vice President
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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