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How Cyberpunk brought CD Projekt from hot stock to Europe’s Worst

(Bloomberg) – Last year this time, CD Projekt SA was among the most popular stocks in Europe, thanks to the wave of pandemic gaming demand and heading for a record high for the release of the studio’s highly anticipated Cyberpunk 2077 game. After 12 months, the region’s stock is performing its worst in 2021, down 63% from its August record, with the company facing questions about how it plans to address the issues with the failed release of the region. fix bug-ridden game. in focus on Thursday when CD Projekt reports on a year that included the build-up, release and disappointment of the beleaguered title. While preliminary data showed profits on Cyberpunk’s initial sales soared, the main focus will be on every trade update for this year and comments on how the studio will address the catalog of glitches that will cause a potential blockbuster in a collapse of have changed the share price. “There is still more risk than reward for CD Projekt holders, because without a visible improvement in gamer ratings, the studio will not be able to deliver strong sales this year,” Ipopema Securities SA analyst Michal Wojciechowski said by phone. “While some merchants may be looking for some tactical advantage, we still don’t know if the studio will be able to improve on its main franchise any time soon, and the next games are planned well into the future.” Starring Keanu Reeves, Cyberpunk 2077 is complex. futuristic role-playing game predicted to take the gaming world by storm when it launched on December 10th. But it didn’t take long for players to report multiple glitches, sparking negative reviews and Sony Corp.’s unprecedented decision. to remove the title from PlayStation Store, a strategy update late last month failed to allay concerns about how the Polish company will turn around, showing only that Cyberpunk was not ready for the full multiplayer version that could restore its popularity. It also left questions unanswered when CD Projekt will be ready with an updated version for next-generation consoles. Cyberpunk SalesThursday’s results, expected after markets close, should shed more light on lost 9% sales, the company reports late. in preliminary figures. last week. An important number for analysts is how many copies of Cyberpunk were sold last year and whether this contributed to the miss. The average estimate of 10 analysts polled by Bloomberg is 14.5 million units, due to strong pre-orders that enabled CD Projekt to report quarterly net profit on a scale comparable to the combined profit of the past five year. the blow to shareholders in recent months by proposing a dividend, something it previously avoided. Estimates indicate a potential payout of 5 zlotys per share, equating to a dividend yield of 2.7%, but that’s probably as good as it gets. Reflecting the current uncertainty, estimates for Cyberpunk sales in 2021 range from 4 million copies to 17 million copies, with an average forecast of declines to 10.8 million copies. Those calculations depend on how quickly the game can be restored from the Sony PlayStation Store and made available for next-generation platforms. Evidence needed “Any new data on how Cyberpunk is being sold this year would be helpful in getting more clarity, as we all know that Q1 sales are disappointing,” said Wood & Co. analyst Maria Mickiewicz by email. CD Projekt declined to comment prior to the results Analysts are mixed on the prospect of a stock recovery, with more recommendations to sell than according to data collected by Bloomberg. unit sales for Cyberpunk 2077 are needed, and a return of commitment from current owners “to restore confidence,” said Matti Littunen, an analyst at Bernstein. “In other words, hard data evidence that there is still great franchise value. over. ”Here’s a look at the hot spots in CD Projekt’s wild year: April 3, 2020: CD Projekt becomes the most valuable company to be seen in Warsaw. eld as stocks became a pandemic winner Aug. 27: Shares Rise to a Record High Before the Release of Cyberpunk Dec. 8: Inventory down 7.1% as first press reviews fall short of high expectations for titleDec. 10: Cyberpunk launches with 8 million units sold in pre-orders, but shares fall an additional 8.5% as players report numerous issues 18: Sony pulls Cyberpunk off PlayStation Store, pushing inventory to its lowest point since March drops – March 29: Studio releases major patch to fix nearly 500 bugs – March 30: Strategy update does not provide a clear path to resolve franchise, pushing inventory to a 2-year low. : Shares plunge to 13-month low after company unexpectedly releases preliminary data for FY2020, delaying full report by 4 days.Visit us for more articles like this at bloomberg.com Subscribe now to stay ahead run with the most trusted business news source. © 2021 Bloomberg LP

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