CD Projekt RED reported the company's Q1 2024 financial results yesterday. The Polish company registered $57.89 million in consolidated revenues for the first quarter, while consolidated net profit came in at $25.50 million, a 44% improvement year-over-year. Most of those sales were driven by Cyberpunk 2077: Phantom Liberty, which already sold over 5 million units in 2023.
CD Projekt RED also proudly boasted that, on May 10, recent user reviews on Steam for the Cyberpunk 2077 expansion surpassed 95% positive score, labeled 'Overwhelmingly Positive.' However, at the time of writing, this appears to have gone down to 90% - which is still great, of course.
During the ensuing earnings call, CD Projekt RED Joint CEO Michał Nowakowski confirmed the studio's goal to increase the cadence of game releases.
We already worked on two projects at the same time when we worked on Phantom Liberty because that was a game-sized project with almost 300 people working on it, and at the same time, we have already been working on Polaris, so we've had an experience of working on more than one project. And we are working on more than one project at this time as well. There is Cyberpunk 2 being developed in Boston, there is Polaris being developed predominantly here in Europe, and obviously, we have other projects with other teams like Project Sirius, also in Boston with The Molasses Flood.
And there is The Witcher 1 remake done in cooperation with Fool's Theory, so you can definitely expect us to release more titles and the cadence of launches is something we definitely plan to increase, although I will obviously not comment on what is the space between the projects time wise.
As always, CD Projekt RED also provided an update on how many developers are working on each project. 407 staff members are working on Polaris (The Witcher 4), 56 on Orion (Cyberpunk 2), 39 on Sirius (the spin-off), 20 on Hadar (the new intellectual property), 96 on 'shared services' (localization, quality assurance, data, insights and experiences, artificial intelligence), and 13 on other projects.
