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CD Projekt’s third-quarter profit doubles after ‘Phantom Liberty’ release

Boxes with CD Projekt's game Cyberpunk 2077 are displayed in Warsaw, Poland, Dec. 14, 2020. Photo/Kacper Pempel/File Photo

Following high demand for “Phantom Liberty,” the long-awaited expansion to the company’s flagship game “Cyberpunk 2077,” video game maker CD Projekt (CDR.WA) announced on Tuesday that its net profit for the third quarter of the year had grown by a factor of two compared to the same period the previous year.

This is the first significant new game that the Polish firm has released in over three years. “Phantom Liberty” was launched on September 26 and sold over 4.3 million copies within two months of its release.

For the third quarter, the firm declared a net profit of 202.9 million zlotys, equivalent to $51.54 million. This figure is more than the 162 million zlotys that experts had anticipated, and it is also 105% higher than last year. It stated that the revenue for the period was 442.7 million zlotys, which is an increase of 80% year over year.

“The introduction of Phantom Liberty has left us with great satisfaction. “The successful release of the expansion, in conjunction with Update 2.0, which introduces a slew of additional improvements, takes the gameplay of Night City to a whole new level—in terms of quality,” said CEO Adam Kicinski in the earnings statement.

“This is an important achievement given our plans to further develop the franchise,” said the executive.

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