Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Sony Group Corporation
  6. News
  7. Summary
    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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. 1.57% 194 End-of-day quote.0.57%
SONY GROUP CORPORATION -12.79% 12410 Delayed Quote.-1.69%
All news about SONY GROUP CORPORATION
04:56aNikkei 225 Slumps 2.8% on Pandemic, Wall Street Cues
MT
04:34aStocks slide, treasury yields jump as inflation fears crescendo
RE
03:21aAnalysis-Sony faces deep-pocketed rivals in war over future of gaming
RE
02:02aNikkei falls to 5-month low dragged down by Toyota, Sony
RE
02:00aJapan Index Closes with Substantial Losses; Toyota Drops 5% on Cutting February Product..
MT
12:28aAsia shares fall as Treasury yields hit fresh highs
RE
01/18Japanese shares track Wall Street lower; Toyota, Sony decline
RE
01/18Sony Group Shares Fall Sharply After News of Microsoft Deal for Activision Blizzard
DJ
01/18Sony Down Over 7%, on Pace for Largest Percent Decrease Since March 2020 -- Data Talk
DJ
01/18Microsoft's Activision Buyout a Major Bet on Consumer; Will Jumpstart Gaming Endeavors,..
MT
More news
Analyst Recommendations on SONY GROUP CORPORATION
More recommendations
Financials
Sales 2022 10 050 B 87 745 M 87 745 M
Net income 2022 797 B 6 957 M 6 957 M
Net Debt 2022 520 B 4 540 M 4 540 M
P/E ratio 2022 23,1x
Yield 2022 0,44%
Capitalization 17 638 B 154 B 154 B
EV / Sales 2022 1,81x
EV / Sales 2023 1,68x
Nbr of Employees 109 700
Free-Float -
Chart SONY GROUP CORPORATION
Duration : Period :
Sony Group Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SONY GROUP CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 14 230,00 JPY
Average target price 16 746,32 JPY
Spread / Average Target 17,7%
EPS Revisions
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
Sector and Competitors
1st jan.Capi. (M$)
SONY GROUP CORPORATION-1.69%153 935
PANASONIC CORPORATION4.23%26 855
LG ELECTRONICS INC.0.00%19 769
SHARP CORPORATION1.14%7 122
DIXON TECHNOLOGIES (INDIA) LIMITED-5.09%4 165
XIAMEN INTRETECH INC.-5.08%3 954