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Shares of CD Projekt SA plummeted for the third consecutive session after a series of technical glitches in its long-awaited Cyberpunk 2077 game led the Polish developer to apologize and offer refunds to dissatisfied console players.
The shares fell 11% to 284 zloty at 1:17 pm in Warsaw and have now lost 33% of their market value since the first Cyberpunk reviews were published last week, erasing almost a fraction of the earnings from this year. The game was available on Thursday, the studio’s first big new title since 2015.
“The combination of very low user review scores, multiple bugs and now refunds from platforms means that most of the market is, at best, overdue, pending patches,” they wrote in a note. Jefferies analysts, including Ken Rumph. “There is likely to be more weakness in equities pending advances in technical solutions and clarity on financial impact.”
User reviews of previous generation consoles have been overwhelmingly negative: Playstation 4 The version is rated 2.8 out of 10 on the Metacritic review aggregator by 5,794 players, compared to a critical score 90 out of 100 on PC. Analysts have said that the opinions of players on older consoles can be crucial to CD Projekt’s revenue.
The study published a Sorry on Twitter to his customers on Monday, saying he “should have paid more attention to make it work better on PlayStation 4 and Xbox One,” offering refunds to those who are not willing to wait for patches to arrive in January and February to remedy the situation.
Cyberpunk 2077 sold more than 8 million copies in advance and before its launch it was estimated that it would become one of the best seller video games of all time, according to a Bloomberg survey of 10 analysts.
Reaching previously estimated sales still “seems possible, but it seems more challenging than we expected,” Morgan Stanley analysts, including Omar Sheikh, wrote in a report Monday, saying the company should announce initial sales in the coming days.
Leader until At the launch, CD Projekt shares nearly doubled in 2019 and had gained more than 50% this year despite setbacks resulting from three delays, the most recent of which was meant to ensure the game would run flawlessly on older consoles.
The increase saw it become the largest action in Warsaw, also briefly exceeding the value of top European developer Ubisoft Entertainment SA this year. Since then, the developer has given up both positions, its market value falling to 29 billion zloty ($ 8 billion).
“We are concerned that CD Project’s image as ‘players first’ has been seriously damaged in recent days,” Citigroup Inc. analysts, including Rafal Wiatr, wrote on Monday, slashing the company’s earnings estimates by approximately one third over the three years to the end. late 2022. “Unfortunately, it will take some time to regain confidence and that is why we see stocks moving lower in the coming days.”
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