Market capitalization has fallen by £ 2.2 billion since the peak in August.
CD Projekt Red has seen its share price drop since reports of mandatory six-day work weeks and another Cyberpunk 2077 delay came to light.
Although it was valued at 5.2 billion pounds ($ 6.8 billion) in January 2020, it had reached 6.1 billion pounds ($ 8 billion) in February after the release of the famous The Witcher 3 on Nintendo Switch – boosting its sales by 500% – and the success of its Netflix show. Its market cap ultimately peaked at 7.4 billion pounds sterling ($ 9.6 billion) in August, with individual shares selling for 90 pounds ($ 116.50).
Now, however, CD Projekt Red’s share price has dropped to around £ 65 ($ 85), which is about a 25% drop (thanks, GI.biz), losing nearly £ 2 billion to its market cap, the company’s lowest value since April 2020.
In related news, CD Projekt Red co-CEO Adam Kiciński recently apologized after describing the Cyberpunk 2077 crisis as “not so bad”. In an email to staff earlier this week, which was then shared with the press, Kiciński said he had been “humiliating and hurtful”, and that his words were not only “unhappy” but ” totally bad “.
Cyberpunk 2077’s latest delay – until December 10 – was caused by issues with current-gen console versions of the game, developer CD Projekt Red said. Further “tuning” work was still needed on the PlayStation 4 and Xbox One versions of Cyberpunk 2077, CD Projekt Red told investors, and that’s what pushed the game’s release back yet again.
So CD Projekt Red had to call on people to stop sending death threats to the studio in response to this week’s delay.