Stocks for CD Projekt Red have dropped suddenly amid Cyberpunk 2077 delays and negative reports surrounding the company's notorious crunch practices. The share price of CD Projekt Red reached the lowest point that its been since April, which is roughly 25% lower than its previous peak. It is currently unclear if the price will start rising once again anytime soon.
The last few months have been very rough for CD Projekt Red as it has failed to keep its promises for release dates as well as its promise not to force employees into overtime. After telling fans earlier this year that Cyberpunk 2077 developers wouldn't have to resort to crunch time to finish the game on time, it was revealed that this was not true. The issue here though is that on top of that, CD Projekt Red is still not going to be able to finish on time so Cyberpunk 2077 is being delayed until December, the third time this year that it has been delayed.
A report by Gamesindustry.biz has shown that the stock price of CD Projekt Red has dropped by 25% over the last two months. At the end of August the company had reached one of its highest ever market caps at roughly $11 billion. Amid all of the negative press that the company has received though that cap has dropped significantly recently and as of two days ago it had gone down by about $3 billion. The share price of CD Projekt Red is beginning to stabilize, but it doesn't seem like it will be going back up anytime soon.
Gamesindustry.biz also notes that CD Projekt Red's market performance began to outdo rival company Ubisoft back in May, but they predicted even then that this would not last for long. CD Projekt Red's performance was far too reliant on the hype surrounding Cyberpunk 2077, whereas Ubisoft has many future games in the works to stabilize its price. This has proven to be true as Ubisoft now has a share price 40% higher than CD Projekt Red.
Cyberpunk 2077 is one of the most anticipated games of the decade, let alone this year. Players have been waiting for a very long time to get their hands on it, so its no wonder that delaying it once again would have affected the company's market performance. The hope is that CD Projekt Red can work itself back into the public's good graces when Cyberpunk 2077 finally releases.
Cyberpunk 2077 will be available PS5, Xbox Series X/S, PS4, Xbox One, and PC on December 10, 2020.
Source: Gamesindustry.biz