Sony Pulls ‘Cyberpunk 2077’ from PlayStation Stores. The Publisher’s Stock Is Tumbling.
The much-anticipated dystopian role-playing game “Cyberpunk 2077” has been met with a deluge of complaints over bugs and crashes since its release last week.
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Shares of Polish videogame developer CD Projekt Red tumbled 16% early on Friday, after Sony pulled the troubled “Cyberpunk 2077” game from PlayStation stores.
The much-anticipated dystopian role-playing game, which features Tesla Chief Executive Elon Musk and actor Keanu Reeves, has been met with a deluge of complaints over bugs and crashes since its release last week. The Warsaw-based developer issued an apology on Monday, and promised to fix the bugs and crashes with patches in January and February, also offering customers the option of a refund.
It is reportedly one of the most expensive videogames ever made, but with its launch not going to plan, the company’s stock fell 25% in the first three trading days after that launch on Dec. 10, having dropped before the release following disappointing press reviews.
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However, a decision by Sony’s gaming division to remove “Cyberpunk 2077” from its PlayStation stores—and offer refunds—has further spooked investors. The stock has now fallen 41% to 260.90 zloty since the first press reviews of the game’s launch last week. The launch has wiped billions off the market cap of the company, which sank to 26 billion zloty ($7.2 billion) on Friday, according to FactSet data, from 42.7 billion zloty ($11.8 billion) before the game’s launch.
In a statement, Sony Interactive Entertainment (SIE) said: “SIE strives to ensure a high level of customer satisfaction, therefore we will begin to offer a full refund for all games who have purchased ‘Cyberpunk 2077’ via PlayStation Stores. SIE will also be removing ‘Cyberpunk 2077’ from PlayStation until further notice.”
CD Projekt Red confirmed Sony’s decision to investors, which it said had been taken following its own discussions with SIE regarding full refunds for customers who had bought the game digitally. It described the move as a “temporary suspension” of the game’s availability on the PlayStation store, and added that it would remain available in retail stores.
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Looking ahead. Citi analysts said the news would come as a surprise to many and would put sales of the console version of “Cyberpunk 2077” “under significant pressure” in the near term. They noted that 41% of preorder sales were on consoles. They issued a sell rating on the stock, with a target price of 256 zloty.
One of the most anticipated and expensive games in years is turning into a disaster for CD Projekt Red. The updates coming next month may fix the issues, but Sony removing the game from its digital stores will undoubtedly be a blow to sales. The company also faces an uphill battle in restoring confidence among gamers and investors.
