2024-06-03 06:18:01 ET
Summary
- CD Projekt's recent earnings report showed strong net income growth driven by tax benefits, but it is unlikely to be sustainable.
- The company's ambitious target of launching two big games within a tight timeframe seems unrealistic given the complexity of game development and the recent switch to Unreal Engine 5.
- Partnership revenue is also unlikely to materialize by FY26/27, making it challenging for CD Projekt to meet its earnings target.
Investment action
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CD Projekt: Rating Downgrade On Potential Miss In Earnings Targets