Today Polish game company CD Projekt Red published its earnings for the first half of its 2017 fiscal year, and while revenues and profits were good they're a bit less than what the company posted a year prior.
What's striking about that is that the company's market valuation has nevertheless more than doubled in the past year; last August it surpassed $1 billion, and in the wake of this most recent earnings release CDPR's current market valuation is ~8.2 billion zloty -- or roughly $2.3 billion USD at current exchange rates.
As you might expect, much of that value appears tied to CDPR's flagship Witcher game franchise and its Gog.com game platform. In the six months ending June 30th CDPR reportedly earned 143.24 million zloty (~$40.2 million USD) in profits on 254.82 million zloty (~$71.52 million USD) in revenue, a bit less than the 163.1 million zloty in profits it saw on 318.99 zloty in revenue generated during the same period last year.
The company chalks up a big share of its revenues to continuing sales of its 2015 game The Witcher 3: Wild Hunt and its 2016 expansion packs Heart of Stone and Blood & Wine. It also calls out strong performance by Gog.com (which has a catalog of over 2,100 games as of this August), performance that CDPR chiefly chalks up to its Witcher spin-off Gwent, a digital free-to-play card game (currently in beta) that falls under Gog.com on CDPR's balance sheets.
Incidentally, CDPR is trying to make Gwent both an eSport (by organizing its own competitive series with an $850k prize pool) and a thing in China, opening a new office in Shanghai back in April with the stated purpose of having a local team in place to support it and other CDPR games.