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Shares of videogame developer CD Projekt Red CDR, -11.46% plunged as much as 20% on Monday in an extension of losses from last week, after a string of poor reviews followed the release of its hotly anticipated title “Cyberpunk 2077.”
The stock settled down by 8% in Warsaw at 296.10 złoty ($81.07), just 10 days after trading near all-time highs at 443 złoty.
“Cyberpunk 2077” launched last week to intense anticipation after eight years of development. It was expected to be one of the best-selling videogames of all time and had sold 8 million copies before release.
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The action role-playing title features Hollywood actor Keanu Reeves playing a character through voice and motion capture, which helped generate mainstream buzz for the game.
The game also features a cameo from billionaire Tesla TSLA, +4.24% Chief Executive Elon Musk, and another from his partner, the musician Grimes.
But “Cyberpunk 2077” has received negative reviews for its performance on consoles, with players reporting poor frame rates and other issues.
Review aggregator site Metacritic gives the game a user score of 2.9 out of 10 on the PlayStation 4 SNE, -1.26% 6758, -0.76% and 3.9 on the Xbox One MSFT, +0.78% console, based on thousands of reviews. PC user reviews are more favorable, with a score of 6.9.
The company, based in the Polish capital Warsaw and best known for its “The Witcher” series, posted an apology on Twitter, taking note of the performance issues on the two consoles and promising refunds for unsatisfied customers who request them.
“We should have paid more attention to making it play better on PlayStation 4 and Xbox One,” the company said. “We will fix bugs and crashes, and improve the overall experience. The first round of updates has just been released, and the next one is coming within the next seven days.”
CD Projekt Red said that it would host a call with analysts at 8 a.m. Eastern time on Monday.
