Starbreeze revenue rises 42.9% to $46.6m in Q3

Starbreeze has released its financial results for the three months ended September 30, 2023, reporting a significant increase in revenue following the release of Payday 3.

The latest installment of the franchise accounted for 89% of Starbreeze's total net sales this quarter.

The numbers

• Net sales: SEK 494.4 million ($46.6 million), up 42.9%
• Net profit: SEK 299.5 million ($28.3 million, compared to loss of $726,802 in Q3 2022)

The highlights

Starbreeze reported a significant 42.9% rise in sales this quarter to SEK 494.4 million ($46.6 million), compared to SEK 38.7 million ($3.6 million) in 2022.

The company detailed a net profit of SEK 299.5 ($28.3 million) compared to a loss of SEK 7.7 million ($726,802) in Q3 2022.

Payday 3's release this September accounted for SEK 440.8 million ($41.6 million) of total sales, with Starbreeze CEO Tobias Sjögren noting the game has recouped the company's investment in the game.

This is despite a troubled launch which saw many players unable to access servers for the online-only game, which Sjörgen addressed.

"Unfortunately, it quickly became evident that the infrastructure on which the game rests was not holding up – this despite extensive internal and external tests carried out leading up to launch," he said.

"The consequence of this is that sales after the period are somewhat lower, but we are convinced that what we have in store will increase sales over time."

From the perspective of Embracer, which owns Payday 3 publisher Plaion, the game performed below expectations.

During Embracer's earnings call (via VGC) following the release of its Q2 results, CEO Lars Wingefors said the game released "a bit weaker than expected" and "performed below management expectations."

Overall, Starbreeze reported game sales of SEK 492.6 million ($36.4 million) versus SEK 36.4 million ($3.4 million) during the last period.

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