CD Projekt shares fell 5.16% to 239 złoty ($65.7) after the Polish studio officially announced "Songs of the Past," a third expansion for The Witcher 3: Wild Hunt. The decline came between market open and the time of writing, signaling a cool investor reaction to a reveal fans had anticipated since rumors of a third DLC began circulating.

Why did the stock fall?

What exactly displeased investors remains unclear. The announcement itself confirms long-running rumors rather than introducing a surprise, and no financial details accompanied the reveal. Shares may still recover: CD Projekt publishes its quarterly report on May 28, and those figures could shift market sentiment quickly.

For studios watching the business side, the episode is a reminder that content announcements do not automatically move share prices — especially when the release window sits years out.

What do we know about the expansion?

The details disclosed so far are limited:

• Developer: Fool's Theory, the external studio handling the project — not CD Projekt's internal teams
• Protagonist: Geralt of Riva returns, embarking on a new adventure
• Release window: 2027
• Platforms: PC, PlayStation 5 and Xbox Series

Little is known about the storyline beyond Geralt's involvement. Fool's Theory previously worked with CD Projekt on remaster material, but the source discloses no scope, pricing or content-size details for this DLC.

What happens next?

The May 28 quarterly report is the immediate catalyst to watch. If the numbers land strong, the post-announcement dip may prove short-lived; if they disappoint, the sell-off could deepen.