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Analyst Comment

Starbreeze: PAYDAY 3's launch numbers look promising, but technical issues persist

By Anton DamsténAnalyst
Starbreeze

During launch weekend, PAYDAY 3 had a peak of concurrent players (CCU) across all platforms of 218,250, and a peak of 1,347,510 unique players (DAU). Starbreeze Nebula currently has 3,794,172 registered users. The numbers look promising, but the technical issues experienced late last week have persisted, angering the community. Based on the preliminary figures, PAYDAY 3 seems to have the prerequisites for long-term success, provided it can fix the technical issues and regain the trust of its community.

Since Thursday’s official launch, PAYDAY 3 has experienced problems with its matchmaking servers. At its core, the problem hinders players from playing the game. An initial fix was rolled out on Friday, which had the game working again. However, since then, the matchmaking issue has been recurring. Throughout the weekend, Starbreeze and its third-party matchmaking partner have been rolling out patches to solve the issue, but the instability remains.

The player community has reacted negatively to this persisting issue, which is reflected in the ‘Mostly Negative’ rating (23,400 reviews) the game currently has on Steam. Undoubtedly, the negative reviews reflect the disappointment in the technical issues rather than the game itself. Feedback regarding the game has been mostly good, with players praising the gameplay improvements over the previous iteration.

Our estimates project approximately 4 million copies sold within the first 12 months. It’s important to note that our projection was made before the Game Pass deal. Thus, the number of copies sold will likely be lower. However, we expect that Starbreeze has been adequately compensated, mitigating any significant impact on the overall revenue stream. It’s worth highlighting that the Game Pass deal introduces complexity in interpreting the numbers released by Starbreeze, as we do not have a way of separating out players who bought the game versus players accessing it through their Game Pass subscription.

Starbreeze operates in the gaming industry and focuses on the development, publishing and distribution of computer games and interactive entertainment. The company's portfolio includes both its own games and collaborations with other game developers. The business is aimed at gamers and distributors globally, with the largest operations in Europe. Starbreeze was founded in 1998 and is headquartered in Stockholm, Sweden.

Read more on company page

Key Estimate Figures12.09.2023

202223e24e
Revenue127.6679.0373.4
growth-%1.5 %432.1 %-45.0 %
EBIT (adj.)6.7433.979.5
EBIT-% (adj.)5.3 %63.9 %21.3 %
EPS (adj.)-0.080.300.05
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.0.42.0
EV/EBITDA18.1neg.neg.

Forum discussions

Christoffer and Atte have prepared a new company report on Starbreeze after the Q3 results. \nStarbreeze reported Q3 revenue in line with expectations...
11/12/2025, 8:50 AM
by Sijoittaja-alokas
3
Hi! Our analyst Christoffer interviewed Starbreeze’s CEO today in connection with their Q3 report. Check it out here, the interview is in English...
11/11/2025, 3:05 PM
by Jesper Hagman
5
There isn’t much to share in the coffers; even those small amounts go purely into running the bureaucracy and finding a party that would then...
11/11/2025, 12:40 PM
by Arvuuttaja
0
Optimization would require expertise, and most of the Payday 2 developers left the company even before PD3’s release. Payday 3 and Baxter paint...
11/11/2025, 12:22 PM
by Trivial
1
And there are no changes in player data for Payday 3, so the promising start at the beginning of the year sharply turned back to its lowest ...
11/11/2025, 11:51 AM
by Arvuuttaja
1
Here are Jenneli’s quick comments on Starbreeze’s Q3 results. Starbreeze reported Q3 revenue in line with expectations, but adjusted profitability...
11/11/2025, 10:50 AM
by Sijoittaja-alokas
1
@christoffer.jennel has given his preliminary comments as Starbreeze reports its Q3 results next week on Tuesday. *The quarter is dominated ...
11/7/2025, 8:25 AM
by Sijoittaja-alokas
2
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