CD Projekt's attempt to win investors back round after the disappointing launch of its Cyberpunk 2077 game has backfired.
Analysts were critical of a new strategy update from the company, and said it gave few details beyond 2021.
The video games maker said Tuesday (March 30) it planned to transform its studio and change the way it developed new products.
It said it would look for merger and acquisition targets.
And also gradually incorporate online elements - like multiplayer options - to its single-player games.
Shares in CD Projekt dropped almost 15% to a two-year low on Wednesday (March 31) following the update.
Since December last year - around the time the Polish firm released Cyberpunk - the company's market value has more than halved to about $5 billion.
Cyberpunk was CD Projekt's most-anticipated game in years, and even featured Hollywood star Keanu Reeves.
But sales came in below expectations after a botched launch.
The game was plagued by numerous bugs, prompting Sony to pull the title from its PlayStation store.