Immutable is the latest blockchain firm to announce job cuts as the gaming company laid off 11% of its workforce.
Major Australian gaming firm Immutable slashed 11% of the company’s headcount, stating that the job cut happened in order to ensure cash reserves last for a long time.
This is the second time Immutable is reducing its workers after the firm axed the number of its employees in July 2022.on Wednesday , Immutable co-founder and CEO James Ferguson announced the layoffs in a note sent to the company’s employees, as seen by the newspaper publication. Ferguson wrote: “This is difficult news, and I am sorry to all Immutables impacted by these changes. As CEO, I am deeply aware that these role eliminations will directly impact the lives of many, and I take full ownership for these actions.”
The CEO said the cuts happened as the firm was looking to extend its cash reserves and use available resources for important projects. Ferguson’s note also stated that the company was carrying out some reorganization, part of which will include contracting the traditional aspects of its game developments to partners in order to shift attention to its crypto and Web3 components.
Furthermore, financial figures submitted to the Australian Securities and Investments Commission show that while Immutable earned $27 million in the past financial year, the firm made expenses valued at $83 million, causing the startup to incur a loss of $56 million.
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