Prominent Australian Crypto Gaming Firm Immutable Lays Off 11% Staff
- Having already laid off staff in July 2022, Immutable is now doing so again.
- The layoffs were disclosed in a memo emailed to staff on Wednesday.
Immutable, a prominent Australian crypto gaming firm, recently announced it has laid off 11% of its workforce in order to preserve its financial reserves for the indefinite future. Having already laid off staff in July 2022, Immutable is now doing so again.
The layoffs were disclosed in a memo emailed to staff on Wednesday (Feb. 22, 2023) by Immutable co-founder and CEO James Ferguson.
Ferguson stated:
“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.”
Focusing on Crypto and Web3 Components
According to the CEO, the layoffs were made so that the company could increase its financial reserves and devote more resources to strategic initiatives. According to Ferguson’s email, the firm is undergoing restructuring, and as part of that process, it will outsource the more conventional portions of its game productions to other parties so that it can focus on its crypto and Web3 components.
Additionally, according to financial documents filed with the Australian Securities and Investments Commission (ASIC), Immutable lost $56 million in its most recent fiscal year while bringing in $27 million in revenue. This was due to $83 million in operating expenditures.
At the same time, Immutable has seen the value of its cryptocurrency and tokens increase to $558 million (from $500 million), and a representative for the company has stated that the company has $280 million in cash on its balance sheet, offering it a little more than four years of excess cash at its present rate of expenditure.
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