Epic Games to lay off 16 percent of workforce
Epic Games, the maker of Fortnite, said Thursday it will lay off 16 percent of its staff, about 830 workers, as it tries to reverse what CEO Tim Sweeney called "unrealistic" spending.
In a letter to employees Thursday, Sweeney said the video game company had "spent more money than we make investing in the future evolution of Epic."
"I had long been optimistic that we could get through this transition without layoffs, but in retrospect I see that was unrealistic," Sweeney wrote in the letter, which the company shared publicly, CNN reports.
He added that Epic plans to exit independent online music platform Bandcamp, which it bought last year and which will now be acquired by music marketplace firm Songtradr.
Epic will also spin off most of its SuperAwesome marketing division into a standalone company.
Epic's layoffs are just the latest job cuts to hit the tech industry, which has been forced to adapt as the stunning growth many companies saw during the height of the Covid-19 pandemic began to slow.
Meta, Microsoft, T-Mobile, Lyft and others have reduced their workforces earlier this year.
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