layoffs – Tech News

Mass layoffs reportedly hit Marvel Snap publisher Nuverse

Parent company ByteDance is ‘restructuring’ its gaming subsidiary following a recent review, with employees being given until December to keep working on unreleased titles. ByteDance is reportedly looking to rid itself of the gaming titles it’s already launched under Nuverse, such as Marvel Snap and Crystal of Atlan, and informed employees on Monday that they must stop working on unreleased games by December.
https://www.theverge.com/2023/11/27/23977673/bytedance-nuverse-gaming-layoffs-restructure

Unity Software to lay off 600 employees, or 8% of its workforce

Unity Software announced plans to cut about 600 jobs, or 8% of its workforce, according to a company filing Tuesday with the Securities and Exchange Commission. The video game software developer said it will restructure “specific teams” and that the layoffs will help the company position itself for “long-term and profitable growth.” A company spokesperson declined to provide further details.
https://cnb.cx/3nxA7MJ%20

Why are so many tech companies laying people off right now?

Image: The Verge

Let’s be real, none of these companies are teetering on the edge of bankruptcy — in fact, they were recently minting money.

The answer is that investors have changed how they’re evaluating companies, says Michael Cusumano, the deputy dean at the MIT Sloan School of Management. Generally, when companies are growing really fast — like when revenue is shooting up 20 percent or 30 percent a year — nobody cares about profits, Cusumano says. But we’re not in a growth period right now, so investors are being more cautious.

But we’re not in a growth period right now, so investors are being more cautious.
https://www.theverge.com/2023/1/26/23571659/tech-layoffs-facebook-google-amazon