Immutable reduces personnel by 11 %to extend their barres reserves (report)

Immutable reduces personnel by 11 %to extend their barres reserves (report)

The great Australian gaming company Immutable has reduced 11 % of the company's employees and declared that job cuts took place to ensure that the barres reserves are enough.

This is the second time that immutable reduces its workforce after the company deleted the number of its employees in July 2022.

unchangeable losses worth $ 56 million

According to the Sydney Morning Herald on Wednesday (February 22, 2023), the co -founder and CEO of Immutable, James Ferguson, announced the layoffs in a statement to the company's employees, as can be seen from the newspaper publication. Ferguson wrote:

"These are difficult news, and I'm sorry for all immutable things that are affected by these changes. As CEO, I am deeply aware that these cancellations will affect the lives of many, and I take full responsibility for these measures."

the CEO said the cuts were taken when the company wanted to expand its barreserves and use available resources for important projects. In Ferguson's note it is also said that the company is carrying out some restructuring, to which part of the traditional aspects of his game developments will contain partners to draw attention to its crypto and web3 components.

In addition, financial figures show that the Australian Securities and Investments Commission (ASIC) were presented that immutable earns $ 27 million in the past financial year, but made the company expenditure of $ 83 million, which resulted in a loss of $ 56 million.

In the meantime, immutable increased the value of its crypto and token stocks from $ 55 million to $ 558 million, with a spokesman for the company explained that in his balance sheet, it has cash worth $ 280 million, "which gives him its current expenditure rate for more than four years."

More job cuts

According to Ferguson, affected employees receive a severance payment of 10 weeks, laptops and advice and can keep more shares in the company above the border. Immutable will also expand the health care provision for US workers.

The latest development is the second time that immutable is breaking down its workforce. In July 2022, the company released 6 % of its employees, including members of the Gods Unchained crypto game.

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