Epic Games has announced it is laying off roughly 16 percent of its workforce, resulting in around 830 employees losing their jobs.
In a statement posted by Epic president Tim Sweeney, he explains the layoffs as a cost-cutting measure that will include divesting Bandcamp, which it acquired last year, and spinning off advertising platform SuperAwesome into an independent company. Epic had acquired SuperAwesome in 2020. 250 people will be leaving Epic as a result of these divestitures.
“For a while now, we’ve been spending way more money than we earn, investing in the next evolution of Epic and growing Fortnite as a metaverse-inspired ecosystem for creators,” Sweeney writes in his statement. “I had long been optimistic that we could power through this transition without layoffs, but in retrospect I see that this was unrealistic.”
Sweeney then explains that despite taking steps to reduce costs, such as scaling back on marketing and events, Epic still fell short of achieving financial stability and that layoffs were the only solution. Sweeney states that two-thirds of the terminations come from teams outside of core development and that these departures will not come at the expense of game development or lines of business. Sweeney also says this will be the only round of layoffs and that Epic will still be hiring for “critical roles.” Development of content for titles such as Fortnite, Fall Guys, and Rocket League will continue as planned.
Impacted employees will receive severance packages of six months of base pay and six months of Epic-paid healthcare for workers based in the U.S., Canada, and Brazil. Epic will offer workers the option to accelerate stock options vesting schedules through the end of 2024 while adding two extra years from today to use these options. U.S. employees can also vest any unearned profit sharing from their 401k. Lastly, Epic will provide career transition services and Visa support.
A big company meeting is scheduled for next month to discuss the company’s efforts and priorities. These layoffs come just a few weeks after Epic’s Chief Creative Officer and Fortnite head Donald Mustard announced his retirement.
Commercials Cooperation Advertisements:
(1) IT Teacher IT Freelance
立刻註冊及報名電腦補習課程吧!
电子计算机 -教育 -IT 電腦班” ( IT電腦補習 ) 提供一個方便的电子计算机 教育平台, 為大家配對信息技术, 電腦 老師, IT freelance 和 programming expert. 讓大家方便地就能找到合適的電腦補習, 電腦班, 家教, 私人老師.
We are a education and information platform which you can find a IT private tutorial teacher or freelance.
Also we provide different information about information technology, Computer, programming, mobile, Android, apple, game, movie, anime, animation…
(2) ITSec
www.ITSeceu.uk
Secure Your Computers from Cyber Threats and mitigate risks with professional services to defend Hackers.
ITSec provide IT Security and Compliance Services, including IT Compliance Services, Risk Assessment, IT Audit, Security Assessment and Audit, ISO 27001 Consulting and Certification, GDPR Compliance Services, Privacy Impact Assessment (PIA), Penetration test, Ethical Hacking, Vulnerabilities scan, IT Consulting, Data Privacy Consulting, Data Protection Services, Information Security Consulting, Cyber Security Consulting, Network Security Audit, Security Awareness Training.
Contact us right away.
Email (Prefer using email to contact us):
SalesExecutive@ITSec.vip