Read from tweaktown:
Take-Two executes $50 million 'cost-reduction program' with company layoffs
Following record earnings during the pandemic, the video games industry is now contracting to reflect the current economic backdrop affecting the market. Inflation and rising costs mean consumers have less discretionary income to spend on gaming, leading to lower-than-expected quarterly results at lots of video games companies. Take-Two Interactive has been impacted--Q3 net bookings missed guidance by $77 million--and now the company is responding by making layoffs to reduce overall expenses and costs.
The layoffs have affected workers at Take-Two's Private Division video games publishing label, which is responsible for hit games like The Outer Worlds, Hades, and Kerbal Space Program 2.
Take-Two executes $50 million 'cost-reduction program' with company layoffs
Following record earnings during the pandemic, the video games industry is now contracting to reflect the current economic backdrop affecting the market. Inflation and rising costs mean consumers have less discretionary income to spend on gaming, leading to lower-than-expected quarterly results at lots of video games companies. Take-Two Interactive has been impacted--Q3 net bookings missed guidance by $77 million--and now the company is responding by making layoffs to reduce overall expenses and costs.
The layoffs have affected workers at Take-Two's Private Division video games publishing label, which is responsible for hit games like The Outer Worlds, Hades, and Kerbal Space Program 2.
