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Board 8 > Epic Games suddenly laying off 16% of their employees.

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UshiromiyaEva
09/28/23 11:12:56 AM
#1:


https://www.bloomberg.com/news/articles/2023-09-28/epic-games-is-cutting-about-900-jobs-or-16-of-staff

Completely baffled as to how one of the most successful companies gaming (as far as we know??) is completely slashing like this seemingly out of nowhere.

Very interested in finding out what's going on here.

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ChaosTonyV4
09/28/23 11:15:47 AM
#2:


End of fiscal year, pumping up their books because Capitalism

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Chaeix
09/28/23 11:26:19 AM
#3:


ChaosTonyV4 posted...
End of fiscal year, pumping up their books because Capitalism
all hail the quarterly shareholder return

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UshiromiyaEva
09/28/23 11:28:30 AM
#4:


Yeah but obviously this doesn't happen every year, at least not to this degree.

There has to be some type of trigger here.

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MacArrowny
09/28/23 11:29:34 AM
#5:


I assume they were losing money or closed one of their divisions.

Chaeix posted...
all hail the quarterly shareholder return
Epic isn't a public company.

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Nanis23
09/28/23 11:34:44 AM
#6:


MacArrowny posted...
I assume they were losing money or closed one of their divisions.

Epic isn't a public company.
I am pretty sure private companies have shareholders too
Even if it works differently

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HeroDelTiempo17
09/28/23 12:00:13 PM
#7:


Don't they have private investors? People always complained about Tencent having stake in them for example.

Regardless, pretty sure the tech industry is widely going through a downturn atm (startup failures, the crypto bubble, etc.) and that extends to gaming too

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MacArrowny
09/28/23 12:02:43 PM
#8:


HeroDelTiempo17 posted...
Don't they have private investors? People always complained about Tencent having stake in them for example.
Tencent owns 40%, Sony owns 5.4%, and Tim Sweeney owns over 50%.

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PrivateBiscuit1
09/28/23 12:15:43 PM
#9:


Oddly enough, Sega just canceled HYENAS (which looked like it was almost completely done) and a bunch of unannounced games today too.

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redrocket
09/28/23 12:17:44 PM
#10:


Just one step closer to the Crash.

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foolm0r0n
09/28/23 12:46:06 PM
#11:


UshiromiyaEva posted...
Yeah but obviously this doesn't happen every year, at least not to this degree.

There has to be some type of trigger here.
I think they would like it to happen every year. Every corp has attrition quotas that they try to hit every year, usually 10% or even more. You usually have to try really hard to get people to leave organically, but this is the year of layoffs so it's much more accepted to just layoff.

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