A well-known Australian crypto gaming company, Immutable, recently announced that it has laid off 11% of its workforce to safeguard its monetary reserves indefinitely. Immutable laid off employees in July 2022 and is now doing so again.
Immutable co-founder and CEO James Ferguson announced the layoffs in an email to employees on Wednesday (Feb. 22, 2023).
“I’m sorry to all Immutables who have been affected by these changes. As CEO, I am acutely aware that these job cuts will have a direct impact on the lives of many people, and I accept full responsibility for my actions.”
Crypto and Web3 Elements are my specialties.
According to the CEO, the layoffs were made for the company to increase its financial reserves and devote more resources to strategic initiatives. According to Ferguson’s e-mail, the company is restructuring. As part of that process, it will outsource the extra standard functions of its sports productions to different events to concentrate on its crypto and Web3 elements.
Furthermore, according to financial paperwork filed with the Australian Securities and Investments Commission, Immutable lost $56 million in its most recent fiscal year while earning $27 million. This was the result of $83 million in working expenses.
Simultaneously, the worth of Immutable’s cryptocurrency and tokens has increased to $558 million (from $500 million), and a consultant for the company has stated that the company has $280 million in money on its stability sheet, providing it with slightly more than four years of extra cash at its current rate of expenditure.