Playtika cutting 300-400 jobs in new round of layoffs
Playtika cutting 300-400 jobs in new round of layoffs
The gaming company is reducing its headcount by another 10% after laying off around 900 employees in 2022
Israeli gaming company Playtika is reducing its headcount by 300-400 employees in a new round of layoffs. The company, which according to its latest update employed 3,800 people globally, laid off around 900 employees in 2022. The biggest cutback came in December of that year when it parted ways with 610 people, accounting for 15% of the team at the time.
The latest layoffs will account for around 10% of the company’s employees but are not set to affect its Israeli offices, which employ approximately 1,100 people.
Playtika currently has a market cap of around $2.9 billion, with its share price falling by almost 25% since the start of 2023.
The company’s third-quarter reports revealed revenue of $630.1 million, a decrease of 2.7% year-over-year. Net income plummeted by 44.4% year-over-year to $37.9 million. Playtika had cash totaling $878.2 million as of September 30.
Playtika made a couple of acquisitions in the second quarter of 2023. It paid around 150 million euros ($165 million) for Youda Games of the Netherlands and also agreed to acquire Innplay Labs, a mobile gaming studio based in Israel, for $80 million. The deal could mushroom to as much as $300 million. Innplay Labs, founded by CEO Ore Gilron and CTO Oshri Bienhaker, specializes in arcade and puzzle animation mobile games.
