Published , by TJ Denzer
Published , by TJ Denzer
This week, Embracer Group released its Q2 2023 earnings results, and with it, a new round of mass layoffs throughout its studios. The company has continued to do this throughout 2023 as part of restructuring after an absolutely massive $2 billion deal fell through. It also seems that, based on statements by CEO Lars Wingefors during the call, layoffs may continue as the restructuring continues throughout Embracer’s fiscal year.
Embracer Group shared its Q2 2023 earnings results and accompanying interim report video on its YouTube channel this week. Kicking off the presentation, Lars Wingefors began by immediately addressing the latest layoffs at Embracer:
Many groups have laid off employees in the tech and games industry during 2023. It’s been a terrible year for that, but Embracer has had a particularly bad one after a $2 billion deal with Saudi-backed Savvy Gaming Group got away. Since then, the company announced plans to examine its portfolio and drastically restructure. That plan has since seen groups like Zen Studios (makers of Pinball FX) face layoffs, while groups like the Saints Row and Red Faction developer Volition were outright closed.
From Wingefor’s wording, it seems that closures and layoffs are not done at Embracer Group in its fiscal 2023 restructuring. Stay tuned as we continue to watch for updates to this story.