TikTok, owned by ByteDance, has announced layoffs affecting hundreds of employees globally, with a significant portion in Malaysia. This move is part of the company’s strategy to enhance AI-based content moderation and streamline operations. The layoffs primarily target content moderation staff and come amidst increased regulatory scrutiny in Malaysia and broader restructuring within the company.
Epic Games, the company behind Fortnite, has navigated a turbulent period marked by layoffs, strategic divestitures, and legal battles. However, CEO Tim Sweeney declared the company financially sound at Unreal Fest 2024, highlighting the success of Fortnite and the Epic Games Store. Despite the recent challenges, Epic is seeing strong user growth and is continuing to invest in its future.
After a year of significant spending and layoffs, Epic Games, the company behind Fortnite and the Unreal Engine, is now financially sound. CEO Tim Sweeney announced at Unreal Fest 2024 that the company has rebounded, with Fortnite reaching new heights and the Epic Games Store setting revenue records.
Walt Disney Co. has announced layoffs affecting hundreds of employees across various departments, including human resources, legal, and finance. This move comes as the company focuses on cost management and investing in its core businesses. Despite the layoffs, Disney is pursuing growth strategies, including expanding its streaming services and forging new partnerships with prominent filmmakers.
Paramount Global, the parent company of CBS, Comedy Central, and MTV, is undertaking a second round of layoffs as part of its cost-cutting measures. The company expects to complete 90% of the reductions by the end of the day, impacting divisions like CBS News. The layoffs are part of Paramount’s strategy to accelerate streaming profitability and adapt to the evolving media landscape.
General Motors is laying off 1695 employees at its Fairfax Assembly and Stamping plant in Kansas City, impacting production of the Cadillac XT4 and Chevrolet Malibu. The layoffs come as the plant prepares for a retooling to produce the next generation of Chevrolet Bolt EVs and XT4.
Microsoft’s recent round of layoffs within its gaming division has impacted key teams at Activision Blizzard, including those behind Call of Duty: Warzone Mobile and Warcraft Rumble. The cuts come after the company’s $69 billion acquisition of the gaming giant and highlight challenges in the mobile gaming market, particularly for Warzone Mobile, which has not met expectations despite its innovative features. Warcraft Rumble, while initially successful, has also faced waning interest, leading to further layoffs. Despite these setbacks, Microsoft’s overall gaming business remains strong, with surging content sales and a robust pipeline of upcoming releases.
Verizon Communications Inc. (VZ) expects to record a significant severance charge in the third quarter due to its ongoing workforce reduction and strategic business realignment. The company also anticipates asset rationalization charges related to its plans to exit non-strategic business segments. Despite these challenges, Verizon’s recent financial results highlight continued growth in broadband and wireless subscribers.
Microsoft has laid off 650 employees in its gaming division, following its $68.7 billion acquisition of Activision Blizzard. These cuts are part of a larger restructuring effort to integrate Activision Blizzard’s teams and streamline operations. The layoffs impact approximately 8% of Microsoft’s gaming workforce.
PricewaterhouseCoopers (PwC) is making significant changes, laying off approximately 1,800 employees in the U.S. as part of a restructuring plan aimed at embedding technology and streamlining operations. The layoffs, impacting 2.5% of the U.S. workforce, come amidst challenges including a slowdown in job growth and scrutiny in China. This move signifies a shift towards a more tech-focused strategy for the firm.
