Unacademy CEO Gaurav Munjal faced backlash on social media after announcing a ‘zero appraisal’ policy while wearing a luxury t-shirt. This decision came weeks after the ed-tech company laid off 250 employees, prompting criticism for the perceived disconnect between his words and actions. Social media users expressed anger at the lack of appreciation for employees, highlighting the timing of the announcement and Munjal’s choice of attire.
Intel’s stock plummeted over 30% after the company announced plans to lay off 15% of its global workforce and reported disappointing Q2 2024 earnings. The news follows a trend of declining market share in the CPU market and a weak Q3 2024 revenue forecast.
Bungie, the developer of Destiny 2, has announced a shift in strategy following massive layoffs. The company will move away from releasing annual paid expansions for Destiny 2, focusing instead on free, smaller updates and the upcoming launch of its new game, Marathon. This decision comes after declining sales and the underperformance of The Final Shape, Destiny 2’s latest expansion.
Bungie, the developer behind Destiny 2, has announced significant layoffs and a deeper integration with Sony, marking a shift in its strategy. This comes amidst rising development costs and industry changes, leading to a restructuring of the company.
Indie game publisher Humble Games has abruptly shut down, laying off all 36 employees. Former staff members confirmed the closure on LinkedIn, citing the volatile nature of the gaming industry and the pressure for rapid growth. Humble Bundle, the company’s digital storefront, remains unaffected by the closure.
NetherRealm Studios, the developer behind Mortal Kombat and Injustice, has reportedly laid off a significant portion of its mobile team, affecting the development of Mortal Kombat: Onslaught and Mortal Kombat Mobile. While the extent of the layoffs is unclear, former employees have indicated that the move impacted a large number of individuals, including QA analysts. The layoffs come at a time when NetherRealm continues to support its other titles, including Mortal Kombat 1, but Warner Bros. Games is focusing on more profitable IPs. NetherRealm and Warner Bros. Games have yet to issue an official statement on the matter.
A new report reveals that Embracer Group-owned developer Fishlabs was working on a new Red Faction game, but the project was canceled before layoffs hit the studio. The game, described as similar to Red Faction: Guerilla, was met with internal challenges and ultimately deemed unfeasible. The cancellation, alongside other factors, led to significant layoffs at Fishlabs and further emphasizes the ongoing struggles within the video game industry.
Phoenix Labs has experienced its third round of layoffs in over a year, affecting over 100 employees and resulting in the cancellation of multiple projects. This most recent wave of layoffs follows two previous rounds in 2023, amounting to significant staff reductions. The company has confirmed the layoffs but has not disclosed the exact number of impacted employees.
Amidst widespread layoffs, the US government has announced new guidelines to assist H-1B visa holders who have lost their jobs. These guidelines provide various pathways for individuals to extend their stay beyond the typical 60-day grace period.
The U.S. Citizenship and Immigration Services (USCIS) has issued guidance for holders of certain nonimmigrant visas who have been laid off or fired, reminding them of their options to stay in the country. These options include filing for a change of nonimmigrant status, adjustment of status, or a “compelling circumstances” employment authorization document. The guidance also notes that individuals can extend their stay if they are the beneficiary of a nonfrivolous petition to change employers. This guidance comes amid a flurry of layoffs by some of the country’s largest employers, including Walmart, Google, Tesla, and Microsoft.
