Immutable reportedly laying off 11% of employees after $56 million loss
Immutable reportedly laying off 11% of employees after $56 million loss
According to the report, Immutable posted a loss of around $56 million as its expenses exceeded its last fiscal year’s earnings.
Cover/illustration via Cryptooshala
The Sydney Morning Herald reported that Australian cryptocurrency gaming company Immutable will lay off 11% of its staff on February 22.
Immutable CEO James Ferguson accused decision on the need for the company to maximize its reserves and prioritize critical projects.
Affected workers will be offered an average of 10 weeks of redundancy benefits, the ability to retain more company stock, laptops, counseling, coaching and employment services. The report added that affected employees in the United States will be extended medical care provided by the company.
Previously unchangeable fired several employees in 2022 due to difficult market conditions at the time.
Immutable Lost $56 Million Last Fiscal Year
The company reportedly posted a loss of about $56 million in its most recent fiscal year as its expenses exceeded revenues.
According to data provided by the Australian Securities and Investments Commission, the firm earned $27 million and its expenses were about $83 million.
However, a spokesperson for Immutable told The Sydney Morning Herald that the company has $280 million in cash and is a long-term holder of its IMX token.
Meanwhile, IMX fell more than 8% to $0.94206 at the time of writing, according to Cryptooshala.
Immutable’s announcement followed Polygon’s (MATIC) announcement, which laid off 20% of its staff on February 21st.
SEC vs. Paxos: A Deep Dive into the Aftermath of the Litigation and Its Impact on Stablecoins
The SEC’s notice to Paxos to stop issuing BUSD could have long-term implications for the crypto market. A new Cryptooshala report explores the recent and potential impact of enforcement action against Paxos.
Credit : cryptoslate.com
