Immutable reportedly lays off 11% of workers after $56M loss

    The Sydney Morning Herald reported that Australia’s crypto gaming agency, Immutable, will lay off 11% of its workers on Feb. 22.

    Immutable’s CEO, James Ferguson, reportedly blamed the choice on the corporate’s want to maximise its reserves and prioritize important tasks.

    Impacted employees could be provided a mean of 10 weeks’ redundancy pay, the flexibility to maintain extra shares within the firm, laptops, counseling, teaching, and outplacement companies. The report added that impacted workers in the US would have their company-provided healthcare prolonged.

    Immutable beforehand laid off a number of staff in 2022 because of the difficult market situations on the time.

    Immutable misplaced $56 million previously monetary 12 months

    Over the previous monetary 12 months, the corporate reportedly incurred round $56 million in losses as its bills outstripped earnings.

    In response to figures submitted to the Australian Securities and Investments Fee, the agency earned $27 million, whereas its bills have been round $83 million

    Nonetheless, an Immutable spokesperson advised The Sydney Morning Herald that the corporate had $280 million money and was a long-term holder of its IMX token.

    In the meantime, the IMX tanked by over 8% to $0.94206 on the time of writing, in response to CryptoSlate’s information.

    Immutable’s announcement adopted that of Polygon (MATIC), which sacked 20% of its workers on Feb. 21.

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