Immutable Inc., a major Australian gaming firm, has recently announced that it has cut 11% of its headcount in order to ensure that its cash reserves last for a long time. This is the second time that the company has reduced its workforce, having previously cut 6% of its employees in July 2022. According to the CEO, James Ferguson, the cuts were necessary to extend the company’s cash reserves and shift attention to its crypto and Web3 components. Financial figures submitted to the Australian Securities and Investments Commission (ASIC) show that the firm incurred a loss of $56 million, despite having earned $27 million in the past financial year. However, the company’s crypto and tokens holdings have increased to $558 million from $500 million, and it has $280 million worth of cash on its balance sheet.
Impacted employees will receive a redundancy pay of 10 weeks, laptops, and counseling, as well as the ability to maintain more shares in the company above the limit. Immutable will also extend company-provided healthcare for US workers. This marks the second time that the company has had to make job cuts, with the first instance being in July 2022, when members of the company’s crypto game, Gods Unchained, were laid off.