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

The Sydney Morning Herald reports that Australian crypto gaming company Immutable will lay off 11% of its workforce on February 22nd.

Immutable CEO James Ferguson said: condemned Decisions about the company’s need to maximize reserves and prioritize critical projects.

Affected workers will receive an average of 10 weeks of severance pay, the ability to retain more company stock, laptops, counseling, coaching and relocation services. The report added that affected U.S. staff will be extended medical care provided by the company.

Previously immutable dismissed Due to the difficult market conditions at the time, we hired several employees in 2022.

Immutable lost $56 million in its last fiscal year

In past fiscal years, the company reportedly lost about $56 million as expenses exceeded revenues.

According to figures filed with the Australian Securities and Investments Commission, the company had revenues of $27 million and expenses of about $83 million. $45 million of these expenses were used to provide employees, consultants and freelancers.

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 the IMX token.

Meanwhile, IMX fell more than 8% to $According to CryptoSlate data, it is 0.94206 at the time of writing.

Immutable’s announcement follows that of Polygon (MATIC), which laid off 20% of its staff on February 21st.