Tech Layoffs: Israeli company Playtika to layoff about 12% of its global workforce

The company expanded its workforce significantly during the Covid pandemic but has been downsizing this year, with the first round of layoffs occurring in June, as reported by Globes.

IANSUpdated: Sunday, December 11, 2022, 03:23 PM IST
article-image
Tech Layoffs: Israeli company Playtika to layoff about 12% of its global workforce | Playtika

Israeli mobile games company Playtika will cut 12 to 15 per cent of its workforce. About 600 employees worldwide will be dismissed including 180 in Israel, the media reported.

The company expanded its workforce significantly during the Covid pandemic but has been downsizing this year, with the first round of layoffs occurring in June, as reported by Globes.

"As a leading company in the industry with 4,100 employees around the world, Playtika takes seriously its commitment to be prepared for a number of business scenarios. Playtika has not made any declarations about its organisational structure," Playtika was quoted as saying.

The company has traditionally been a profitable, cash-rich company, which currently has $600 million in its coffers, according to the report.

Company growth

Moreover, Playtika has struggled to show year-over-year growth. In the third quarter of 2022, year-on-year growth was only 1.87 per cent, while operational expenditure increased and net profit fell to 15 per cent.

Since the company was founded, its biggest growth engine has been casino games, including brands such as Slotomania and House of Fun, where revenue has fallen 10 per cent.

Layoffs in June

Back in June, Playtika laid off 250 employees, or about 6 per cent of its workforce, in three game development studios in Los Angeles, Montreal and London, said the report.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Before Ashneer Grover's exit, BharatPe lost Rs 5,610.7 cr in FY22

Before Ashneer Grover's exit, BharatPe lost Rs 5,610.7 cr in FY22

Powergrid's pre-qualification norms for drone project seen as restrictive

Powergrid's pre-qualification norms for drone project seen as restrictive

Govt invites firms to build Rs 41,000 cr transhipment port in Great Nicobar Island

Govt invites firms to build Rs 41,000 cr transhipment port in Great Nicobar Island

India climbs from 105th to 79th rank among countries with fastest mobile download speeds

India climbs from 105th to 79th rank among countries with fastest mobile download speeds

NSE and BSE complete transition to T+1 system for quicker settlements

NSE and BSE complete transition to T+1 system for quicker settlements