Epic Games, the gaming company behind the global hit Fortnite, has announced that it is cutting the company workforce as it struggles to balance its checkbook. The move will impact more than 1,000 employees across the company, with CEO Tim Sweeney apologising in a memo to staff. Sweeney explained that the company has been “spending significantly more than we’re making” for some time,and that the company has been forced to take this measure to stay funded.
CEO Tim Sweeney: Job cuts not AI-related
In the memo, Sweeney clarified that the reason for the cuts is not AI-related. Instead, they are aimed at improving overall productivity and stabilising the company’s finances after a period of over-expansion. He noted that these measures will save the company over $500 million.
