According to reports, Immutable, an Australian cryptocurrency gaming company, would let go 11% of its workforce on February 22.
James Ferguson, the CEO of Immutable, reportedly attributed the choice to the need for the business to prioritize crucial projects and make the most of its resources.
The average offer for affected employees would be 10 weeks of redundancy pay, the chance to keep more company stock, computers, counseling, coaching, and outplacement services.
The report also stated that American employees who were affected will receive longer access to company-provided healthcare. Immutable previously let go of a number of workers in 2022 as a result of the difficult market circumstances at the time.
Immutable suffered a $56 million loss in the past financial year
The corporation reportedly lost $56 million during the most recent fiscal year as expenses exceeded revenues. According to data provided to the Australian Securities and Investments Commission, the company generated $27 million in revenue while spending $83 million on overhead, $45 million of which went toward paying workers, consultants, and freelancers.
But, a representative for Immutable told The Sydney Morning Herald that the company had $280 million in cash and had been holding its IMX token for a long time.
According to data from CryptoSlate, the IMX fell more than 8% to $0.94206 at the time of writing. After Polygon (MATIC), which let off 20% of its workers on February 21, Immutable made its statement.
