Tencent's Riot Games to Cut 530 Jobs
By Dean Seal
Tencent Holdings' Riot Games plans to lay off about 530 employees, or 11% of its staff.
The maker of "League of Legends" said in a blog post on Monday that its headcount has more than doubled in the past few years and that it's now making cuts that will largely affect teams outside of core development.
"We spread our efforts across more and more projects without sharp enough razors to decide what players needed most," Riot Games said.
The company said it will reduce the size of its team working on the game "Legends of Runeterra" and stop new development on the game "Bandle Tale."
Shares of Tencent Holdings touched a 52-week low in market trading and ended the session down 3.1% at $33.48.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 22, 2024 19:05 ET (00:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations