‘Grand Theft Auto’ videogame maker axing 600 jobs, scrapping projects
NY Post
Take-Two Interactive Software will lay off about 5% of its workforce, or around 600 employees, the publisher of the “Grand Theft Auto” franchise said Tuesday, as the video-gaming industry extends its more than two-year long job cuts.
The company will also scrap several projects in development as part of a cost-reduction plan, which is expected to result in total charges of up to $200 million.
It declined to name the projects that have been canceled.
Take-Two said the move is expected to drive more than $165 million of annual cost savings.
The company’s shares were 1% higher in extended trading. They have fallen nearly 10% so far this year.
The move aligns Take-Two with Tencent-owned Riot Games, Electronic Arts and Japan’s Sony in trimming workforce this year due to uncertain spending from consumers after the pandemic-era boom.
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