The latest tech giant to lay off more staff this year is GameStop.In addition, most cuts are crypto wallet Split.
2022 is the year of tech staff layoffs, and the latest company to announce further layoffs is video game retailer GameStop. The company, which was at the center of a memetic stock-trading frenzy in early 2021, laid off employees again.
according to Axiosciting “sources familiar with the matter,” the company is laying off more engineers this week.
The outlet also raised a lot of LinkedIn post From a disgruntled ex-employee. GameStop lead software engineer Daniel Williams said:
“Another big round of layoffs from GameStop currently underway… e-commerce products and engineers… lots of them.”
The company plans to announce its third quarter earnings on December 7th.
GameStop Crypto Wallet Reduction
According to Axios, many of those affected were working on GameStop’s blockchain walletBlockchain Engineer at GameStop Brandon Jenniges I have written On LinkedIn:
“Unfortunately we were affected by the staff cuts at GameStop today. Had a great time digging deep ethereum You will learn many new things in the crypto space. ”
according to KotakuGameStop CEO Matt Furlong wrote an email to staff stating that the company is “coming out of the restructuring phase of its transformation.”
“We have continued to be clear about the appropriate level of corporate staffing needed to meet our profitability and growth goals.”
Furlong condemned the “aggressive” but “difficult” decision to lay off staff.he denounced inflation “Lower consumer confidence” in cutbacks. It’s the third layoff in GameStop’s corporate office this year, and the company’s stock has fallen 32% since early 2022.
GameStop is NFT Marketplace It runs on the Immutable X Ethereum sidechain.Additionally, the company launched Ethereum crypto wallet Rival in May meta mask.
However, the downturn in the cryptocurrency market has affected both platforms, leading to the decision to downsize the team.game stop NFT Marketplace I am not getting as much traction as I would have hoped.
A year of tech layoffs
According to the tech industry layoff tracker, layoff.fyi, more than 200 technology and financial companies have cut headcount since the beginning of November. Of that total, about 10% of the companies listed were related to the cryptocurrency industry.
Additionally, Tracker reports that 916 tech companies will lay off employees in 2022, affecting 144,554 employees.
As report Bybit is the latest cryptocurrency company to cut jobs this week, according to BeInCrypto.
Disclaimer
BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.
