tl;dr
Video game publisher Take-Two Interactive (NASDAQ:TTWO) disclosed on Tuesday that it will reduce its workforce by about 5%, spelling continued trouble for the video game industry. As of March 31, 2023, the publisher of the Grand Theft Auto franchise had 11,580 employees. A 5% reduction in its headco...
Video game publisher Take-Two Interactive (NASDAQ:TTWO) disclosed on Tuesday that it will reduce its workforce by about 5%, spelling continued trouble for the video game industry. As of March 31, 2023, the publisher of the Grand Theft Auto franchise had 11,580 employees. A 5% reduction in its headcount would impact about 579 employees. The company added that it would scrap several projects in development as part of a cost reduction program, which is estimated to lead to total charges of $160 million to $200 million. Just as in 2023, layoffs have hit the video game industry in 2024. In January, Tencent's (OTCPK:TCEHY) (OTCPK:TCTZF) Riot Games announced it would lay off 11% of its workforce. Unity (U) also announced a 25% reduction in workforce, while Amazon's (AMZN) live-streaming site Twitch announced plans to cut about 35% of its workforce. Microsoft (MSFT) reportedly laid off 1,900 employees at its gaming division, affecting roles at Activision Blizzard, Xbox, and Zenimax. Take-Two (TTWO) is the parent company of Rockstar Games, the studio working on the highly anticipated Grand Theft Auto VI. The company continues to earn massive amounts of revenue from its GTA series, even though the last installment, GTA V, was released in 2013. The company expects its cost reduction plan to be largely complete by December 31, 2024.
More about Take-Two Interactive Software Inc
Company: Take-Two Interactive Software Inc
Description: American video game holding company based in New York City. Owns Rockstar Games and 2K.
Industry: Technology, Services-Prepackaged Software
Market Cap: $24.81 billion
Dividend Yield: None
P/E Ratio: -8.71
EPS: $31.85
Return on Equity: -0.269
Revenue: $5.396 billion
52-Week High: $176.56
52-Week Low: -0.497
Price/Book: -0.029
More about Unity Software Inc
Unity Software Inc Analysis Summary
Unity Software Inc. operates a real-time 3D development platform. The company is headquartered in San Francisco, California.
Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 9.43 billion
Dividend Yield: None
P/E Ratio: None
EPS: -2.16
Revenue: 5.75 billion
Net Income: -0.376 billion
EBITDA: 2.187 billion
Shares Outstanding: 73.17 million
Price: $30.35
Volume: 2.18 billion
Price/Earnings Growth Ratio: 0.351
More about Amazon.com Inc
Amazon.com, Inc. is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Microsoft, and Facebook. The company has been referred to as one of the most influential economic and cultural forces in the world, as well as the world's most valuable brand.
Industry: TRADE & SERVICES
Sector: RETAIL-CATALOG & MAIL-ORDER HOUSES
Market Cap: 1910143713000
Dividend Yield: 2.9
Price to Earnings Ratio: 55.78
Price to Earnings Growth Ratio: 0.0529
Revenue: 574784995000
Net Income: 209.59
EPS: 50.69
EBITDA: 0.139
More about Microsoft Corporation
Microsoft Corporation is an American multinational technology company that produces computer software, consumer electronics, personal computers, and related services. Its best-known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. Microsoft ranked No. 21 in the 2020 Fortune 500 rankings of the largest United States corporations by total revenue, and it was the world's largest software maker by revenue as of 2016. It is considered one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Amazon, and Facebook.
Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: $307.35 billion
Current Price: $37.47
Change: $2.86
Change %: 11.04%
PE Ratio: 30.61
Dividend Yield: 0.363
Shares Outstanding: 22,758,300,100
Volume: 462.27
EPS: $0.332
Net Income: $0.176
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