Embracer has reaffirmed its unrelenting commitment to "maximizing shareholder value" after laying off almost 1,400 workers in six months.
The company provided an update on its sweeping restructuring program in its fiscal report for the third quarter ended December 31, 2023, and revealed it laid off another 483 employees during the last quarter.
That means the Swedish conglomerate has made precisely 1,387 layoffs throughout Q2 (904 job cuts) and Q3 (485 job cuts), equating to 8 percent of its total headcount. Says Embracer CEO Lars Wingefors, "With the actions that we are now taking, we are creating a strong foundation for the future, with an improved financial profile, and a more streamlined structure, while leveraging the potential of our diversified portfolio," he said.
"We have great assets and IPs and we aim to demonstrate the earnings power of those assets over time. I would like to send my thanks to all our shareholders, employees and customers for contributing to the continued prosperity and success of Embracer Group."
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we should be allowed to fire shareholders