Reports indicate that Israeli gaming company Playtika is set to cut an additional 300 to 400 jobs following a turbulent year that began with major layoffs at the end of 2022.
In December 2022, the company parted ways with 600 employees, constituting 15% of its staff. The troubles continued into 2023 when its acquisition attempts of Angry Birds maker Rovio were unsuccessful. The company eventually sold to Sega after parallel negotiations.
Prior to that, Playtika had significant rounds of layoffs in 2022, closing three studios in June, including Best Fiends developer Seriously, resulting in around 250 employees losing their jobs.
Challenges ahead
The company currently employs around 3,800 people, with the latest round of layoffs affecting 10% of the staff. Approximately 1,100 of those employees are based in Israel. It is understood that the latest layoffs will not impact its offices in Israel.
Playtika’s stock has seen a significant decline year-on-year, currently trading at around $8 per share compared to $18 in 2022 and $27 when the company first went public in January 2021.
Israel continues to be a strong player in the global games industry, with an estimated worth of $9 billion. Mobile remains the most popular platform for developers and players, and Playtika is one of the largest mobile game companies in the country.
We will provide more information on those affected by the latest layoffs soon.
