Tencent’s ‘League of Legends’ developer Riot Games announces layoffs of 530 staff
BANGKOK — Riot Games, the developer of the popular “League of Legends” multiplayer battle game, is joining other tech companies that have been trimming their payrolls with a layoff of 11% of its staff. In a lengthy statement to staff issued late Monday, CEO Dylan Jadeja and co-founder and president of the company Marc Merrill said the move was meant to “create focus and move us toward a sustainable future.”
BANGKOK — Riot Games, the developer of the popular “League of Legends” multiplayer battle game, is joining other tech companies that have been trimming their payrolls with a layoff of 11% of its staff.
In a lengthy statement to staff issued late Monday, CEO Dylan Jadeja and co-founder and president of the company Marc Merrill said the move was meant to “create focus and move us toward a sustainable future.” It said 530 jobs were being eliminated, accounting for about 11% of the headcount at the company, which is owned by the Chinese technology giant Tencent.
A note to customers said, “This isn’t to appease shareholders or to hit a quarterly earnings number—it’s a necessity.”
The Los Angeles, California-based company said it had expanded its investments across too many areas, doubling its staff in a few years, and now was cutting back to focus on games.
“Today we’re a company without a sharp enough focus, and simply put, we have too many things underway. Some of the investments we’ve made aren’t paying off the way we expected them to,” the statement said.
Rating: 5