December 4, 2023

Embracer Group has announced its financial results for the second quarter of 2023, and the new report goes into detail regarding just how many layoffs the company has made since its “restructuring program” began.

In the report, which covers the period between July and September 2023, Embracer announces that its net sales increased by 13%, driven mainly by the group’s mobile, tabletop, and “entertainment and services” divisions.

Embracer Group says Remnant 2 enjoyed a “successful” release earlier this year.

According to Embracer, although Remnant 2 performed well in sales terms, Payday 3‘s “mixed reception and performance”, along with a mixed reception for “a few smaller releases”, contributed towards a decline in the PC and console game division.

The group says it expects its financial fortunes to improve, however, given a number of upcoming games on its slate, including Homeworld 3South Park: Snow Day!, and Alone in the Dark.

The new financial report also gives an insight into the scale of recent layoffs at Embracer, which have hit studios like Cryptic and resulted in the closure of Saints Row developer Volition.

A member of the Saints aiming a gun at a downed foe while another keeps lookout in Saints Row, an Embracer Group game
Saints Row developer Volition was shut down recently.

According to Embracer Group, as of September 30th, “around 900 people” had been laid off, constituting about 5% of Embracer’s total workforce.

It seems that this figure doesn’t take into account more recent layoffs, either, such as those at Cryptic Studios, so the eventual figure will likely end up being even higher than that.

It’s also not clear whether this figure involves those who have voluntarily left the company, such as COO Egil Strunke, who departed to form his own company earlier this month.

As a result of this “restructuring program”, however, Embracer CEO Lars Wingefors says he’s confident the company will “deliver on the targets we set out in June” and also “maintain our status as one of the global leaders within the gaming industry”.

If you want to get a bigger picture regarding Embracer’s overall financial health for Q2 2023, you can read the group’s full report right here. Stay tuned for more info on all things Embracer Group.

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