Tencent's Riot Games to Cut 530 Jobs
By Dean Seal
Tencent Holdings' Riot Games plans to lay off about 530 employees, or 11% of its staff.
The maker of "League of Legends" said in a blog post on Monday that its headcount has more than doubled in the past few years and that it's now making cuts that will largely affect teams outside of core development.
"We spread our efforts across more and more projects without sharp enough razors to decide what players needed most," Riot Games said.
The company said it will reduce the size of its team working on the game "Legends of Runeterra" and stop new development on the game "Bandle Tale."
Shares of Tencent Holdings touched a 52-week low in market trading and ended the session down 3.1% at $33.48.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 22, 2024 19:05 ET (00:05 GMT)
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