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Take-Two Interactive to lay off 5% of staff and scrap several projects that are in development as part of a cost-reduction plan

Smitch

Smitch

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Apr 21, 2022
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April 16 (Reuters) - Take-Two Interactive Software (TTWO.O), opens new tab will lay off about 5% of its workforce, the publisher of the "Grand Theft Auto" franchise said on Tuesday, as the gaming industry extends its job cuts from the past two years into 2024.
The company said it would also scrap several projects that are in development as part of a cost-reduction plan, which is expected to lead to total charges of $160 million to $200 million.

The plan is expected to be largely complete by Dec. 31, 2024, it added.
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--R

--R

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Oct 25, 2017
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Take-Two Interactive Software (TTWO.O), opens new tab will lay off about 5% of its workforce, the publisher of the "Grand Theft Auto" franchise said on Tuesday, as the gaming industry extends its job cuts from the past two years into 2024.
The company said it would also scrap several projects that are in development as part of a cost-reduction plan, which is expected to lead to total charges of $160 million to $200 million.

The plan is expected to be largely complete by Dec. 31, 2024, it added.
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DJwest

DJwest

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Oct 26, 2017
7,224
Just as they are about to release the most successful game of the generation right? Nice
 
David Matter

David Matter

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Apr 16, 2024
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so they decided to take people back in the offices to then say "oh hey" now 5% of you are going to be laid off, this is craaaaaazy, just when they will launch possibly the biggest game of the next two generations
 
I Fall

I Fall

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Dec 31, 2023
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Brazil
That's one effective way to maintain growth when you can't expand customers base or hike prices.

Capitalism at work.
 
TheBee

TheBee

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Oct 18, 2023
804
They're doing the right thing.

Honestly, they'd go bankrupt without these changes since GTA V and RDR2 didn't make that much money and GTA VI is expected to be a flop.
 
The Artisan

The Artisan

"Angels are singing in monasteries..."
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Oct 27, 2017
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What!! oh my God this is so sad. 5% may not sound like a lot, but every single percent is a person. Sorry to hear this is happening to them.
 
I Fall

I Fall

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Dec 31, 2023
237
Brazil
That's an effective way to keep growing when you can't rise prices or got more consumers.

Capitalism at work.
 
JMS

JMS

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Jul 22, 2022
2,953
it's just absolutely insane to me that they will probably make billions of pure profit in HOURS when GTA 6 releases and still feel like they need to do this just to please shareholders
 
Duane

Duane

Unshakable Resolve
The Fallen
Oct 27, 2017
6,516
  • Take-Two Interactive Software annual gross profit for 2023 was $2.285B, a 16.04% increase from 2022.
  • Take-Two Interactive Software annual gross profit for 2022 was $1.969B, a 7.17% increase from 2021.
  • Take-Two Interactive Software annual gross profit for 2021 was $1.838B, a 18.83% increase from 2020.


source
 
Golbez

Golbez

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Oct 20, 2020
2,479
A shame their new little indie franchise called Grand Theft Auto didn't catch on.

Seriously though, fuck off.
 
somerandomweirdguy

somerandomweirdguy

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Nov 2, 2017
2,114
Duane said:
  • Take-Two Interactive Software annual gross profit for 2023 was $2.285B, a 16.04% increase from 2022.
  • Take-Two Interactive Software annual gross profit for 2022 was $1.969B, a 7.17% increase from 2021.
  • Take-Two Interactive Software annual gross profit for 2021 was $1.838B, a 18.83% increase from 2020.
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it's amazing that no matter how much money these companies make they always find ways to fire people
 
Dyle

Dyle

One Winged Slayer
The Fallen
Oct 25, 2017
30,321
Damn shame they're cancelling GTA 6

What could they cancel? A Firaxis and a Gearbox project? Their lineup is typically quite slim for their massive size, there isn't that much fat to trim if they aren't dropping Private Label
 
Josh5890

Josh5890

I'm Your Favorite Poster's Favorite Poster
The Fallen
Oct 25, 2017
23,859
The company said it would also scrap several projects that are in development as part of a cost-reduction plan, which is expected to lead to total charges of $160 million to $200 million.
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RIP Bully 2

Seriously though, these layoffs suck. Hopefully everyone lands on their feet.
 
ragolliangatan

ragolliangatan

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Aug 31, 2019
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jesus, when will the layoffs fucking end?

5% of their staff is about 600-700 people I think.
 
sedael

sedael

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Oct 16, 2020
912
Just yesterday there were rumors take two was getting ready to announce something about mafia 4, I hope that it isn't cancelled but this timing worries me
 
Wrench

Wrench

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Jan 19, 2022
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Odd, they are Great Place To Work Certified TM.

We-re_Certified__1__1_.jpg
 
Fat4all

Fat4all

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Oct 25, 2017
95,295
here
my rough math puts that somewhere between 500-700 people fired
 
ChaosXVI

ChaosXVI

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Oct 25, 2017
2,925
Oh come on now. T2 could probably just release nothing but content packs for GTA V for 10 more years and still make more money than most publishers. What the actual fuck?
 
dreamfall

dreamfall

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Oct 25, 2017
6,101
Pure insanity - I hope those affected can land on their feet.

Struggle to believe that all their insistence on micro transactions through VC and GTA Online would justify this. Also isn't Top Spin 5 just about to come out? Redundancies or what's the justification this time?
 
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