Riot Games laying off 11%

#1

Post by ortusdux » Mon, Jan 22, 2024, 11:49 PM UTC

Re: Riot Games laying off 11%

#2

Post by gamblor956 » Tue, Jan 23, 2024, 12:10 AM UTC

Riot Games is profitable, so this is about increasing profits.

EDIT: As several people have noted, while Riot Games is private, their majority owne (Tencent) is not. According to Tencent's most recent filings, video game revenue is up by double-digits and they reported profits in the past.

Unless Riot is claiming that they increased expenses by double-digit % in Q4, they are profitable.

Re: Riot Games laying off 11%

#3

Post by anotherhue » Tue, Jan 23, 2024, 12:13 AM UTC

> Severance Pay — We’ll offer a minimum 6 months of salary,

Well that actually does make it seem like it was something they wanted to avoid.

I might need to eat my hat https://news.ycombinator.com/item?id=38957024

Re: Riot Games laying off 11%

#4

Post by msie » Tue, Jan 23, 2024, 12:15 AM UTC

All it takes is for one of the big firms to go on a big hiring spree and the others will follow.

Re: Riot Games laying off 11%

#5

Post by hakdbha » Tue, Jan 23, 2024, 12:15 AM UTC

[dead]

Re: Riot Games laying off 11%

#6

Post by msie » Tue, Jan 23, 2024, 12:16 AM UTC

gamblor956 wrote: post #2

Riot Games is profitable, so this is about increasing profits. EDIT: As several people have noted, while Riot Games is private, their majority owne (Tencent) is not. According to Tencent's most recent filings, video game revenue is up by double-digits and they reported profits in the past. Unless Riot is claiming that they increased expenses by double-digit % in Q4, they are profitable.

Gotta juice that stock price!

Re: Riot Games laying off 11%

#7

Post by randomsofr » Tue, Jan 23, 2024, 12:16 AM UTC

Their severance looks good, (6mo minimum, cash bonus, health insurance, computer, etc). Also, kinda weird to being referred as a bet.

Re: Riot Games laying off 11%

#8

Post by travem » Tue, Jan 23, 2024, 12:17 AM UTC

msie wrote: post #6

gamblor956 wrote: post #2

Riot Games is profitable, so this is about increasing profits. EDIT: As several people have noted, while Riot Games is private, their majority owne (Tencent) is not. According to Tencent's most recent filings, video game revenue is up by double-digits and they reported profits in the past. Unless Riot is claiming that they increased expenses by double-digit % in Q4, they are profitable.

Gotta juice that stock price!

I do not believe Riot Games is publicly traded. Tencent do own a large stake however along with their stakes in other gaming companies

Re: Riot Games laying off 11%

#9

Post by wahnfrieden » Tue, Jan 23, 2024, 12:17 AM UTC

msie wrote: post #4

All it takes is for one of the big firms to go on a big hiring spree and the others will follow.

Everyone is enjoying the ongoing industry-wide wage suppression too much to want to jump back into rapid talent acquisition just yet

Re: Riot Games laying off 11%

#10

Post by aeturnum » Tue, Jan 23, 2024, 12:18 AM UTC

I don't know how accurate this release is, but on its face it seems very generous.