ByteDance layoffs are a hot topic on Monday following reports that the company will be cutting a significant number of workers.
The ByteDance layoffs will see the company make major cuts to its gaming division, Nuverse. While the exact number of job cuts is still unknown, it appears that many of the employees at Nuverse are being let go. That’s worth noting as it employs around 3,000 people.
It bears mentioning that ByteDance expanded into the gaming realm in 2021 with acquisitions to build up its presence in that space. This was part of the TikTok parent company’s plans to pull in more customers with its data-driven analytics.
A ByteDance spokesperson said the following to TechCrunch about the layoffs:
“We regularly review our businesses and make adjustments to center on long-term strategic growth areas. Following a recent review, we’ve made the difficult decision to restructure our gaming business.”
What the ByteDance Layoffs Will Affect
Players of games made by Nuverse may feel the effects of these layoffs. A few examples of games made by the company include Marvel Snap, Ragnarok X: Next Generation and One Piece: Blood Routes. While these will remain running for the time being, reports claim that ByteDance is seeking to divest them as part of its layoffs.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.