Sony (NYSE:SONY) layoffs are on the way for the company’s PlayStation division as the video game business reduces headcounts at several of its developers.
Sony is planning to cut 900 jobs, or about 8%, of PlayStation’s workforce around the world. PlayStation VR efforts are being hit hard by these layoffs, as Sony is shutting down its London Studio and cutting jobs at its Firesprite studio.
In addition to this, several other game developers under Sony’s umbrella will see their numbers reduced. Among these are Spider-Man developer Insomniac Games, The Last of Us developer Naughty Dog and Horizon series developer Guerrilla Games.
PlayStation chief Jim Ryan, who is set to retire next month, said the following about the Sony layoffs in an internal memo obtained by The Verge:
“After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company. We had to step back, look at our business holistically, and move forward focusing on the long-term sustainability of the company and delivering the best experiences possible for our community.”
Sony Extends Layoffs Trend
Many tech companies have been announcing layoffs recently as they deal with the ongoing effects of an inflated economy. Several other game developers have also been cutting jobs in 2024. Sony rival Microsoft (NASDAQ:MSFT) announced layoffs earlier this year after its acquisition of Activision Blizzard.
SONY stock is up slightly as of Tuesday morning.
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On the date of publication, William White did not hold (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.
