Sony (NYSE:SONY) layoffs are in the news Friday as the PlayStation parent company is cutting jobs at video game development studio Bungie.

Bungie is the original developer of the Halo series and is currently working on Destiny 2 and its expansions. The latest update has Bungie CEO Pete Parsons confirming that 220 of its staff are being cut. That represents roughly 17% of its total workforce.

Parsons cites a few reasons why the game development studio is cutting jobs. That includes rising costs of development, changes in the industry and enduring current economic conditions.

Here’s what Parsons said in a note on the Bungie website:

“I realize all of this is hard news, especially following the success we have seen with The Final Shape. But as we’ve navigated the broader economic realities over the last year, and after exhausting all other mitigation options, this has become a necessary decision to refocus our studio and our business with more realistic goals and viable financials.”

Sony Layoffs: More Changes at Bungie

On top of these layoffs, Bungie notes that it is spinning off one of its development products to Sony’s PlayStation Studios. This will create a new studio within PlayStation Studios that will focus on an action game taking place in a brand new science-fantasy universe.

SONY stock is down 3.8% as of Friday afternoon.

Investors will want to keep reading for more of the most recent stock market stories on Friday!

We have all of the hottest stock market news ready to go today! Our coverage includes what’s happening with Intel (NASDAQ:INTC), Ginkgo Bioworks (NYSE:DNA) and MKDWELL (NASDAQ:MKDW) stock today. All of that info is ready to go at the links below!

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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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.