US gaming software company Electronic Arts is to cut its workforce by six percent, as technology companies continue a strategy of cost-cutting and greater efficiency.
The company reported revenues of almost $7bn for the fiscal year ended March 2022, an increase of 24.2% over the same period in 2021. But a number of negative macroeconomic factors have prompted technology companies to re-evaluate their operating costs.
A highly profitable and growing industry, the gaming software market was worth $197bn in 2021 and will become a $470bn industry by 2030, according to research analyst GlobalData. Mobile gaming will be the dominant segment, accounting for more than half of global gaming software revenues by 2030, according to the analyst.
Electronic Arts employs 12,900 people globally, as of the end of March 2022, according to its annual report. CEO Andrew Wilson, announced in a blog post, that the company plans to lay off six percent of its workforce – equating to approximately 774 job losses.
The California-headquartered company develops, markets, publishes and distributes digital interactive video games for electronic consoles and video game systems. The company’s content is used across products and apps including Microsoft’s Xbox, Apple‘s App Store, the Google Play store, on Sony’s PlayStation and Nintendo‘s WiiU.
The company also develops gaming software for use on mobile devices, tablets, PCs and the internet. The company caters for its games and services through digital distribution channels and retail channels, operating across Europe, Asia and North America.
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