As the layoffs in the tech, gaming, and entertainment industry continue to spread like a virus, it seems Riot Games, for the first time in the company’s history, can’t avoid the layoff wave.
According to a report from Jacob Wolf on Jan. 18, Riot is making layoffs. The layoffs aim to cut down the number of those working across recruiting, human resources, support, and esports.
Layoffs have been a trend recently in tech, gaming, and the entertainment industry and Riot’s move is by no means a surprise, according to Wolf. “Riot’s historically not made many reductions in force in the past, but it’s in line with a broader trend in tech, gaming and entertainment as economic hardship begins to affect many corporations,” he said.
This comes after Microsoft announced on Jan. 19 it’s laying off 10,000 employees through March 31. Layoffs in the tech world have been on the rise since the end of 2022 with companies like Alphabet, Amazon, and Saleforce cutting down on their manpower thanks to rising prices.
“Rising prices have prompted companies to become more careful about technology spending, hurting prospects for the tech stocks that outperformed other market sectors year after year,” CNBC explains.
There might be some hope left as Riot hasn’t made an official statement confirming the layoffs.
Published: Jan 19, 2023 03:24 am