Media companies, including premium publishers and big Chinese tech firms, are facing challenges in the ad market, leading to layoffs and job losses. Big Tech firms are thriving in the ad market, while performance marketing, such as search and social, is improving with AI. Layoffs are soaring in the media and tech sectors as companies aim to cut costs. Embracer Group, a Swedish conglomerate, reported a 13% increase in net sales in Q2 but confirmed the layoffs of approximately 900 employees, despite the rise in quarterly net sales.
Embracer confirms 900 employees laid off in previous financial quarter https://t.co/bU3S0PzA3O https://t.co/586OfRi6w8
Embracer reports Q2 net sales up 13% YoY to ~$1B, layoffs impacted 900 employees, or 5% of its workforce, and 36 fewer games are in development than Q2 2022 (@kjyossman / Variety) https://t.co/oHq3i7sbMC 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/af4QL6Hfiu
Embracer confirms 900 layoffs following net sales upswing The Swedish conglomerate indicated it will continue making layoffs despite quarterly net sales rising by 13 percent to $170.5 million https://t.co/zlL3L4MOeV https://t.co/ZDJTO8ce7y
80Level: Embracer reports a 13% increase in net sales in Q2, attributing it to its intensive restructuring program, and confirms the layoffs of approximately 900 employees. Details: https://t.co/Mx2RzDgdHS #games #videogames #gameindustry #layoffs https://t.co/8snwkM7HCl
Embracer Group has confirmed that its ongoing restructuring resulted in 900 employees being let go during its second quarter ended in September. https://t.co/OHJGOCXOye https://t.co/NGKfkRtiPe
More than 200 jobs will be eliminated by year-end, per recent filings. https://t.co/L8XMTB6RY5
Job losses continue at high-profile companies in the tech and media sectors as the holiday season approaches. https://t.co/xWGuouQGFn
Job losses continue at high-profile companies in the tech and media sectors as the holiday season approaches. https://t.co/eSKE7NL0Oz
In Depth: The fall hiring season for big Chinese tech companies is a little quieter this year, reflecting slowing growth, corporate restructuring and changing needs of the once redhot industry. https://t.co/56c8UhJ3Ml
Media companies announce more layoffs to cut costs, blaming a relentlessly challenging ad market. https://t.co/tfblNRo8B5
Ad market is thriving for Big Tech but most premium publishers are really struggling —Analysts don't see it getting better in foreseeable future —Performance marketing (search, social, retail) getting even better with AI —Media layoffs soaring as a result https://t.co/Ln5u81par7
Media companies are cutting their workforces. The ad market recovery seen at Big Tech firms is not hitting premium publishers. Recent earnings reports from digital media companies show how weak the ad market has been for them. https://t.co/RGBJDnH59L