Swedish conglomerate Thunderful has released its first financial report since announcing a restructuring program that will result in 20 percent of the company's workforce being laid off. For context, Thunderful had 519 employees at the end of 2023, meaning more than 100 people could lose their jobs. The move follows the announcement of the program in January, and is aimed at driving growth and expanding the "profitability" of the company, known for titles such as Planet of Lana, Somerville and Steamworld Build.
Now, in its fiscal report for the year ending December 31, 2023, the company explained that the restructuring program is off to a "good start" and that they expect savings ranging from $8.7 million to $10.7 million annually. Furthermore, it was pointed out that the new strategic focus and optimized processes will result in significant improvements in the gaming segment, and the year 2024 is described as a transitional period.
Thunderful's CEO, Martin Walfisz, also emphasized that the company is carrying out layoffs to course-correct after "excessive investments in the past": "Even though it's just the beginning, we've successfully reviewed the structure of the group and reached a common understanding of how we should manage in the future. We have launched a comprehensive restructuring program to deal with previous overinvestments and focus our activities on areas with the greatest potential for growth and profitability,” he said.
The ultimate outcome of this program and the actual number of job losses will probably be revealed in the second financial report.
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