Sony, PropertyGuru and Expedia have announced a round of layoffs each, affecting more than 2,000 employees in total.
Source: VDB Photos for Shutterstock via Travel Weekly
On Tuesday (27 Feb), Sony revealed it would cut 900 jobs at its PlayStation department amid a post-pandemic slump.
Similarly, PropertyGuru and Expedia have decided to lay off 79 and 1,500 employees respectively.
Reuters reported that the Sony layoffs would affect about 900 employees at its PlayStation unit.
In addition, the company is shutting down its studio in London.
The news comes as the video game industry attempts to recover from a slump following the pandemic.
The layoffs would also impact about 8% of the division’s staff globally, from the Americas to Asia.
According to Reuters, the firm revealed the news days after it slashed annual sales expectations for its PlayStation 5 console.
Sony gaming chief Jim Ryan, who plans to retire in March, blamed the layoffs on changes in the development, distribution, and launch of products in the video gaming industry.
“We have concluded that tough decisions have become inevitable,” he said.
The layoffs will additionally affect Sony’s other studios.
This includes Insomniac Games and Naughty Dog, the studios behind ‘Marvel’s Spider-Man 2’ and ‘The Last of Us’ respectively.
Source: PCMag
Earlier this month, Sony shared that it expected a gradual decline when it came to unit sales of the PlayStation 5 from next year.
Sony’s plans for the coming fiscal year do not include the release of any major franchise titles.
PropertyGuru said in an open letter to staff on 27 Feb that it would lay off 79 employees, which translates to 5% of its workforce.
The layoffs are part of a strategic review, including the property portal closing non-profitable units.
Source: Google Maps
Speaking to MS News, a PropertyGuru spokesperson described the review as a comprehensive attempt to “re-architect” the organisation.
Chief executive officer and managing director Hari Krishnan said: “This decision was made after careful and objective identification of the roles for PropertyGuru’s next phase of growth.”
“Volatile market conditions and changing customer needs require us to adapt our strategy so that we can continue to grow sustainably,” he added.
“It’s essential that we periodically reassess our progress and take proactive steps to future-proof our business.”
PropertyGuru will also shut down two out of nine branches in Vietnam related to its marketplace business.
The review additionally involves redesigning roles within customer support across marketing, product and enterprise sales.
This will serve customers “holistically and with enhanced value”.
Mr Krishnan stated in his letter that those affected would receive benefits, including a severance pay of one month for each year’s service — capped at 12 months — or a country-statutory severance pay, whichever is higher.
Meanwhile, The Economic Times reported that online travel site Expedia announced plans to cut 1,500 jobs globally on Monday (26 Feb).
Translating to about 9% of its total workforce, the layoffs are part of an “organisational and technological transformation”.
The restructuring follows on the heels of an earlier announcement by Expedia stating its revenue would moderate in 2024 after a drop in air ticket prices and the stepping down of former CEO Peter Kern.
Speaking to The Economic Times, an Expedia Group spokesperson said:
The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritised.
Expedia added that it expects the total pre-tax charges and cash expenditures for its restructuring actions to be between US$80 million (S$108 million) and US$100 million (S$135 million).
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from AP News, Google Maps, and VDB Photos for Shutterstock via Travel Weekly.
The ceremony saw the attendance of the President, the outgoing PM, ministers, and his wife.
Many aspiring professionals looking to relocate to Singapore hail from neighbouring countries like Malaysia, Thailand,…
NTU is also Singapore's sole representative on the list.
Housing and rent are also issues that Singaporeans hope Lawrence Wong will prioritise.
She urged members of the public to make a prayer for her brother so that…
He also suffered constant bouts of diarrhoea and vomiting.