Thunderful Group to Lay Off 20% of Its Workforce - News
by William D'Angelo , posted on 03 February 2024 / 2,604 Views
Thunderful Group announced plans for a restructuring program that will lead to approximately 20 percent of its workforce being laid off.
The goal of the restructure is to "strengthen the Group’s long-term competitive position" and to reduce annual costs of 90-110 MSEK and improved cash flow with an equivalent amount.
"Since I joined as CEO in the fall of 2023, we have evaluated the current business and the future position of Thunderful," said CEO Martin Walfisz.
"To ensure and strengthen the viability of the Group, we have found no alternative other than to reduce costs and focus the business on areas with the best future growth and profitability prospects. It has been difficult to make these decisions, and it saddens me that we will have to say goodbye to many skilled colleagues and partners.
"Nevertheless, I am convinced that this is a necessary direction for Thunderful and that these changes will make the company a stronger player in the market."
Thunderful Group was founded in 2019 and has a headquarter located in Gothenburg, Sweden, with more offices across the world. The company has about 30 subsidiaries including seven development studios and three publishers.
A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012 and taking over the hardware estimates in 2017. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel. You can contact the author on Twitter @TrunksWD.
