Activision Blizzard lays off nearly 800 employees

Despite claiming several records in their Q4 reports, publisher Activision Blizzard announced earlier today that they will be letting go nearly 800 of their employees after "failing to meet expectations".

Activision Blizzard lays off nearly 800 employees
Earlier today it was revealed that publisher Activision Blizzard let go of almost 800 of their employees after the company failed to meet growth expectations in spite of new earning records, according to a conference call held earlier today.

The publisher reported new record earnings for not only the fourth quarter but the year as a whole, with a record net revenue of $7.50 billion, with digital channels accruing a record $5.79 billion. Despite this, the company announced it would be restructuring going into 2019 after failing to meet growth projections for 2018.

"We didn't execute as well as we hoped to in 2018, and our current outlook for 2019 falls below what is possible in an industry filled with growth opportunities,"  Said CEO Robert Kotick to analysts during the call. "We didn't achieve the reach, engagement, and player investment goals we set for ourselves."

In regards to their future plans, Activision Blizzard stated they would be focusing on larger, internally owned franchises, while de-prioritizing games not meeting expectations. The company also plans to increase development resources for said large franchises by 20% going forward.

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