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More employers greet 2024 with job cuts

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According to the CEO, the layoffs came after the company have “too many things underway,” with some of its “significant investments” not paying off and costs growing unsustainable.

Jadeja said they carried out hiring slowdowns and freezes, as well as controlled costs in the past to avoid laying off employees.

“But as I’ve dug in with leaders across Riot, it’s become clear to all of us that these changes aren’t enough,” the CEO said. “We’re not doing this to appease shareholders or to hit some quarterly earnings number – we’ve made this decision because it’s a necessity. It’s what we need to do in order to maintain a long-term focus for players.”

SAP restructuring

Across the pond, enterprise software giant SAP announced on Tuesday that it is carrying out a company-wide restructuring program that will impact 8,000 employees as the company shifts its focus to Business AI.

“The majority of the approximately 8,000 affected positions is expected to be covered by voluntary leave programs and internal re-skilling measures,” SAP said in a statement. “Reflecting re-investments into strategic growth areas, SAP expects to exit 2024 at a headcount similar to current levels.”

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