Posted by cageymaru 1:14 PM (CST)
Monday March 04, 2019
Activision Blizzard said the recently announced layoffs at the company may have a negative impact on its business. On page 12 of its SEC filing, the company warned investors that the job cuts may not have the desired effect of saving the company money as "there can be no assurance that our business will be more efficient or effective than prior to implementation of the plan, or that additional restructuring plans will not be required or implemented in the future." The document goes on to explain that the consequences of the workforce reduction "may also be costly and disruptive to our business or have other negative consequences, such as attrition beyond our planned reduction in workforce or negative impacts on employee morale and productivity, or on our ability to attract and retain highly skilled employees." The company also announced that it received up to $164 million from Bungie for the rights to Destiny 2 when the developer split with Activision Blizzard.
Activision Blizzard CEO Robert Kotick announced that it was shedding eight per cent of the company's workforce after talking about the publishing giant's "record revenue" for the year. Kotick appeared alongside Electronic Arts boss Andrew Wilson in a list of the Top 100 Most Overpaid CEOs, too.