Epic Games CEO Tim Sweeney declared the company "financially sound" during a presentation at Unreal Fest 2024.

This statement comes after a tumultuous period marked by significant layoffs and strategic divestitures.

The Layoffs And Strategic Shifts

In September 2023, Tencent ADR (OTC:TCEHY) backed Epic Games made headlines when it announced a massive reduction in its workforce, laying off approximately 830 employees—about 16% of its total staff.

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Alongside the layoffs, Epic divested its music service platform Bandcamp and spun off the majority of SuperAwesome, a child-safe technology company. These moves resulted in the exit of around 250 additional staff members.

At the time of the layoffs, Sweeney said that Epic had been "spending way more money than we earn," pointing ...

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