Activision Blizzard, Inc. (NASDAQ:ATVI) lost 3.82% in the previous trading session to close at $42.78. The stock seems to be not recovering from its lows here is the latest update from the company.
Game Workers Unite calling for the immediate ouster of Chief Executive Officer of Activision BlizzardBobby Kotick on laying off almost 800 workers. The decision to sack the employees has jeopardized the lives of hardworking and skilled employees. The Grassroots Labor Organization termed the decision to the layoff of employees while raking in millions in the form of bonuses as leadership mischief. They said the leadership is theft and to be removed immediately.
Activision announces laying off 775 employees
Activision has announced Wednesday that it is laying off 775 employees as it plans to concentrate on first-party franchises including ‘Overwatch,’ ‘Candy Crush,’ and ‘Call of Duty.’
Activision reports record revenues
Activision reported robust revenues in 2018. The company reported net revenues of $2.38 billion in the previous quarter surpassing the previous forecast of $2.24 billion. Its net revenue increased to $1.8 billion in 2018 from $273 million in 2017. The company’s net revenues soared to $7.5 billion in 2018 when compared to $7.02 billion in 2017.
Game Workers Unite termed the results as the brilliant teamwork of the employees. The CEO is drawing $30 million a year as remuneration. They termed the words of CEO as disgusting as the company reported robust revenues and took a decision for massive layoffs. The workers’ union says the salary of CEO is enough to pay for the 800 employees in a year. He is one of the highest-paid Chief Executive Officers in the world. His leadership is exploitative and greedy, and the workers’ union is demanding for the removal.
Chief Executive of Nintendo, Iwata cut the package in times of trouble to pay for employees. Game Workers Unite said there is no excuse for the company in sacking the employees. They also termed the decision of the company to offer a bonus of $15 million to the new CFO as wrong. Such decisions are not justifiable and demand the sacking of the CEO immediately. It is one of the bad companies engaged in video games to layoff 8% of the workforce.
The company even has laid off developers of the games and transferred some employees. It has removed the IT personnel and support staff. Activision argues that some games require few support personnel for the continued operation.