Electronic Arts to Cut 800 jobs, Reduce Office Space

Electronic Arts ($EA@US), one of the world's largest gaming companies, is cutting 800 jobs, or roughly 6% of its workforce. In a message to employees, CEO Andrew Wilson said, "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy." According to a quarterly filing in March 2022, EA had just under 13,000 employees. In January, the company missed estimates on quarterly revenue and provided a bookings forecast that was weaker than expected. The company expects to take impairment charges ranging from $170 to $200 million, according to a filing with the Securities and Exchange Commission (SEC). The steps toward the restructuring plan will be “substantially complete” by the end of September.