Activision Blizzard has announced it’s laying off 8% of its staff (almost 800 employees) following its 2018 financial results.

The unfortunate rumor that Activision Blizzard was planning to lay off hundreds of its staff was confirmed yesterday evening after the company held its annual earnings call with investors. During the earnings call, the company announced it’d be cutting 8% of its staff which amounts to around 800 people.

If this wasn’t bad enough, the kicker came when Activision Blizzard CEO Bobby Kotick began the call by telling investors that they had “once again achieved record results in 2018”. The layoffs, according to the company, are due to missed expectations for 2018 and lowered expectations for 2019.

“Our restructuring plan sheds investment and less productive non-strategic areas of our business and will result in a net headcount reduction of approximately 8% while also driving a significant increase in investment, focus and capabilities around our biggest franchises. We’re confident that over time this plan will enable our teams to accelerate the delivery of high-quality content to our communities,” said COO Coddy Johnson.

Call of Duty: Black Ops 4 Blackout

According to Kotaku, sources have revealed that these layoffs affect various areas of the company including Activision publishing, Blizzard, King, as well as Activision’s studios such as High Moon. The report also details a note sent to staff which assures those affected will be receiving “a comprehensive severance package,” as well as health benefits, career coaching, and job placement assistance, among other things.

Finally, in a press release to investors, Kotick wrote:

“While our financial results for 2018 were the best in our history, we didn’t realize our full potential. To help us reach our full potential, we have made a number of important leadership changes. These changes should enable us to achieve the many opportunities our industry affords us, especially with our powerful owned franchises, our strong commercial capabilities, our direct digital connections to hundreds of millions of players, and our extraordinarily talented employees.”

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