The Swedish holding company Thunderful Group announced its second restructuring of the year. The previous one occurred at the beginning of 2024, leading to the dismissal of 20% of its staff.
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As part of the new restructuring, 80-100 positions will be eliminated at Thunderful Group, primarily affecting developers and administrative staff. As of September 30, 2024, the holding employed 315 people.
The layoffs are not the only measure Thunderful Group is taking. The holding has also decided to review its business processes. It plans to focus more on publishing games from third-party studios and invest less in games developed internally, which will result in some Thunderful Group projects being canceled. These steps are expected to reduce costs, increase flexibility, and improve cash flow management.
Thunderful Group intends to spend 25-30 million Swedish krona ($2.3-2.7 million) on restructuring.
In a separate announcement, Thunderful Group reported that in the latest quarter (July-September 2024), its revenue fell by 10.7% to 74.3 million Swedish krona ($6.74 million), while gross profit dropped by 25.3% to 69 million Swedish krona ($6.25 million).