Playtika announces layoffs, sunsets three titles as it seeks to optimize cost

Playtika, the Israeli tech company known for its popular online gambling and gaming titles, has announced that it will lay off 15% of its workforce, affecting a total of 615 out of its 4,100 employees across Europe, Israel, and the U.S.

In addition, the company said it will sunset three titles, MergeStories, DiceLife, and Ghost Detective, as part of its efforts to streamline costs.

Playtika, which went public on Nasdaq in June 2021 and has a current market capitalization of $3.1 billion, has faced challenges in the tech sector, including a drop in tech stocks and missed earnings estimates in the third quarter of 2021.

The company was one of the businesses that went public last year, riding on the back of a huge surge in usage among pandemic consumers cooped up at home and staying out of in-person social situations.