Ten Square Games has announced its decision to cut its workforce by 25%. On top of that, the Polish company will close two mobile titles.
The layoffs will affect about 120 people, according to Ten Square Games (via Reuters). As reported by Bankier.pl, the decision was made “due to the bad economic situation and its impact on the mobile games market.”
In addition to the job cuts, Ten Square Games will shut down two games, Undead Clash and Fishing Masters, with a write-off of PLN 14.3 million ($3.39 million) and PLN 11.4 million ($2.7 million) respectively.
“This will allow us to focus Ten Square Games’ resources and energy on the development of the main titles — Fishing Clash and Hunting Clash — in the coming months, and prepare for the further scaling of Wings of Heroes,” CEO Maciej Zuzalek said.
Ten Square Games reported PLN 499.9 million ($119 million) in revenue for 2022, down 23% year-over-year. The company’s adjusted EBITDA declined by 40% to PLN 128 million ($30.4 million).
Founded in 2011, Ten Square Games has become a successful mobile developer focused on various simulation titles. In 2018, it went public on the Warsaw Stock Exchange, raising PLN 94 million ($22.2 million) in total. The company’s market cap is now around PLN 605 million.
Ten Square’s two highest-grossing games, Fishing Clash and Hunting Clash, have generated $304.6 million and $49.9 million in lifetime revenue respectively (via AppMagic). As for the two closed titles, they didn’t live up to the full global launch.