Sad news. Saw writing on the wall when they started losing some of their licenses, but surprised it seems to be turning this quick.
Funny, that’s the first place I looked for an article…and I never read bleeding stool!
This isn’t good.
Hopefully IDW gets bought out. I love their stuff.
Sounds like they are trying to turn it around with the announcement of promotions. It is layoff season, so corporate books look good at year end, which for some places is June 30. Sucks for everyone who got let go, especially those who moved across the country.
Disney and its companies (ESPN) and the tech sector is and has been going through the same thing. My company and my wife’s company recently did the same thing and both are performing better than the previous year. Luckily we survived.
As much as you like working at a place, remember that they’ll let you go as soon as they need to show growth to shareholders. They don’t have loyalty, and neither do you if you get offered a better gig somewhere else.
For large companies, it’s always about pleasing the shareholders. If you need to boost your profits, get rid of your biggest expense, which is payroll. Stocks go back up after layoffs. If you’re doing super great and you want to prove to the shareholders the company is growing, hire more people than you need so the stocks go up… don’t worry, you can lay them off later to once again save the stock prices. And around and around we go… it’s just how companies manipulate the stocks to please the shareholders.
A perfect example is Amazon. They’re laying off AWS tech workers left and right yet just bragged about making 2.9 billion profits… why are they laying off so many if they’re not in the negative? Oh, so stocks go back up… that’s why!
When their stock price is .03% of 1cent I will buy the company.