KitGuru KitGuru.net – Tech News | Hardware News | Hardware Reviews | IOS | Mobile | Gaming | Graphics Cards
Following a string of expensive lawsuits, as well as pumping a lot of money into its own PC games store through unprofitable game exclusivity deals, Epic Games hit financial struggles resulting in layoffs. Now months later, Tim Sweeney says that the company's finances are under control.
During his keynote speech at Unreal Fest 2024, Epic Games CEO, Tim Sweeney, stated that the company is now “financially sound” after a couple of years of burning through funds at a fast rate. However, it is also worth noting that Epic Games did just recently open up another major lawsuit against two tech giants, Google and Samsung, which will no doubt cost Epic a lot of money to see through over the next year.
Here is the relevant quote from Sweeney's opening keynote:
“Last year’s Unreal Fest began with some sad news. The company had to get its finances in order, and we just had some major layoffs. We spent the last year rebuilding and also executing solidly on all fronts. I’m happy to tell you now that the company is financially sound, and that Fortnite and the Epic Games Store have hit new records in concurrency and success. Fortnite hit 110 million monthly active users last holiday, an all-time peak.”
A lot of other news has also been coming out of Unreal Fest this week, including a suite of new AI-assisted development tools from Nvidia, all of which now plug straight into Unreal Engine 5.
Discuss on our Facebook page, HERE.
KitGuru Says: Around 1000 people lost their job at Epic Games due to the company's spending habits. Hopefully moving forward, the leaders at the top will be a bit smarter with the money to avoid having to go through that again.
