The company behind Pokémon Go, Niantic lays off 8% of staff and cancels 4 projects

Pokémon Go developer Niantic is running into trouble as it builds “the real-world metaverse.” Like so many other tech companies facing turbulent economic times, the company decided to let go of 8% of its staff, affecting about 85 to 90 people. Just seven months ago, the company raised $300 million at a $9 billion valuation, more than doubling its valuation from 2018.
In an email to staff, reported by Bloomberg, CEO John Hanke said that the company needs to reduce costs to best prepare for “economic storms that may lie ahead.” Niantic also cancelled four upcoming project

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