Immutable layoffs — Jul 28, 2022

Immutable cuts staff on July 28, 2022 as tech layoffs spread

Australian Web3 unicorn Immutable cut staff in July 2022, according to reporting surfaced in Google News. The company did not disclose the number of jobs cut or the percentage of its workforce affected.

The move came on July 28, 2022, and was framed in the context of broader market pressure hitting the technology sector. The stated reason category for the layoffs was market-related, with the reporting describing the decision as part of a wider wave of tech job cuts.

Immutable is an L1/protocol company focused on Web3 infrastructure. The company had previously reached a $3.5 billion valuation only months before the layoffs were reported, underscoring how quickly market conditions had shifted for some crypto and tech firms in 2022.

No direct quote from company officials was included in the source material provided. The reporting did not disclose whether additional staffing changes were planned or whether the company offered a longer-term outlook following the cuts.

Sources: Google News