TechFlow news — According to the Sydney Morning Herald, Australian company Immutable (developer of Immutable X) is cutting 11% of its workforce. Immutable CEO and co-founder James Ferguson said the layoffs are necessary to extend the duration of cash reserves and focus resources on the most critical projects.
In a note to employees, James Ferguson stated that Immutable generated $27 million in revenue over the past fiscal year but spent $83 million. A spokesperson said the company currently holds 280 million Australian dollars in cash on its balance sheet, which at the current burn rate is sufficient to last four years.Source link
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