Epic Games cuts 1,000 jobs, says Fortnite engagement is down

Epic Games is laying off 1,000 employees stated in a company memo posted on Epic's blog.

Tim Sweeney said Fortnite engagement has declined, causing spending to exceed revenue written in the CEO's memo.

Epic Games raised the price of V-Bucks price increase implemented last week for Fortnite's in-game currency.

Will provide four months of severance pay to laid-off employees, longer-tenured employees will receive additional severance.

Will continue paying U.S. employees' healthcare for six months after the layoff healthcare payments cover the period following the layoffs.