Daily PitStop - Feb 22, 2023
Updated: Feb 23
Here's today's top 5 gaming news bite-sized for you:
Australia's Immutable, a crypto gaming company, reduces staff by 11%: Australian crypto gaming firm Immutable is cutting 11% of its workforce in order to maximize its cash reserves and focus on important projects, according to a letter from the CEO. The affected staff will be offered redundancy pay, counseling, coaching, and outplacement services. Immutable earned $27 million but had $83 million in expenses last year, according to financial submissions. However, the company reportedly has $280 million in cash reserves, which would last for over four years at its current spending rate.
The Samsung Galaxy S23 Ultra is a game-changing smartphone: The Galaxy S23 Ultra smartphone is designed to meet the needs of avid mobile gamers, offering powerful performance, faster reaction speeds, immersive graphics, and a long-lasting battery. Its Snapdragon 8 Gen 2 Mobile Platform for Galaxy provides improved processing power for AI deep learning, with an upgraded GPU that is 41% faster than the previous model. The smartphone has applied a Ray tracing technology that enhances immersion and creates realistic in-game play. Its Vision booster adjusts the brightness of the display to the user's lighting environment, ensuring clear and bright visibility even in strong sunlight. With multitasking capabilities, the Galaxy S23 Ultra offers smooth and fast response speeds even when performing CPU-heavy functions. Its One UI 5.1 software update offers more customization options to suit the user's preferences. The battery life of the Galaxy S23 series has been greatly improved, with the Galaxy S23 Ultra powered by a 5000mAh battery that can be charged up to 65% in 30 minutes with a 45W power adapter.
PS VR2 launches with dozens of games and 100 more titles in development: Sony has launched its new virtual reality gaming device, PlayStation VR2, and gamers can now experience high-fidelity visuals and unique sensations. Some of the industry's most talented game developers have worked alongside PlayStation's teams to create exciting games such as Horizon Call of the Mountain and Resident Evil Village. The device features eye tracking and haptic feedback on the PS VR2 Sense controller. More games such as Creed: Rise to Glory and The Walking Dead: Saints & Sinners: Chapter 2 Retribution will be launched in the future.
Nvidia surpasses Wall Street expectations in earnings despite a 46% decline in gaming revenue: Nvidia beat analysts' expectations in Q4 earnings despite a 46% YoY drop in gaming revenue. The company's Q1 revenue is expected to be $6.5 billion, which is higher than Wall Street's $6.35 billion forecast. Nvidia's AI-powered data center business revenue has jumped from $968 million in Q4 2019 to $3.62 billion in the latest quarter. Although Nvidia has experienced a decline in sales compared to the same period last year when the gaming industry was in high demand, its gaming segment is correcting itself for the unsustainable growth it saw during the pandemic.
The gaming industry prepares for an uncertain year ahead: Gaming and esports companies remain confident in their long-term prospects despite short-term challenges, such as decreasing revenues and changing consumer habits. The global games market declined by 4.3% YoY in 2022. Companies such as Nintendo, Sony, and Activision Blizzard reported mixed results in their earnings, with the latter's acquisition by Microsoft facing regulatory challenges. Sony's Q3 2022 earnings call reflected its dependence on hardware sales, whereas Nintendo, after years of avoiding adaptation of its popular IPs, has gone all-in and announced a 10% pay raise for its developers. Netflix has also taken note of the gaming industry's growth, serving games directly within its streaming platform.