Despite mounting evidence that Games as a Service are struggling, executives continue to go back to that empty well. Also: A ton of earnings reports (Nintendo, EA, Paradox, Square Enix, Sega, Ubisoft, Remedy, Embracer Group, and Sony), the labor picture worsens, and Niantic may be exiting the gaming space.

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TIME STAMPS

• [00:01:58] – Nintendo Q3 FY25 Earnings
• [00:16:07] – EA Q3 FY25 Earnings
• [00:30:18] – Paradox FY24 Earnings
• [00:34:40] – Take Two Q3 FY25 Earnings
• [00:36:46] – Square Enix Q3 FY25 Earnings
• [00:40:17] – Sega Q3 FY25 Earnings
• [00:42:52] – Ubisoft Q3 FY25 Earnings
• [00:44:49] – Remedy FY24 Earnings
• [00:47:15] – Embracer Group Q3 FY25 Earnings
• [00:50:18] – Sony Q3 FY25 Earnings
• [00:54:11] – Investment Interlude
• [01:01:38] – Quick Hits
• [01:05:18] – Labor Report

SOURCES

• Consolidated Results for the Nine Months Ended December 31, 2023 and 2024 | Nintendo
• Electronic Arts Reports Q3 FY25 Results | EA
• Battlefield Labs | EA
• END OF KAIZEN REVIEW | EA
• Year-end report January – December 2024 | Paradox
• Paradox Interactive acquires Haemimont Games | Paradox
• Consolidated Financial Results for the Nine-Month Period Ended December 31, 2024 | Square Enix
• Consolidated Financial Results for the Nine-Month Period Ended December 31, 2024 | Sega
• UBISOFT REPORTS THIRD-QUARTER 2024-25 SALES | Ubisoft
• Remedy Entertainment Plc: Financial Statements Release January-December 2024 | Remedy
• Embracer Group publishes Interim Report Q3 | Embracer Group
• Q3 FY2024 Consolidated Financial Results | Sony

INVESTMENT INTERLUDE

• Dead Astronauts Secures €4M In Oversubscribed Seed Round | Dead Astronauts
• nDreams establishes new internal studio, shutters two others | GamesIndustry
• GameStop Announces Plan to Pursue a Sale of French and Canadian Operations | GameStop
• ‘Pokémon Go’ Maker Nears $3.5 Billion Deal to Sell Games Unit | Bloomberg (Paywall)

LABOR REPORT

• Sumo Group is Refocusing and Undergoing Layoffs | Sumo Group on LinkedIn
• Iron Galaxy Layoffs | Iron Galaxy on LinkedIn
• Report: ProbablyMonsters conducting more layoffs after pledging to build ‘stable home for developers’ | Game Developer
• Report: Hi-Rez Studios laid off dozens of developers from Smite team | Game Developer
• Crytek is Laying Off 15% of its Workforce | Crytek on LinkedIn
• VR dev Toast Interactive lays off majority of staff | Game Developer
• Liquid Sword makes “deeply regrettable” job cuts for “the studio’s long-term sustainability” | GamesIndustry
• Netflix has laid off staff at Oxenfree developer Night School Studio | Game Developer
• Bossa Games Layoffs | Bossa Games on LinkedIn
• EXCLUSIVE: 10:10 Games Employees Offered No Severance, Layoffs Happened While On Holiday, And More | Insider Gaming
• Layoffs at NetEase on the Marvel Rivals team | Jack Burrows on LinkedIn
• Layoffs at NetEase on the Marvel Rivals team | Thaddeus Sasser on LinkedIn