ByteDance to fire hundreds, shut Nuverse in major gaming retreat

Since last year, ByteDance began to shutter in-house studios and slash development jobs, after shifting its focus to core businesses like short-video and ecommerce. This month, it also cut almost a quarter of its staff at virtual-reality arm Pico. — Reuters

ByteDance Ltd plans to cut hundreds of jobs in gaming and wind down its showpiece brand Nuverse in a major withdrawal from the sector, handing a victory to rival Tencent Holdings Ltd.

TikTok’s owner will fire several hundred people, unwind projects under development and weigh potential sales of existing titles, people familiar with the matter said. The Chinese company intends to announce the move on Monday, one person added, asking to remain anonymous discussing a private deal.