Swedish games giant Embracer Group has let go more than 900 people as part of its restructuring effort.

That's according to the company's financials for the three months ending September 30th, 2023, in which the firm revealed that it had made around 900 people redundant during this period. That's roughly five per cent of Embracer's global workforce.

These cuts began after Embracer failed to land a $2 billion deal – reportedly with Saudi Arabia – which would have helped the company pay for money already spent on game development. As a result, the firm has had to make considerable layoffs, as well as close studios and axe projects. Plaion's Volition has already bitten the dust, while there have been job cuts at a number of outfits in Embracer's stable, including Zen Studios, Cryptic and Rainbow. There are also reports that TimeSplitters maker Free Radical Design could be on the chopping block. 

"In this group-wide effort, we are not only discontinuing a number of studios, we have also made staff reductions and reduced the number of projects in several other studios, with a focus on improving the projected return on investment within PC/console," CEO Lars Wingefors wrote.

"It’s never easy to part ways with talented individuals. I would like to put on record a special thanks to the people who have left Embracer in the quarter. These are difficult decisions and we do not take them lightly. For me, personally, it is crucial that the program is carried out with compassion, respect, and integrity."