European publisher Thunderful Group is cutting 20 per cent of its workforce in an effort to bring costs down.

In a release to investors, the company said that it was enacting a "restructuring program" which
it hopes will lower its overheads as well as help it focus on areas of its business that are more profitable.

The layoffs are going to going to cost Thunderful between SEK30 million and SEK40 million ($2.87 million-to-$3.83 million). Thunderful anticipates that its restructuring program will bring down costs by between SEK90 million ($8.61 million) and SEK110 million ($10.53 million) per year.

In 2022, Thunderful employed 480 people, meaning that around 100 members of staff are on the chopping block.

“Since I joined as CEO in the fall of 2023, we have evaluated the current business and the future position of Thunderful,” CEO Martin Walfisz said.

“To ensure and strengthen the viability of the Group, we have found no alternative other than to reduce costs and focus the business on areas with the best future growth and profitability prospects. It has been difficult to make these decisions, and it saddens me that we will have to say goodbye to many skilled colleagues and partners. Nevertheless, I am convinced that this is a necessary direction for Thunderful and that these changes will make the company a stronger player in the market.”