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Twitch is laying off 35 percent of its workforce

Amazon-owned Twitch is preparing to lay off 35 percent of its employees or around 500 people.

The move was reportedly made amid concerns over losses at Twitch, which has failed to become profitable nine years after Amazon acquired it for nearly $1 billion. A similar issue forced Twitch to leave South Korea, though CEO Dan Clancy said costs there are "ten times more expensive" than other countries. That's part of a downturn across tech companies, with large-scale layoffs last year at Google, Meta, Spotify, Epic Games, Unity and others.

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