Tencent’s Riot Games Cuts 530 Jobs, Saying It Has Lost Focus

(Bloomberg) — Tencent Holdings Ltd.’s Riot Games plans to lay off 530 employees, with management saying in a memo that the video-game maker has too many projects and too little focus.

The cuts, which amount to about 11% of staff, were announced Monday in a blog post and letter to employees.

“This isn’t to appease shareholders or to hit a quarterly earnings number — it’s a necessity,” the League of Legends maker said in the post, acknowledging it had “more than doubled in headcount” over the last several years.