New Delhi, March 25 -- Fortnite maker Epic Games said they are laying off 1,000 employees "to keep the company funded". "I'm sorry we're here again," said Tim Sweeney, the company's chief executive, in a memo to employees.

Sweeney noted that this layoff, together with other factors like over $500 million of identified cost savings and freezing hiring, will help put Epic Games in a "more stable place".

This comes shortly after the company increased the price of Fortnite's in-game currency V-Bucks for the first time since the video game's launch in 2017.

Tim Sweeney said that the company is facing challenges - some of which are industry-wide - slower growth, weaker spending, and tougher cost economics. "Current consoles selling less than...