BUSINESS

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Epic Games is laying off more than 1,000 employees, with CEO Tim Sweeney pointing to a sharp drop in Fortnite engagement that began in 2025.

In a note to staff released Tuesday, Sweeney acknowledged the company had reached a breaking point financially, writing that Epic is now "spending significantly more than we're making." He said the layoffs, alongside more than $500 million in cost reductions across operations, are aimed at stabilizing the business.

The cuts arrive despite Fortnite maintaining its position as one of the world's most recognizable games. However, Sweeney admitted that sustaining excitement around the title has proven difficult, citing struggles to deliver "consistent Fortnite magic" with each new season.

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Shares of Dutch cloud computing firm Nebius climbed sharply Monday after Meta announced a long-term agreement to spend as much as $27 billion on artificial intelligence infrastructure provided by the company over the next five years.

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Apple said on Thursday it will lower the commissions it charges developers on its App Store in mainland China, a significant shift for the iPhone maker following mounting pressure from Chinese regulators and technology firms operating in the country.

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Adobe said on Friday it will pay $75 million and provide an additional $75 million in free services to resolve a lawsuit brought by U.S. regulators that accused the software company of obscuring cancellation terms and imposing costly fees on some subscribers.

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Uber Technologies is deepening its push into autonomous mobility through a major partnership with Rivian Automotive, committing up to $1.25 billion to support the rollout of thousands of robotaxis over the next decade.

The agreement outlines plans for Uber and its partners to acquire at least 10,000 self-driving versions of Rivian's upcoming R2 electric vehicle, with the option to scale that number to 50,000 units by 2031. The vehicles are expected to operate exclusively on Uber's platform across North America and Europe, with initial launches anticipated in 2028.

An initial $300 million tranche is expected following regulatory approvals, with additional investments tied to performance milestones. Uber will also pay licensing fees to integrate Rivian's autonomous driving software into its network, signaling a deeper technological collaboration between the companies.

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Tesla's China built electric vehicle business started 2026 with a strong rebound, narrowing some of the ground it had recently lost to domestic rival BYD in the world's largest auto market. Shipment data covering January and February show the U.S. manufacturer significantly increased deliveries from its Shanghai factory even as the broader industry navigated the seasonal slowdown surrounding the Lunar New Year holiday.