Guild Esports posted a loss of £4.96m

British esports organization Guild Esports posted a loss of £4.96m for the six-month period ending 31 March 2022. The club also said it had reduced its workforce from 45 to 30. In addition, David Gardner stepped down as a non-executive director.

However, the results, which are taken from the latest unaudited financial report of Guild Esports, also show an increase in gross profit and revenue. Note that after the publication of the report, the shares of the eSports organization fell by 11%.

However, in general, the organization recorded an increase in losses compared to the same period last year. Compared to the same period last year, gross profit increased - £710,000 in 2022 compared to £110,000 in 2021. The club's total net cash reserves are £6.1m.

The organization reported that investment in teams and staff, as well as content creation and academia, are the main reasons behind the increase in losses. Guild Esports also noted that this is the first period of time that the money from the Bitstamp deal has been credited to its account.

The esports club also announced that due to "global economic uncertainty" and "challenging capital market conditions", the organization has taken several steps to optimize costs, including reducing the number of employees. Guild Esports believes it can cut its base spending by around 20% in the second half of 2022.