Lots of companies will announce layoffs in the first few months of the year. Probably at a greater rhythm than they did in late 2008. Now that the holiday shopping season is over, things are gonna get tough in lots of markets.
Microsoft is very hard to predict as they aren't in real trouble, as said before they could do a preemptive cut though. Most people believe Sony will have to announce more cost-cutting due to a wide array of negative circumstances. As for Nintendo, it's hard to see them firing any significant number of people. Other game publishers have to start getting smarter about how they spend their money and use their resources. It wouldn't be surprising to see some cancelled game projects and studios. 2009 is crunch time for almost every company.
The very fact that we're seriously admitting the possibility of significant Microsoft layoffs shows how grim the situation is. 17% is just crazy and it's not gonna happen though.
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