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RolStoppable said:

Yeah... no. Absolutely not.

Nintendo didn't lay off developers during the 3DS and Wii U era despite investors asking for cost-cutting measures. Nintendo's response was that development staff is an asset, because games drive hardware sales. Therefore laying off developers would only be a short term benefit, but then have very bad consequences in the mid to long term. And this is the correct thinking.

...

But they did ...

Nintendo lays off 320 workers in Europe

They didn't in Japan, where the law is very strict, and terminating an employee is possible only in extreme cases.