Embracer beats second-quarter earnings estimates, keeps annual outlook
The Swedish gaming company reported cash operating profit of 203 million Swedish crowns and said its Fellowship Entertainment spin-off remains on track for 2027.
Polymarket reduces workforce as competition with Kalshi intensifies
Contractors represented more than 50% of the cuts, a person familiar with the matter said. The company declined to disclose the overall share affected.
Polymarket is reducing staff and canceling contractor agreements in a restructuring, the prediction market company said on November 11, amid competition from rival Kalshi.
The company linked the reorganization to its growth and leadership additions, saying it had hired people while making personnel changes and dismissals. It declined to specify the proportion of its workforce affected. A person familiar with the matter said contractors represented more than 50% of the cuts.
Polymarket verified the authenticity of an internal email circulating on X that informed a contractor their agreement would terminate on November 4, 2026.
Kalshi has overtaken Polymarket, the former leader, in monthly trading volume, benefiting from wider distribution and partnerships such as a FIFA World Cup agreement. A funding round led jointly by Sequoia and Wellington brought Kalshi $1 billion at a valuation of $40 billion.
Polymarket's leadership additions include Warren Jenson, appointed in September as its first chief financial officer, and former Uber executive Travis VanderZanden, who became chief growth officer.
The Commodity Futures Trading Commission is also investigating whether Polymarket broke a 2022 enforcement agreement to keep US users off its main overseas platform, according to a media report citing people familiar with the matter.