Epic Games is now 'financially sound,' CEO Tim Sweeney says

Epic Games, the company that created a game that's made $20 billion in less than a decade, operates its own storefront and games engine platform, and that has spent hundreds of millions of dollars in its costly legal battles, is now "financially sound."

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In 2023, Epic Games laid off over 800 workers as it tried to get its spending under control. The Fortnite-maker had spent quite a bit throughout the year across all accounts, from nabbing Epic Store freebies and developing new Fortnite content to a hefty $520 million to settle an FTC case, and even more millions of dollars on its lawsuit against Google and Apple (Epic recently announced that it's once again suing Google, as well as Samsung, in a new lawsuit).

Read Also: Analysis: How Epic Games' grandiose ambitions led to mass layoffs

This rampant spending led to instability at Epic Games, and CEO Tim Sweeney had said that the company was "far short of financial sustainability" at the time. Fast-forwarding to the present, after all of the cost-cutting and adjustments, that's all been taken care of. Epic Games is good to go when it comes to its books.

"Last year's Unreal Fest began with some sad news. The company had to get its finances in order, and we just had some major layoffs. We spent the last year rebuilding and also executing solidly on all fronts," Epic CEO Tim Sweeney said at the opening presentation of the Unreal Fest 2024 event.

"I'm happy to tell you now that the company is financially sound, and that Fortnite and the Epic Games Store have hit new records in concurrency and success. Fortnite hit 110 million monthly active users last holiday, and all-time peak."

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It's worth noting that Fortnite has had a few new additions as of late, including the LEGO add-on that has proven to be tremendously popular.

Epic Games Store revenues may also break new ground in 2024. Last year, the Epic Store delivered a record-breaking $1.26 billion in revenue, the majority of which was from first-party games like Fortnite.