

This is the best summary I could come up with:
As spotted by SteamDB creator Pavel Djundik, some data in the document was viewable despite the black redaction boxes, including Valve’s headcount and gross pay across various parts of the company over 18 years, and even some data about its gross margins that we weren’t able to uncover fully.
The data breaks Valve employees into four different groups: “Admin,” “Games,” “Steam,” and, starting in 2011, “Hardware.”
If you want to sift through the numbers yourself, I’ve included a full table of the data, sorted by year and category, at the end of this story.
In November 2023, Valve’s Pierre-Loup Griffais told The Verge that he thinks “we’re firmly in the camp of being a full fledged hardware company by now.”
The small number of staff across the board seemingly explains why Valve’s product list is so limited despite its immense business as basically the de facto PC gaming platform.
While we haven’t seen any leaked profit numbers from this new headcount and payroll data, the figures give a more detailed picture of how much Valve is spending on its staff — which, given the massive popularity of Steam, is probably still just a fraction of the money the company is pulling in.
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This is the best summary I could come up with:
“Consolidation is in full swing and I’m excited to see who will still be there at the end of the year,” said one managing director, on condition of anonymity.
Installers face significant challenges, including employee utilization, short waiting times for commissioning, and declining demand due to higher interest rates, inflation, and high electricity prices.
He also said that large online providers could exploit current market conditions, affecting even reputable solar installers.
“Price competition in the balcony module segment makes a normal PV system seem too expensive,” said another executive.
Another long-standing installer compared the current market to 2012, criticizing the media’s focus on low prices from third-rate Chinese manufacturers.
“I’m pessimistic about the second half of the year,” he said, noting the need for future support and policies to ensure sector stability.
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