Unity To Let Go Of 600 Employees Under Its Latest Layoff Round - Unity Software (NYSE:U)

Unity Software Inc U is amid its third and largest round of layoffs in the past year, joining the downsizing bandwagon.
Unity is slashing roughly 600 jobs, about 8% of its workforce. Unity is also planning to reduce its global network of offices over the next few years to fewer than 30 from 58 today, the Wall Street Journal reports.
The job cuts come after Unity let go more than 500 employees in two rounds of layoffs, one this January and another last June, as macro headwinds weigh.
The January layoffs also reflected removing redundant roles from its $4.4 billion acquisition of ironSource, an Israeli ad-tech company, last year.
Unity operates a platform for developing video games and other software applications, generating revenue mainly from advertising and subscription sales.
Unity’s revenue growth slowed significantly last year, and its most recent earnings report included a revenue forecast that lagged Wall Street analysts’ expectations.
Tech giants, including Meta Platforms Inc META and Amazon.Com Inc AMZN, had to let go of employees thousands, cut down on employee perks, and dump projects amid current economic uncertainties.
Price Action: U shares are trading lower by 0.41% at $25.20 on the last check Wednesday.