Unity Software (U) to eliminate a further 284 jobs - WSJ

Unity Software Inc. (NYSE: U) is reportedly the latest tech company to cut its workforce after The Wall Street Journal said Tuesday that the company is laying off more than 200 employees.

The WSJ said the company confirmed it is eliminating 284 jobs, although some losing their positions could be hired in other roles if they apply.

Unity, a game development platform that aims to democratize the industry, disclosed layoffs in June 2022, cutting 225 jobs at the time, as it looked to match its workforce size with its needs.

The latest workforce reduction is in response to the current macroeconomic environment, which has resulted in a weak digital advertising market, while it is also trying to reduce job duplication stemming from a recent acquisition, which upped its workforce by 1,400 employees.

In an interview with The Wall Street Journal, Unity Chief Executive John Riccitiello reportedly said the company is "dealing very specifically with overlap and a handful of projects are going in the closet."

Unity shares are up almost 2% in Tuesday's session.

By Sam Boughedda

You May Also Be Interested In

• Wolfe says this retailer is one of the biggest share gainers
• This smart glasses maker is well placed to outperform: UBS
• What is it going to take for Uber stock to re-rate higher? BTIG answers