Unity To Let Go Of 600 Employees Under Its Latest Layoff Round

• Unity Software Inc (NYSE: 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 (NASDAQ: META) and Amazon.Com Inc (NASDAQ: 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.

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