Unity software CEO John Riccitiello speaks on stage during TechCrunch Disrupt SF 2018 in San Francisco, September 5, 2018.
Steve Jennings | TechnologyCrunch | beautiful pictures
Unified Software announced plans to cut about 600 jobs, or 8% of its workforce, according to a company profile Tuesday with the Securities and Exchange Commission.
The video game software developer said it will restructure “specific teams” and that the layoffs will help the company position itself for “profitable and long-term growth”. A company spokesperson declined to provide further details.
related investment news
The company’s shares were up less than 1% in premarket trading on Wednesday. Shares of Unity are down 11% year-to-date, while Nasdaq is up 15% in the same period.
Founded in 2004, Unity has become a major player in game creation over the past decade by providing developers with tools to create 3D titles for phones, consoles, and the web. no need to write code for each platform.
Unite listed in 2020 valued the stock at $52 per share, initially valuing the company at $13.7 billion. The stock has rallied to over $200 in 2021. The stock is trading at around $25 on Wednesday.
The company’s job cuts are the third and largest round of layoffs the company has conducted in recent months. Unity shed 284 jobs in January and about 225 jobs last June, according to a report from The Wall Street Journal.
Solidarity is one of Dozens of technology companies has made significant workforce cuts in recent months as concerns grow about the slowing economy and the possibility of a recession. In January, Google reveal more layoff plans 12,000 workers, Microsoft revealed the plan to cut 10,000 employees And Sales force announced the plan lay off 7,000 workers.
