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Unity Software CEO John Riccitiello speaks on stage during TechCrunch Disrupt SF 2018 in San Francisco, September 5, 2018.
Steve Jennings | TechCrunch | Getty Images
Unit programs It announced plans to cut about 600 jobs, or 8% of its workforce, according to A Company deposit Tuesdays with the Securities and Exchange Commission.
The video game software developer said it would restructure “select teams” and that the layoffs would help the company position itself for “long-term, profitable growth”. A company spokesperson declined to provide further details.
Shares of the company rose less than 1% in pre-market trading on Wednesday. The unit’s stock is down 11% year-to-date, while the Nasdaq is up 15% over the same period.
Founded in 2004, Unity has become a major player in game creation over the past decade by giving developers the tools to create 3D titles for phones, consoles, and the web without having to code for each platform.
Unity shares went public in 2020 at $52 per share, initially valuing the company at $13.7 billion. Shares have jumped to more than $200 in 2021. The stock is trading at around $25 as of Wednesday.
The company’s job cuts are the third and largest round of layoffs the company has conducted in recent months. The unit cut 284 jobs in January and about 225 in June last year, according to a report from The Wall Street Journal.
Unity is one of dozens of technology companies that have made deep workforce cuts in recent months as concerns grow about a slowing economy and the possibility of a looming recession. In January, Google revealed plans to lay off more than 12,000 workers, Microsoft revealed plans to lay off 10,000 employees, and Salesforce announced plans to lay off 7,000 workers.
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