Unity Software CEO John Riccitiello speaking on stage at TechCrunch Disrupt SF 2018 in San Francisco on September 5, 2018.
Steve Jennings | Tech Crunch | Getty Images
unity software It has announced plans to cut about 600 jobs, or 8% of its workforce, according to the company. company filing Tuesday, with the Securities and Exchange Commission.
The video game software developer is restructuring “certain teams” and said the job cuts will help position the company for “long-term and profitable growth.” A company spokeswoman declined to provide details.
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The company’s shares were up less than 1% in premarket trading on Wednesday. Unity’s stock is down 11% year-to-date, while Nasdaq is up 15% over the same period.
Founded in 2004, Unity has revolutionized game creation over the past decade by giving developers the tools to create 3D titles for mobile phones, consoles, and the web without having to code for each platform. became a major player.
Unity went public in 2020 at $52 per share, initially valuing the company at $13.7 billion. The stock price he will rise to over $200 in 2021. As of Wednesday, the stock is trading around $25.
The company’s job cuts are the third and largest layoffs the company has carried out in recent months. reported that Unity cut 284 people last January and about 225 in June. wall street journal.
Unity is one of dozens of tech companies to cut jobs significantly in recent months amid growing fears of a slowing economy and the possibility of a looming recession. In January, Google revealed plans to lay off more than 12,000 employees, Microsoft announced plans to cut 10,000 employees, and Salesforce plans to furlough his 7,000 employees. announced.
