Unity Software announced it will lay off approximately 1,800 employees, which represents around 25% of its total workforce. The layoffs are part of a corporate restructuring plan announced in November, which also included discontinuing some product offerings and reducing office space. Unity previously laid off around 600 employees in May, or 8% of its workforce, to focus on profitable growth. The company missed revenue estimates in Q3 2022 and did not provide forward guidance.
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00:00 It's Benzinga and here's what's on the block.
00:02 Unity Software announced it will lay off approximately 1,800 employees,
00:06 which represents around 25% of its total workforce.
00:09 The layoffs are part of a corporate restructuring plan announced in November,
00:13 which also includes discontinuing some product offerings and reducing office space.
00:17 Unity previously laid off around 600 employees in May,
00:21 or 8% of its workforce, to focus on profitable growth.
00:24 The company missed revenue estimates in Q3 2022
00:28 and did not provide forward guidance.
00:30 The shares experienced a surge exceeding 40% throughout the year,
00:34 yet shed nearly 50% of their value from July through to the end of October.
00:38 Shares surged 5% in extended trading.
00:41 For all things money, visit Benzinga.com.