Tech and video game layoffs have been an unfortunate trend through the first half of 2023, and it doesn’t look like that’s going to stop anytime soon. In a new filing, Unity, the company behind the video game engine of the same name, announced its plans to layoff 600 workers, which represents 8 percent of its workforce.
Unity’s recent filing to the SEC was spotted by CNBC. In the filing, the company confirms that it will lay off 600 workers “in order to continue to position itself for long-term and profitable growth.” The company neglected to share specifically which departments would be affected, stating that the job cuts would target “specific teams.” There’s additional information on how the layoffs will impact Unity’s finances in the immediate future.
Unity (U) stock is down roughly 1 percent on the day following the announcement of the layoffs. It sits at $25.03 per share at the time of this writing.
This marks the second round of layoffs at Unity in the last 12 months. In June 2022, it was reported that the engine developer was laying off hundreds of employees. This move also comes just weeks after the release of Unity’s Q1 2023 earnings report. We likely won’t hear more about the layoffs and their financial impact on the company until Unity reports its Q2 2023 earnings in a few months. We’ll be sure to share any additional information as it becomes available.