Unity Software (U) is laying off a quarter of its workforce, eliminating 1,800 jobs, as it undertakes what is being called a “corporate restructuring.”
The company, which makes software that enables video games, had told investors last November that it would conduct a financial evaluation that could lead to it “…discontinuing certain product offerings, reducing our workforce, and reducing our office footprint.”
Unity said it is unable to estimate the costs and charges of the latest workforce reduction, which it expects to be completed by the end of the first quarter.
Last May, Unity Software let go 600 employees, or about 8% of its workforce, a move the company said was aimed at helping it reach “long-term and profitable growth.”
In October, John Riccitiello retired as Unity’s chief executive officer (CEO) and also left the company’s board of directors.
James Whitehurst, the former CEO of Red Hat, was named interim CEO at Unity.
In its most recent earnings report, covering the third quarter of 2023, Unity missed analysts’ expectations and didn’t issue any forward guidance.
While Unity Software’s stock has risen 33% in the past 12 months, its share price is down 43% since the company went public in September 2020.
