Unity Software (NYSE:U) layoffs are likely coming to employees of the video game engine developer after the release of its third-quarter earnings report.
Unity Software noted in its latest earnings report that it will undergo a restructuring in the fourth quarter of 2023 in order to cut costs. That will also see it favor certain products over others. As such, it plans to discontinue certain products, shrink its workforce, and reduce its office footprint.
While the company didn’t say for sure that these job cuts are happening, it seems like likely that they will. That means investors in Unity Software will want to keep an eye on it in the next couple of months to see if it puts out a number for those layoffs.
What’s Behind the Unity Software Layoffs?
The company’s earnings report for the third quarter of 2023 failed to impress investors. That includes revenue of $544.21 million, failing to reach Wall Street’s estimate of $549.41 million. That’s despite its EPS of 32 cents beating out analysts’ estimate of 18 cents.
U stock is down nearly 1% as of Friday morning. That comes with some 19 million shares traded, as compared to its daily average of 10 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
