WE - Unity Software Layoffs 2023: What to Know About the Latest U Job Cuts
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Unity Software (NYSE:U) layoffs are incoming as the software company prepares for economic trouble in 2023.
Unity Software has cut 283 jobs as part of this process. It’s worth pointing out that this is the second batch of layoffs announced by the company in over six months. This saw it cut 225 jobs back in June 2022.
A spokesperson for the company said the following in a statement obtained by SFGate.
“This process, while hard when it leads to difficult decisions that impact programs and people, allowed us to identify where we need to double down and invest more to get closer to our goals, ultimately resulting in cutting programs and projects that did not make sense to continue in the current economic climate.”
Unity Software Isn’t The Only Company Laying Off Workers
Another recent layoff announcement comes from WeWork (NYSE:WE) as it cuts 300 jobs. Just like with Unity Software, these layoffs are part of the company’s plan to deal with current economic issues.
Also, this isn’t too surprising considering the number of layoffs the tech industry has seen lately. This comes alongside inflation and a recession, which is keeping consumers from spending too much money.
U stock is up 2.7% as of Friday morning after announcing its layoff plans.
Investors looking for more of the latest stock market news will want to keep reading!
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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.
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