San Francisco-based Unity said it isslashing roughly 600 jobs, about 8% of its workforce, confirming an earlier report by The Wall Street Journal. The company, which will be left with around 7,000 employees after the layoffs,is also planning to reduce its global network of offices over the next few years to fewer than 30 from 58 today.

In an interview, Unity Chief Executive John Riccitiello saidthe goal is to streamline operations and improve the company’s top and bottom lines. “It’s all about setting ourselves up for higher growth,” he said.

The job cuts comeafter Unity let go more than 500 employees in two rounds of layoffs, one in January and one in June last year, in response to negative economic trends.

The company posted its first quarterly operating profit since it went public in 2020 for the period ending in December on an adjusted basis. For all of 2022, it reported record revenue of $1.39 billion.

Still,Unity’s revenue growth slowed significantly last yearand its most recent earnings report included a revenue forecast that came in below Wall Street analysts’ expectations. The company is expected release its latest quarterly earnings next week.

In February, Unity posted its first profitable quarter (on a non-GAAP basis) dating back to its founding in 2004

Originally Posted By JayJ350⏩

Originally Posted By LtGoose⏩

Originally Posted By LtGoose⏩