Unity Software Plans Layoffs And Cost-Cutting After Q3 Earnings Decline
Following its Q3 earnings report, game development company Unity Software has suggested imminent layoffs as part of a wider cost-cutting approach.
What Happened: According to a report by The Verge, Unity disclosed plans for potential layoffs amid broader cost-saving measures. The company is presently evaluating its product portfolio to “focus on those products that are most valuable to our customers”.
The firm intends to implement these changes in the fourth quarter, which might include discontinuing some product offerings, reducing the workforce, and cutting down office space. Unity aims to wrap up these changes by Q1 2024.
What Happened: According to a report by The Verge, Unity disclosed plans for potential layoffs amid broader cost-saving measures. The company is presently evaluating its product portfolio to “focus on those products that are most valuable to our customers”.
The firm intends to implement these changes in the fourth quarter, which might include discontinuing some product offerings, reducing the workforce, and cutting down office space. Unity aims to wrap up these changes by Q1 2024.
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NewsTranscript
00:00 [MUSIC]
00:04 Following its Q3 earnings report, game development company Unity Software
00:09 has suggested imminent layoffs as part of a wider cost-cutting approach.
00:13 According to a report by The Verge, Unity disclosed plans for
00:17 potential layoffs amid broader cost-saving measures.
00:20 The company is presently evaluating its product portfolio
00:23 to focus on those products that are most valuable to our customers.
00:27 The firm intends to implement these changes in the fourth quarter,
00:30 which might include discontinuing some product offerings,
00:33 reducing the workforce, and cutting down office space.
00:36 Unity aims to wrap up these changes by Q1 2024.
00:41 The potential layoffs at Unity emerge in a year characterized by job cuts
00:45 across the video game industry.
00:47 Despite revealing mixed Q3 results with revenues meeting expectations,
00:52 Unity asserts that they can do better.
00:55 The recent announcement from Unity comes in the backdrop of the company's
00:58 troubled phase following the rollout of a controversial fee structure called
01:02 the runtime fee on Sepiron 12.
01:05 This move had drawn heavy criticism and
01:07 resulted in a significant fall in Unity's stock price.
01:10 Find out more on Benzinga.com.
01:12 Ciao.
01:13 (upbeat music)