Unity Software (NYSE:u) layoffs are incoming as the software company prepares for economic trouble in 2023.
Unity Software has cut 284 jobs as part of this process. It’s worth pointing out that this is the second batch of layoffs announced by the company in six months. The company also cut 225 jobs back in June 2022.
A spokesperson for Unity 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), which is cutting 300 jobs. Just like with Unity Software, these layoffs are part of the company’s plan to deal with current economic issues.
Today’s news isn’t too surprising considering the number of layoffs that the tech industry has seen recently. The move comes alongside inflation and a recession, which are keeping consumers from spending too much money.
U stock is up 2.7% as of Friday morning after announcing the layoff plans.
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On the date of publication, William White did not hold (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.