Unity Software Inc. U shares are trading higher on Wednesday. The stock has been volatile since the company on Monday disclosed plans to reduce approximately 1,800 employee roles, representing approximately 25% of its current workforce.
What To Know:
The decision was related to the company's strategy to restructure and refocus on its core business, as well as to position itself for sustained and profitable growth.
While shares initially rose on the announcement, the stock quickly turned lower on Tuesday. However, shares bounced back on Wednesday by over 8%, trading on above-average volume of 18.81 million shares compared to its average volume of 12.37 million.
Prior to the recent volatility in the stock's price action, shares slid in early January on the heels of their December rally.
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U Price Action: Shares of U were up 6.53% at $38.21 at the time of publication, according to Benzinga Pro.
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