Why Videogame Software Provider Unity Shares Are Up Today

Unity Software Inc U shares are trading higher after it disclosed a job cut yesterday.

The company plans to reduce its workforce by about 25%, or 1,800 employees, to streamline its business.

With this move, Unity Software aims to restructure and refocus on its core business and position itself for long-term and profitable growth.

Also Read: Unity Software Suspends Guidance To Assess 'Product Portfolio And Cost Structure': 5 Analysts Open Up About Q3 Earnings Report 

The company said it cannot reasonably estimate the costs and charges related to this job cut, which is expected to be substantially incurred in Q1 2024. 

In November, the San Francisco-based game development company revealed its intent to terminate 3.8% of its global workforce, amounting to 265 jobs. 

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Price Action: U shares are up 2.62% at $40.00 premarket on the last check Tuesday. 

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