Unity Software Inc. is preparing to lay off around 600 employees in what will be its third and largest round of job cuts in the past 12 months.

According to a report from The Wall Street Journal on Tuesday, Unity Software Inc., based in San Francisco, will reduce its workforce by about 8% or approximately 600 jobs. 

This is the third and largest round of layoffs by the company in the past year, and it comes amid renewed concerns about a potential recession. Additionally, Unity plans to shut down around 20 of its 58 global offices over the next few years.

Unity Software Inc. has conducted two rounds of layoffs in the past year, resulting in the termination of around 500 employees. The company's shares took a major hit in February after its quarterly earnings report warned that the mobile in-game ad market would likely remain sluggish in 2023 due to the weak economy. 

As a result, the company has reportedly announced its third and largest round of layoffs, which will affect approximately 600 workers or 8% of its workforce. Additionally, Unity plans to shut down roughly 20 of its 58 offices worldwide over the next few years.

Unity's stock has declined by 11.5% since the start of the year and has fallen by 63% in the past year. This is in contrast to the S&P 500, which gained 7.3% this year and experienced a 1.3% decline over the past year.