Unity Software stock rallies more than 5% as results top Street estimates
Unity Software Inc. shares rose in the extended session Wednesday after the app-monetization and game-engine company raised its annual forecast and posted a narrower-than-expected loss.
From the Equity Insider archive. This article dates from Aug 3, 2023 and is preserved as first published.
Unity Software Inc. shares rose in the extended session Wednesday after the app-monetization and game-engine company raised its annual forecast and posted a narrower-than-expected loss.
Unity shares U, -8.50% rose more than 6% after hours, following an 8.5% drop in the regular session to close at $41.45. Shares are up 45% year to date, compared with a 17.6% rise in the S&P 500 index SPX, and a 33.5% rally on the Nasdaq Composite COMP.
The company reported a second-quarter loss of $201.2 million, or 51 cents a share, compared with $205.8 million, or 69 cents a share, in the year-ago period. Unity did not readily break out an adjusted earnings-per-share figure.
Revenue rose to $533.5 million from $297 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a second-quarter loss of 62 cents a share, adjusted earnings of 8 cents a share, and revenue of $518 million for the second quarter.
Unity forecast revenue of $540 million to $550 million for the third quarter, because of a flat game ads market and a continued soft market in China. For the year, Unity increased the low end of its annual outlook and now forecasts revenue of $2.12 billion to $2.2 billion for the year.
Unity forecast revenue of $540 million to $550 million for the third quarter, because of a flat game ads market and a continued soft market in China.
Analysts forecast third-quarter earnings of 11 cents a share on revenue of $549 million, and full-year earnings of 45 cents a share on revenue of $2.16 billion.
Another app-monetization company, AppLovin Corp. APP, -0.86% is scheduled to report its results after the close of markets next Wednesday.
