Shares of Unity pop on revenue beat, rosy forecast
Here's how the company did:: $500 million versus $480 million expected by analysts, according to RefinitivThe video game software developer's revenue for the quarter was up 56% year over year. Unity reported a net loss of $254 million, or 67 cents per share, versus a net loss of $178 million, or 60 cents per share, in the year-earlier period. Comprehensive losses were $251 million this quarter, versus $182 million in the year-ago period.
Unity said it expects to report $510 million to $520 million in second-quarter revenue, above analyst estimates of $509 million. For the full year, Unity said it expects between $2.08 to $2.20 billion in revenue. The company said it increased the low-end of its revenue guide $30 million after considering its "stronger than expected" first quarter.
Founded in 2004, Unity has become a major player in game creation over the past decade by giving developers tools to create 3D titles for phones, consoles and the web without having to code for each platform.it is off to a "strong start" in 2023 and expects to grow faster than its competitors this year. The company added it believes it is "well-positioned" to benefit from AI since it already offers four applications and services that support the technology.
"We embraced AI years ago and see the adoption of AI tools as an accelerant to our business based on our structural and sustainable competitive advantages," Unity said in the release. Unity also reemphasized its commitment to "excellence in execution," a series of action plans that will help it reach its "long-term strategies and must-win goals." As part of this initiative, the company announced plans to
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