Unity Software Stock Rallies More Than 5% Premarket As Results Top Street Estimates

Tiger Newspress2023-08-03

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 rose more than 5% in premarket trading.

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.

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. is scheduled to report its results after the close of markets next Wednesday.

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