Unity Software Inc. shares plummeted 25% in premarket trading after the company issued second-quarter revenue guidance below analysts' expectations in conjunction with its first-quarter results.
The video gaming software developer widened its loss to $177.6 million, or 60 cents a share, for the quarter ended March 31, compared to a loss of $107.5 million, or 39 cents a share, in the year-ago period. Adjusted loss was 8 cents a share, matching analysts' expectations.
Revenue rose to $320.1 million from $234.8 million. Analysts polled by FactSet expected $320.8 million.
The company issued guidance for the second quarter and said it is lowering guidance for 2022 due to expected challenges with monetization products.
For the second quarter, Unity Software guided for revenue between $290 million and $295 million. Analysts polled by FactSet expect $360 million in the second quarter. The company guided for revenue in 2022 between $1.35 billion and $1.43 billion, below analysts' expectations of $1.5 billion for the year.
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