Unity Software Stock Drops As Mobile-Ad Recovery Not Expected in 2023

Dow Jones2023-02-23

Unity Software Inc. shares fell in the extended session Wednesday after the game-engine and app-monetization company's outlook fell short of Wall Street estimates on a weak mobile-ad market.

Unity Software (U) shares fell 8% after hours, following a 3.8% rise in the regular session to close at $37.85.

Unity forecast revenue of $470 million to $480 million for the first quarter, and revenue of $2.05 billion to $2.2 billion for the year. Analysts surveyed by FactSet had estimated revenue of $520.5 million for the first quarter, and revenue of $2.21 billion for the year.

"While we are not forecasting a recovery in the in-game ads market in 2023, we believe it is possible when the economy improves," the company told shareholders in a letter.

The company reported a fourth-quarter loss of $275.1 million, or 82 cents a share, compared with $162.1 million, or 56 cents a share, in the year-ago period.

Revenue rose to $451 million from $315.9 million in the year-ago quarter.

Analysts had forecast adjusted earnings of a penny a share on revenue of $439.9 million.

Earlier in the month, shares had rallied alongside those of AppLovin Corp. $(APP)$, which topped Wall Street estimates and said that the mobile-ad market was "remaining relatively stable."

Earlier In February, AppLovin's stock soars more than 30% as Wall Street sees a bottom for mobile-ad market

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2023-02-23
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