Unity Software stock slides despite Q3 beats, raised outlook

seekingalpha11-08

Sundry Photography/iStock Editorial via Getty Images Unity Software (NYSE:U) shares fell over 8% Friday morning even as the video game technology company delivered better than expected performance in...

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The company lost -$0.31 per share in the quarter, as revenue fell 18% Y/Y to $446.52M, including $132M from its Create Solutions segment. Unity (U) attributed the decline in total revenue to portfolio reset and weak Grow Solutions revenue that fell 5% Y/Y. Revenue from its non-strategic portfolio was $17M, down 84%Y/Y as a result of the portfolio reset. Nonetheless, Q3 results exceeded both Wall Street and the company’s own estimates. The company, however, is still incurring losses, with net loss for the quarter amounting to $125M. Citing better than expected performance in Q3, Unity (U) raised its guidance for the full year, with revenue from its strategic portfolio now seen at $1,703M to $1,708M vs. $1,680 to $1,690 million earlier and adjusted EBITDA of $363M-$368M, compared to $340M to $350M previously. Adj. EBITDA totaled $92M in Q3, compared to guidance of $75M to $80M. Analysts expect total revenue of $1.77B for the year. 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