Unity Software Dips Following Mixed Q1 2024 Results as New CEO Prepares to Step in

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Unity Software Dips Following Mixed Q1 2024 Results as New CEO Prepares to Step in

Seeking Alpha05-10

Unity Software (NYSE:U) slipped during early post-market trading Thursday after it released mixed first-quarter 2024 financial results less than a week before a new CEO is set to take over the game ...

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However, the San Francisco, Calif.-based company was expected to beat market consensus for first-quarter results due to low expectations.GAAP earnings per share came in at a loss of $0.75 each, which was a larger loss than the consensus calling for a $0.67 loss per share.GAAP net loss for the quarter was $291M. The net loss included $212M of restructuring costs and a $61M gain related to Unity's convertible note repurchase.\"We closed the first quarter with results in line with expectations,\" said Unity interim CEO Jim Whitehurst. \"The portfolio and cost reset that we started a few months ago is completed. While we will always look for efficiencies, our attention turns to accelerating revenue growth while operating at attractive profit and cash flow margins.\"Looking ahead, Unity expects second quarter revenue ranging from $420M to $425M, which would be a decline of 6% to 7% year over year.Unity is anticipating Create revenue growth in the second half to come mainly from game subscriptions, continued growth in Industries and growth in multiplayer.Unity development software allows users to create 2D and 3D games across multiple platforms.\"Key mixed reality games are being made with Unity such as Demeo Battles and Angry Birds VR: Isle of Pigs by Resolution Games and Arcade Paradise VR by Nosebleed Interactive,\" Whitehurst added. \"In addition, 50% of the Week One Must Play Apple Arcade Games for Apple Vision Pro (AAPL) were made with Unity.\"","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}