Earnings Results: Unity Software stock rallies more than 5% as results top Street estimates

by | Aug 2, 2023 | Stock Market

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 6% after hours, following an 8.5% drop in the regular session to close at $41.45. Shares are up 45% year to date, compared with a 17.6% rise in the S&P 500 index
and a 33.5% rally on the Nasdaq Composite

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-y …

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