Unity Technologies reported its first quarter earnings with a revenue of $460 million, surpassing Wall Street's expectation of $433.5 million but marking an 8% decline year-over-year. The company also reported a significant net loss of $291 million for the quarter, largely due to $212 million in restructuring costs. This restructuring, which included mass layoffs, has now been completed. Unity's Q1 earnings per share (EPS) was a loss of $0.75, contrasting sharply with the expected EPS of $0.06. The company's guidance for Q2 2024 projects revenue between $420 million and $425 million, below the estimated $441.2 million, and forecasts full-year revenue to be between $1.76 billion and $1.8 billion, slightly under the expected $1.81 billion. Additionally, revenue in Unity's strategic portfolio was $426 million, with Create Solutions revenue at $133 million.
Unity posted $460m revenues and a $291m loss in Q1 2024, expects full-year revenues to reach up to $1.8bn https://t.co/e4nM6alCtc
Unity says restructure that saw mass layoffs is now complete as it posts Q1 2024 revenue decline https://t.co/c9QELqzfnA https://t.co/GYA3u7aUG0
I wrote in July 2022 that $U Unity CFO Felipe Visoso was straining credulity with his $1 bn EBITDA forecast for 2024. His current forecast for this year's EBITDA: $425m. https://t.co/TXVngVX8yj
Unity posted a net loss of $291m in Q1 2024, thanks largely to $212m in restructuring costs. But the engine firm says its "portfolio and cost reset" is now completed https://t.co/e4nM6al4DE
Unity reports Q1 revenue down 8% YoY to $460M, vs. $433M est., a $291M net loss, including $212M of restructuring costs, compared with a $254M loss in Q1 2023 (@emilybary / MarketWatch) https://t.co/M2rJYQ2I04 š« Subscribe: https://t.co/OyWeKSQRTe https://t.co/cGtwyAqJe9
$U Q1 EPS ($0.75) vs $0.17 Est Revenue $460M vs $433.36M Est GUIDANCE: Q2 2024 revenue $420-425M vs $441.2M Est FY2024 revenue $1.76-1.8B vs $1.81B Est
Unity CEO: "The portfolio and cost reset that we started a few months ago is completed....Revenue for the first quarter was $460M, down 8% YoY driven primarily by our portfolio choices" $U: -6% AH https://t.co/tpc7cXTZcL
$U Earnings: - Revenue for the first quarter was $460 million - Revenue in our strategic portfolio was $426 million, up 2% year-over-year - Create Solutions revenue from our strategic portfolio in the first quarter was $133 million - Grow Solutions revenue from our strategicā¦ https://t.co/cYKkgc0DHk
Unity $U reports earnings today after the markets close, Wall ST is expecting numbers of EPS of $0.06 up 0% YoY Revenue of $433.5M down 13.4% YoY