{"id":82795,"date":"2023-11-09T22:22:07","date_gmt":"2023-11-10T03:22:07","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/unity-softwares-stock-skids-12-on-revenue-miss-uncertain-outlook\/"},"modified":"2023-11-09T22:22:10","modified_gmt":"2023-11-10T03:22:10","slug":"unity-softwares-stock-skids-12-on-revenue-miss-uncertain-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82795","title":{"rendered":"Unity Software\u2019s stock skids 12% on revenue miss, uncertain outlook"},"content":{"rendered":"
\n

Unity Software Inc.\u2019s stock fell about 12% in extended trading Thursday after the company reported a revenue miss and withheld from offering guidance. <\/p>\n

\u201cOur results in the third quarter were mixed,\u201d Unity
\n U,
\n -3.15%<\/bg-quote>
\n said in a\u00a0letter\u00a0to shareholders. \u201cWhile revenue came in within guidance, we believe we can do better.\u201d<\/p>\n

\n

The beleaguered game-engine software company has been whipsawed by a series of missteps and departures. In September, it announced new fees based on the number of people who install games built with Unity\u2019s editor software \u2014 only to backtrack and revamp its plan following a chorus of complaints that dented the stock. Last month, John Riccitiello announced he was retiring as chief executive, effective immediately.<\/p>\n

Also read:<\/strong> Opinion:\u00a0Unity Software has a fleeting moment to win back developers \u2014 and investors<\/p>\n

\u201cWhile we did not expect the introduction of the fees to be easy, the execution created friction with our customers and near-term headwinds,\u201d Unity said in the letter. \u201cWe expect the impact of this business-model change to have minimal benefit in 2024 and ramp from there as customers adopt our new releases.\u201d<\/p>\n

Unity executives are mulling several new strategies that include layoffs, a reduction in office space and product discontinuations, but it did not offer timing or guidance, according to the shareholder letter.<\/p>\n

Unity reported a fiscal third-quarter net loss of $125.3 million, or 32 cents a share, compared with a net loss of $250 million, or 84 cents a share, in the year-ago quarter. <\/p>\n

Revenue was $544.2 million, up from $322.9 million a year ago. <\/p>\n

Analysts surveyed by FactSet had expected revenue of $554 million. <\/p>\n

Shares of Unity have dipped 12% this year. The broader S&P 500 index
\n SPX,
\n -0.81%<\/bg-quote>
\n is up 13% in 2023.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Unity Software Inc.\u2019s stock fell about 12% in extended trading Thursday after the company reported a revenue miss and withheld from offering guidance. \u201cOur results in the third quarter were mixed,\u201d Unity U, -3.15% said in a\u00a0letter\u00a0to shareholders. \u201cWhile revenue came in within guidance, we believe we can do better.\u201d The beleaguered game-engine software company […]<\/p>\n","protected":false},"author":1,"featured_media":64515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82795","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUnity Software\u2019s stock skids 12% on revenue miss, uncertain outlook | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Unity Software Inc.\u2019s stock fell about 12% in extended 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