Posted 2/27/2024, 2:41:00 PM
Unity Software Shares Sink as 2024 Forecasts Fall Short, Signaling Longer Turnaround
- Unity Software shares sank over 15% as 2024 forecasts missed estimates, signaling turnaround taking longer than expected
- The company announced a "reset" in November after developer backlash over new pricing model
- Unity forecast 2024 revenue of $1.76B-$1.80B, below estimates of $2.31B
- Competitive pressure impacting Unity's Grow business, while China restrictions hitting Create segment
- Announced layoffs of 1,800 jobs in January, estimating $195M in employee separation costs