Posted 2/26/2024, 9:50:00 PM
Unity Software Shares Plunge as 2023 Growth Forecasts Fall Short of Expectations
- Unity Software shares tumbled over 17% after hours as Q4 earnings and 2023 forecasts fell short of expectations
- Strategic revenue forecast of $1.7B-$1.8B trailed consensus estimate of $2.3B for 2023
- Unity is in the midst of a "two-phase company reset" to enable sustainable growth
- Q4 net loss was $254M compared to $288M loss last year; revenue was $609M
- Company says portfolio and cost structure reset mostly complete; focus turns to reigniting growth