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Unity stock falls in first earnings since IPO after it reports loss

Unity stock falls in first earnings since IPO after it reports loss

SOCIAL MEDIA NEWS

Unity stock falls in first earnings since IPO after it reports loss

John RiccitielloGus Ruelas | ReutersVideo game software developer Unity Software’s stock fell as much as 6% in after-hours trading on Thursday as the company posted widening net losses in its third-quarter earnings. Here’s what they reported:Loss per share: 97 centsRevenue: $200.8 millionNet loss: $144.7 millionCNBC does not compare reported earnings and revenue to Wall Street estimates for a company’s first report as a public company, as uncertain share counts can skew expectations.The company posted a net loss of $144.7 million, up 218% from a net loss of $45.5 million a year prior. Revenue, however, grew to $200.8 million, up 53.3% year-over-year from $130.9 million.The company also announced that it is expecting fourth-quarter revenue in the range of $200 million to $204 million. Full-year revenue outlook for 2020 is expected to be in the range of $752 million to $756 million. That would be up between 38.8% and 39.5% from Unity’s 2019 revenue.Unity gives developers the tools to create 3D titles for phones, consoles and the web without having to code for each platform. “Pokemon Go” and “Fall Guys: Ultimate Knockout” are among the games developed using Unity’s software. It’s also used for games published by Electronic Arts, Take-Two Interactive, Tencent and Ubisoft.Thursday’s earnings report is Unity’s first since the company went public in September.


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