Unity Software shares are down nearly 30% following weak revenue guidance


Of Unity Software Inc. The stock
U,
-4.47%

A 29.3% drop in long-term trading on Tuesday after the software company reported fiscal first-quarter results that were largely in line with Wall Street analysts’ forecasts, but posted a poor second-quarter revenue forecast and fiscal year. Unity reported a net loss of $ 177.6 million, or 60 cents a share, compared to a net loss of $ 107.5 million, or 39 cents a share, in the same quarter last year. Adjusted earnings were a loss of 8 cents per share. Revenue rose 36% to $ 320.1 million from $ 234.8 million a year ago. Analysts surveyed by FactSet expected an average net loss of 8 cents a share on revenue of $ 321 million. However, Unity said it expects revenue of between $ 290 million and $ 295 million in the second quarter, while analysts surveyed by FactSet expect $ 360 million on average. For the fiscal year, Unity expects $ 1.35-1.43 billion; Analysts surveyed by FactSet predict $ 1.5 billion. Unity shares fell 66% this year, while the S&P 500 was broader
SPX,
+ 0.25%

Decreased by 16%.



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