Unity Stock Suffers Post-Earnings Decline

2024-02-28 10:13:44

(MENAFN- Baystreet) Mental Health Treatments Demand Jumps, Hims & Hers Slouches

Workday Stock Dips After Q4 Earnings

Virgin Galactic Soars Post Earnings

PAR Fades on Q4 Numbers

Zoom Video's Stock Jumps 13% On Strong Earnings Previous Articles Subscribe to Get Small Cap News & Alerts Ambrose O'Callagha - Wednesday, February 28, 2024

Unity Stock Suffers Post-Earnings Decline Unity Software (NYSE:U) is a San Fransisco-based company that operates a platform that provides real-time 3D development tools and services. Its shares dropped 6.11% on Tuesday, February 27, 2024. That has pushed the stock down 10% in the month-over-month period. Shares have now plunged 20% in the year-to-date period. The stock has suffered a pullback after its recent earnings release as analysts' were disappointed with the results.
The company released its fourth quarter (Q4) fiscal 2023 earnings the morning of February 27. It reported revenues of $609 million, which beat analyst estimates. Revenues from its Grow Solutions segment jumped 26% year-over-year to $319 million. Moreover, its Industries segment made up 23% of Create Solutions revenues compared to 19% in the prior year. Create Solutions revenues, which made up nearly half of Unity's total revenues, jumped 47% year-over-year to $290 million.
Non-GAAP gross profit climbed 46% year-over-year to $522 million in Q4 FY2023. Meanwhile, its gross margin expanded over 2,200 basis points to 85.8%. Selling and merchandise expenses also increased 9.5% compared to the previous year to $123 million.
Looking ahead, Unity Software is projecting first quarter (Q1) fiscal 2024 revenues between $415 million and $420 million. Overall, it expects revenues to suffer a decline in the range of 15-16% in the year-over-year period. EBITDA stands for earnings before interest, taxes, depreciation, and amortization, aiming to give a clearer picture of a company's profitability. This company expects adjusted EBITDA between $45 million and $50 million in Q1 FY2024 and full year adjusted EBITDA between $400 million and $450 million.

About Us
Contact Us
Advertise
License Our Content
Jobs
Disclaimer
Privacy Policy

Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks

MENAFN28022024000212011056ID1107911971

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.