Unity Software Inc. reported an adjusted quarterly loss of 32 cents per share for the quarter ending in January, which was lower than the 25 cents per share loss reported in the same quarter last year. Analysts had expected a loss of 42 cents per share for the quarter. The Wall Street had predicted results ranging from -62 cents to -19 cents per share.
In terms of revenue, Unity Software Inc. saw a 15.8 percent decrease compared to the previous year, reporting $449.26 million, slightly above the expected $439.45 million by analysts. The company reported a quarterly loss of 32 cents per share and a total quarterly loss of $125.57 million.
The stock of Unity Software Inc. has dropped by 11.7 percent this quarter and has lost 64.9 percent so far this year.
Analysts’ average earnings estimate has decreased by approximately 2.8 percent in the last three months. However, in the past 30 days, analysts observing the company have not revised their earnings estimates.
The current average analyst rating for the stock is “Buy,” with 11 “Strong Buy” or “Buy” recommendations, 15 “Hold” recommendations, and 3 “Sell” or “Strong Sell” recommendations. The average consensus recommendation for the software peer group is also “Buy.”
The median 12-month price target for Unity Software Inc. on Wall Street is $21.00. These figures are all in US dollars unless specified otherwise.
In terms of quarterly earnings expectations, Unity Software Inc. exceeded expectations for the quarter ending on June 30, 2024, with an actual loss of 32 cents per share compared to the estimated 42 cents. However, the company fell short of expectations for the quarters ending on March 31, 2024, and December 31, 2023.
Overall, while Unity Software Inc. has faced challenges in meeting earnings expectations in some quarters, analysts remain optimistic about the stock’s potential, with a majority of recommendations leaning towards buying. The company’s performance in the coming months will be crucial in determining its trajectory in the market.