Unity Software stock jumps 10% on Q1 beat By Investing.com

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Unity Software stock jumps 10% on Q1 beat

Published May 10, 2023 18:36

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Unity Software stock jumps 10% on Q1 beat

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Unity Software (NYSE:U) shares surged more than 10% after-hours following the company’s reported Q1 results, with revenue growing 56% year-over-year to $500 million, beating the consensus estimate of $481.46M. EPS came in at ($0.67), versus ($0.60) reported last year.

For the balance of 2023, the company expects revenue to grow faster than the markets in which it competes, with steady and meaningful continued progress on profitability.

For Q2/23, the company expects revenue in the range of $510M-$520M, compared to the consensus of $497M. For the full year, the company expects revenue in the range of $2 billion-$2.2B, compared to the consensus of $2.13B.

Last week, the company announced it will restructure specific teams and lay off about 8% of its workforce, or roughly 600 employee roles, to continue to position itself for profitable and long-term growth.

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