Unity Software Inc (NYSE:U) is trading higher Friday morning after the company announced better-than-expected fourth-quarter financial results and issued guidance above estimates.
Unity reported quarterly revenue of $315.9 million, which beat the $295.13 million estimate. The company reported an adjusted earnings of loss of 5 cents per share, which beat the estimate for a loss of 7 cents per share.
"Unity’s strong fourth-quarter and full-year results were driven by exceptional execution and innovation by the Unity teams," said John Riccitiello, president and CEO of Unity.
"We believe that the transition from linear 2D to interactive real-time 3D, presents a massive growth opportunity for the next decades. These are strong tailwinds that help us drive growth for years to come," Riccitiello added.
Unity expects first-quarter revenue to be between $315 million and $320 million versus the $313.5 million estimate. The company expects full-year revenue to be in the range of $1.485 billion to $1.505 billion versus the $1.42 billion estimate.
- Credit Suisse analyst Stephen Ju maintained Unity with an Outperform rating and lowered the price target from $185 to $180.
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Unity provides a software platform for creating and operating interactive, real-time 3D content.
U Price Action: Unity shares have traded between $76 and $210 over a 52-week period.
The stock was up 9.41% at $101.25 at time of publication.
Photo: courtesy of Unity.
