Zinger Key Points
- Unity reported second quarter earnings on Thursday, including $449.25 million in sales.
- The company announced that Jim Payne will serve as Chief Product Officer for Advertising.
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Unity Software Inc. U stock is moving higher on Friday. The company reported earnings for the 2024 fiscal year second quarter after the market closed on Thursday.
What To Know: Unity reported a loss of 32 cents per share beating analysts estimate of a loss of 41 cents per share. In addition, the company reported sales of $449.25 million beating analyst estimates of $439.45 million.
Unity set guidance for the third quarter and the 2024 fiscal year. The company sees third quarter revenue between $415 million and $420 million versus analyst estimates of $439.45 million. For the fiscal year, Unity sees revenue between $1.68 billion and $1.69 billion versus analysts estimate of $1.83 billion.
The company announced that Mark Barrysmith will serve as interm CFO following Luis Visoso‘s departure and that Jim Payne will join the company as Chief Product Officer for Advertising. Payne previously co-founded MoPub and MAX Advertising Systems as well as founding CloudExchange.
“We couldn’t be more thrilled to welcome Jim to Unity,” said Matt Bromberg, CEO and president of Unity.
“We are deeply committed to accelerating our ads business and increasing the pace of innovation to fully capitalize on the approximately $150 billion mobile advertising opportunity. I look forward to working with Jim and the leadership team to continue to deliver competitive, market-leading products to partners.”
Analyst Changes: Multiple analysts have recently issued price target adjustments.
- Stifel analyst Parker Lane maintained Unity Software with a Buy and lowered the price target from $25 to $20.
- Piper Sandler analyst Thomas Champion reiterated Unity Software with a Neutral and lowered the price target from $25 to $17.
- Wedbush analyst Michael Pachter maintained Unity Software with a Outperform and lowered the price target from $33.5 to $21.
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U Price Action: At the time of publication, Unity Software stock is moving 7.24% higher at $15.40, according to data from Benzinga Pro.
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