Unity Software Reports Q2 Results, CFO Transition, Reduced Guidance

Unity Software Inc. U shares are trading higher after the company reported its second-quarter financial results Thursday. Here's a look at the key figures from the quarter. 

The Details: Unity Software reported quarterly losses of 32 cents per share, which beat the analyst consensus estimate of losses of 41 cents by 21.95%. The company reported quarterly sales of $449.259 million, which beat the consensus estimate by 2.23% and represents a 15.79% decrease from the same period last year.

The company reported Create Solutions revenue from its strategic portfolio was $129 million, up 4% year-over-year, and down 2% quarter-over-quarter. The year-over-year increase is driven by growth in subscriptions which grew
14%, and the quarter-over-quarter decline is driven by reductions in Strategic Partnerships and Professional Services, following a strong first quarter in these non-subscription businesses.

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Grow Solutions revenue was $296 million for the quarter, down 9% year-over-year and up 1% quarter-over-quarter.

Unity announced the departure of its CFO, Luis Visoso, and the appointment of Mark Barrysmith, its current chief accounting officer, as interim CFO.

“Unity plays a unique role in the marketplace, sitting at the intersection of mobile, 3D, AI, gaming, data and digital advertising. The opportunity is clear. We believe that through tighter operational focus and better execution, we
can deliver sustained, strong performance. We look forward to the work ahead, and to updating you on our future long-term goals and vision,” said Matt Bromberg, CEO of Unity Software.

Outlook: Unity Software sees third-quarter revenue of between $415 million and $420 million, versus the $439.451 million estimate, and fiscal year revenue of between $1.68 billion and $1.69 billion, below the $1.836 billion estimate.

U Price Action: According to Benzinga Pro, Unity Software shares are up 0.21% after-hours at $14.39 at the time of publication Thursday.

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