What's Going On With Unity Software Stock Today?

Unity Software Inc U shares are trading higher Thursday after the company reported third-quarter financial results and issued guidance above analyst estimates. 

Unity said third-quarter revenue increased 13% year-over-year to $322.9 million, which beat average analyst estimates of $322.32 million, according to Benzinga Pro. The company reported a quarterly net loss of 14 cents per share, which was in line with analyst estimates.

"The third quarter came in line with guidance for revenue and non-GAAP operating income, and we are taking a prudent approach in the fourth quarter, given the current macroeconomic environment," said Luis Visoso, CFO of Unity.

"We have carefully managed costs this year, and will drive more efficiencies next year, as we continue to capture the large opportunity in front of us."

Unity expects fourth-quarter revenue to be in the range of $425 million to $445 million versus average analyst estimates of $384.82 million. The company expects full-year revenue to be between $1.365 billion and $1.385 billion versus average estimates of $1.35 billion. 

See Also: Check Out What Whales Are Doing With Unity Software

Piper Sandler analyst Brent Bracelin maintained Unity with an Overweight rating and lowered the price target from $38 to $33 following the company's quarterly results. 

Credit Suisse analyst Stephen Ju also maintained Unity with an Outperform and lowered the price target from $85 to $71.

U Price Action: Unity shares were up 11.6% at $24 at time of publication.

Photo: StockSnap from Pixabay.