Unity Q1: $460M Revenue, $0.75 EPS Loss, Completes Restructuring

Unity Technologies reported its first quarter earnings with a revenue of $460 million, surpassing Wall Street's expectation of $433.5 million but marking an 8% decline year-over-year. The company also reported a significant net loss of $291 million for the quarter, largely due to $212 million in restructuring costs. This restructuring, which included mass layoffs, has now been completed. Unity's Q1 earnings per share (EPS) was a loss of $0.75, contrasting sharply with the expected EPS of $0.06. The company's guidance for Q2 2024 projects revenue between $420 million and $425 million, below the estimated $441.2 million, and forecasts full-year revenue to be between $1.76 billion and $1.8 billion, slightly under the expected $1.81 billion. Additionally, revenue in Unity's strategic portfolio was $426 million, with Create Solutions revenue at $133 million.