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Unity Software ($U) shares plummeted by 15% after reporting its Q4 earnings. The company beat revenue expectations with $609 million but had a lower Q1 forecast of $415-420 million. The FY24 strategic portfolio revenue is projected to be $1.76-1.8 billion. Unity posted an EPS of -$0.66, missing the expected -$0.45, resulting in net profits of -$254 million. Despite revenue growth to $2.2 billion in 2023, cost-cutting measures include a 25% workforce reduction and office closures.
Unity’s stock falls as Wall Street wonders if company’s reset is ‘dubious’ or a ‘floor’ https://t.co/ArSInJVPyy
$U (-13.7% pre) Unity stock tumbles after Q4 earnings miss and disappointing outlook - inv https://t.co/qjvmvMmDhb
⚠️ UNITY SOFTWARE TUMBLES AS GLOOMY FORECAST SIGNALS TURNAROUND TAKING TIME (Reuters) Unity Software shares sank 15% in premarket trading on Tuesday after the videogame software provider's 2024 forecasts came in below Wall Street estimates, a sign that its turnaround was taking…