Unity Software Inc. Ureported its first-quarter financial results after the bell Thursday. Here’s a look at the details.
The Details: Unity Software reported first-quarter GAAP losses of 75 cents per share, missing the analyst consensus estimate of losses of 65 cents per share. Quarterly sales clocked in at $460 million, beating the analyst consensus estimate of $431.55 million by 6.59%.
The company said Create Solutions revenue from its strategic portfolio was $133 million, up 17% year-over-year, mostly driven by growth in subscriptions and strategic partnerships. Grow Solutions revenue from its strategic portfolio was$294 million, down 4% year-over-year.
“We closed the first quarter with results in line with expectations. The portfolio and cost reset that we started a few months ago is completed. While we will always look for efficiencies, our attention turns to accelerating revenue growth while operating at attractive profit and cash flow margins,” said Jim Whitehurst, Unity’s Interim CEO
Outlook: Unity saw second-quarter revenue from its strategic portfolio of between $420 million and $425 million, down between 6% and 7% year-over-year.
U Price Action: According to Benzinga Pro, Unity Software shares are down 4.84% after-hours at $22.96 at the time of publication Thursday.
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