Unity Software Inc. (NYSE:U) reported upbeat fourth-quarter financial results but issued first-quarter revenue guidance below estimates on Wednesday.
Unity reported adjusted earnings per share of 24 cents, beating the consensus estimate of 20 cents. In addition, the company reported revenue of $503.08 million, beating the consensus estimate of $491.42 million.
Looking ahead, the company sees first-quarter revenue of $480.00 million to $490.00 million, versus the consensus estimate of $493.93 million. In Grow, revenue is expected to be flat sequentially, while Create is expected to deliver double-digit year-over-year growth, excluding non-strategic revenue.
“Fourth quarter results once again comfortably exceeded the high-end of our guidance, led by exceptional performance from Vector, which experienced its third consecutive quarter of mid-teen sequential revenue growth, and the best growth we’ve seen in Create in over two years,” said Matt Bromberg, President and CEO of Unity.
Unity shares fell 0.1% to $21.40 in pre-market trading.
These analysts made changes to their price targets on Unity following earnings announcement.
- BTIG analyst Clark Lampen maintained Unity Software with a Buy and lowered the price target from $60 to $41.
- Needham analyst Bernie McTernan maintained the stock with a Buy and lowered the price target from $50 to $35.
Considering buying U stock? Here’s what analysts think:
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