Unity Software Inc. reported a decrease in total revenue for the third quarter of 2024, with revenue at $446.5 million compared to $544.2 million in the same period the previous year. The company's net loss also widened to $124.5 million from $125.3 million year-over-year. The decline in revenue was primarily attributed to a decrease in Grow Solutions revenue, impacted by competition in the advertising market. Despite the revenue downturn, Unity achieved a gross profit of $334.5 million, which is a decrease from the previous year's $392.9 million. Operating expenses saw a reduction, with research and development costs at $215.2 million, sales and marketing at $176.4 million, and general and administrative expenses at $69.9 million. The company's operating loss remained relatively stable at $127.1 million compared to...Show More

Unity Software Inc. reported a decrease in total revenue for the third quarter of 2024, with revenue at $446.5 million compared to $544.2 million in the same period the previous year. The company's net loss also widened to $124.5 million from $125.3 million year-over-year. The decline in revenue was primarily attributed to a decrease in Grow Solutions revenue, impacted by competition in the advertising market. Despite the revenue downturn, Unity achieved a gross profit of $334.5 million, which is a decrease from the previous year's $392.9 million. Operating expenses saw a reduction, with research and development costs at $215.2 million, sales and marketing at $176.4 million, and general and administrative expenses at $69.9 million. The company's operating loss remained relatively stable at $127.1 million compared to $127.4 million in the prior year. Unity's financial report also highlighted a repurchase of convertible notes resulting in a pre-tax gain of $61.4 million. The company's future plans include a focus on its Strategic Portfolio, which comprises the Unity Engine, Cloud, and Monetization solutions, and a reset of product offerings to concentrate on core businesses. Unity also plans to reduce investments in new businesses and exit non-strategic businesses. The company has undergone significant executive transitions, including the appointment of a new Senior Vice President and Chief Financial Officer, effective January 1, 2025.