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Unity Software | 8-K: Unity Software Reports Second Quarter 2024 Financial Results

SEC ·  Aug 9, 2024 04:12

Summary by Moomoo AI

On August 8, 2024, Unity Software Inc. released its financial results for the second quarter ended June 30, 2024. The report was disclosed in a shareholder letter attached to the company's Form 8-K filing with the SEC. Unity reported a revenue of $426 million from its strategic portfolio, a 6% decrease year-over-year but exceeding the guidance of $420 to $425 million. The GAAP net loss was $126 million, an improvement from the $193 million loss in Q2 2023 and the $291 million loss in Q1 2024. Adjusted EBITDA was $113 million, surpassing the $88 million from the same quarter last year and the guidance of $75 to $80 million. The company announced the departure of CFO Luis Visoso and the appointment of Mark Barrysmith as interim CFO. Unity also highlighted the upcoming launch of Unity 6, expected...Show More
On August 8, 2024, Unity Software Inc. released its financial results for the second quarter ended June 30, 2024. The report was disclosed in a shareholder letter attached to the company's Form 8-K filing with the SEC. Unity reported a revenue of $426 million from its strategic portfolio, a 6% decrease year-over-year but exceeding the guidance of $420 to $425 million. The GAAP net loss was $126 million, an improvement from the $193 million loss in Q2 2023 and the $291 million loss in Q1 2024. Adjusted EBITDA was $113 million, surpassing the $88 million from the same quarter last year and the guidance of $75 to $80 million. The company announced the departure of CFO Luis Visoso and the appointment of Mark Barrysmith as interim CFO. Unity also highlighted the upcoming launch of Unity 6, expected to drive the next growth phase with enhanced stability and performance. The company adjusted its full-year guidance, reducing strategic portfolio revenue projections to $1,680 to $1,690 million and Adjusted EBITDA to $340 to $350 million, citing a cautious approach to the recovery of its Grow Solutions business. Unity's CEO expressed confidence in the company's potential for healthy, sustainable growth through improved execution and operational focus.

This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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