Unity Software (U) shares jumped more than 10% after hours after the company’s first-quarter results, with revenue up 56% year-over-year to hit $500 million, beating the consensus estimate of $481.46 million. EPS was ($0.67), down from ($0.60) last year.
For the remainder of 2023, the company expects revenues to grow faster than the markets it competes in, with continued steady and meaningful progress in profitability.
For Q2/23, the company expects revenue of between $510 million and $520 million, versus a consensus of $497 million. For the full year, the company expects revenue of between $2 billion and $2.2 billion, versus a consensus of $2.13 billion.
Last week, the company announced that it would restructure specific teams and lay off about 8% of its workforce, or about 600 employee positions, to continue positioning itself for long-term, profitable growth.
By Davit Kirakosian