Unity Software Inc U shares are trading higher Wednesday. The stock initially traded lower Tuesday evening after the company reported mixed financial results, but it has since recovered amid positive analyst coverage and an overall market rebound.
Unity said second-quarter revenue jumped 9% year-over-year to $297 million, which missed the estimate of $298.3 million, according to Benzinga Pro. The gaming software company reported a quarterly net loss of 18 cents per share, which beat the estimate for a loss of 21 cents per share.
"In Create we have momentum with customers in and outside of Games. Our Business outside of Games is growing even faster and now represents 40% of our total Create Solutions revenue, up from 25% in 2021," said Luis Visoso, CFO of Unity.
Unity expects third-quarter revenue to be between $315 million and $335 million versus the estimate of $346.87 million. The company expects full-year revenue to be between $1.3 billion and $1.35 billion versus the estimate of $1.36 billion.
- Piper Sandler analyst Brent Bracelin maintained Unity with a Neutral rating and raised the price target from $34 to $42.
- Barclays analyst Mario Lu maintained Unity with an Equal-Weight rating and raised the price target from $35 to $49.
- Oppenheimer analyst Martin Yang maintained Unity with an Outperform rating and raised the price target from $54 to $60.
U Price Action: Unity has a 52-week high of $144.69 and a 52-week low od $29.09.
The stock was up 4.85% at $52.76 at press time, according to Benzinga Pro.
Photo: Rene from Pixabay.
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