Video game software development company Unity Software, Inc. (U) has reported better-than-expected results for the second quarter ended June 30, 2021. Shares of the company declined marginally and closed at $106.75 in Tuesday’s extended trading session.
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Quarterly revenues stood at $273.6 million, up 48% from the previous year quarter, surpassing the Street’s estimates of $243.07 million. Revenue from Operate Solutions grew 63% year-over-year to $182.9 million.
The company reported a loss of $0.02 per share, which was narrower than the loss of $0.09 reported last year. Analysts had estimated a loss of $0.13 per share.
Meanwhile, Unity Software expects its third-quarter revenues to be in the range of $260 million to $265 million. The consensus for the same is pegged at $253.91 million. Similarly, for the full year 2021, the company expects revenues to be in the range of $1.04 billion to $1.06 billion. The Street estimates the same at $1.01 billion.
The CFO of Unity Software, Luis Visoso, said, “While our strong performance is broad based, we are particularly proud of the performance from our Operate Solutions group that expanded market share in a tough environment. Our strong performance gives us confidence to raise guidance for the year, again.” (See Unity Software stock chart on TipRanks)
On August 5, Wedbush analyst Michael Pachter reiterated a Buy rating on the stock with a price target of $125. The analyst’s price target implies upside potential of 16.7% from current levels.
Consensus among analysts is a Strong Buy based on 6 Buys and 2 Holds. The average Unity Software price target of $122.57 implies upside potential of 14.4% from current levels. Shares have gained 56.8% over the past year.
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