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Unity Software Plunges As Revenue Outlook Shy Of Estimates

Shares of video game software development company Unity Software Inc. (U) are down more than 30% Wednesday morning following first-quarter results. The company provided second-quarter as well as full year revenue outlook below Street view.

Unity expects second-quarter revenue to be in the range of $290 million — $295 million. The consensus estimate of analysts polled by Thomson Reuters is for $360.97 million.

For the full year, revenue is expected between $1.350 billion and $1.425 billion. Analysts' expectation stands at $1.5 billion.

In the first quarter, net loss widened to $177.56 million or $0.60 per share from loss of $107.46 million or $0.39 per share a year ago, due to higher expenses.

Excluding one-time items, loss was $0.08 per share, that met the consensus estimates.

Revenue was $320.13 million in the quarter, an increase of 36% from the same quarter a year ago. Analysts' view stood at $321.49 million.

Unity Software stock, currently at $33.37, has touched a new low of $30.25 this morning.

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