On February 26, 2024, Unity Software Inc. released its financial results for the quarter ending December 31, 2023. The report highlighted a revenue of $609 million, marking a 35% increase year-over-year. However, excluding a one-time transaction with Wētā FX, revenue stood at $510 million, a 2% decrease from the previous year. The company is undergoing a two-phase reset to focus on core businesses and expects to complete the first phase by the end of Q1 2024. The reset includes narrowing investments and right-sizing the cost structure, aiming for sustainable growth. Unity anticipates revenue growth acceleration in the second half of 2024 and is guiding a revenue of $1,760 to $1,800 million for the Strategic Portfolio for the full year. The company also reported a GAAP net loss...Show More

On February 26, 2024, Unity Software Inc. released its financial results for the quarter ending December 31, 2023. The report highlighted a revenue of $609 million, marking a 35% increase year-over-year. However, excluding a one-time transaction with Wētā FX, revenue stood at $510 million, a 2% decrease from the previous year. The company is undergoing a two-phase reset to focus on core businesses and expects to complete the first phase by the end of Q1 2024. The reset includes narrowing investments and right-sizing the cost structure, aiming for sustainable growth. Unity anticipates revenue growth acceleration in the second half of 2024 and is guiding a revenue of $1,760 to $1,800 million for the Strategic Portfolio for the full year. The company also reported a GAAP net loss of $254 million for the quarter, which includes costs related to the Wētā FX transaction. Adjusted EBITDA for the quarter was $186 million, with the Wētā FX deal contributing $102 million to this figure. Unity's future focus will be on its Strategic Portfolio, which includes the Engine, Cloud, and Monetization services, while exiting non-core businesses.