Unity Software reported Q2 2024 revenue of $449.3 million, down 16% year-over-year from $533.5 million, as the company reset its portfolio to focus on core Engine, Cloud and Monetization solutions. Create Solutions revenue declined to $150.8 million from $193.1 million, while Grow Solutions revenue decreased to $298.5 million from $340.4 million. The company posted a net loss of $125.7 million, improving from a $193.3 million loss in Q2 2023.The company substantially completed its restructuring efforts in the first half of 2024, including a 25% workforce reduction and office footprint optimization that resulted in $201 million in employee separation costs and $38 million in facility-related charges. Unity appointed Matthew Bromberg as permanent CEO and announced the departure of CFO Luis Visoso, with Chief Accounting Officer Mark Barrysmith stepping in as interim CFO.Looking ahead...Show More

Unity Software reported Q2 2024 revenue of $449.3 million, down 16% year-over-year from $533.5 million, as the company reset its portfolio to focus on core Engine, Cloud and Monetization solutions. Create Solutions revenue declined to $150.8 million from $193.1 million, while Grow Solutions revenue decreased to $298.5 million from $340.4 million. The company posted a net loss of $125.7 million, improving from a $193.3 million loss in Q2 2023.The company substantially completed its restructuring efforts in the first half of 2024, including a 25% workforce reduction and office footprint optimization that resulted in $201 million in employee separation costs and $38 million in facility-related charges. Unity appointed Matthew Bromberg as permanent CEO and announced the departure of CFO Luis Visoso, with Chief Accounting Officer Mark Barrysmith stepping in as interim CFO.Looking ahead, Unity aims to enhance its machine learning capabilities and data infrastructure to improve competitiveness in the advertising market. The company maintains a strong liquidity position with $1.3 billion in cash and cash equivalents, while continuing its share repurchase program with $750 million remaining authorization. Unity's dollar-based net expansion rate declined to 96% from 103% year-over-year, reflecting increased competition in advertising.