Unity Software Inc. reported a net loss of $125.7 million for the three months ended June 30, 2024, compared to a net loss of $193.3 million for the same period in 2023. Revenue for the quarter was $449.3 million, a decrease from $533.5 million in the previous year. The company's cost of revenue decreased, resulting in a gross profit of $340.4 million, down from $374.7 million year-over-year. Operating expenses, including research and development, sales and marketing, and general and administrative expenses, totaled $469.8 million, a decrease from $566.1 million in the prior year. Unity's operating loss for the quarter was $129.4 million, improving from a loss of $191.5 million in the same period last year. The company's interest income and other income (expense), net, was $10.5 million, up from...Show More

Unity Software Inc. reported a net loss of $125.7 million for the three months ended June 30, 2024, compared to a net loss of $193.3 million for the same period in 2023. Revenue for the quarter was $449.3 million, a decrease from $533.5 million in the previous year. The company's cost of revenue decreased, resulting in a gross profit of $340.4 million, down from $374.7 million year-over-year. Operating expenses, including research and development, sales and marketing, and general and administrative expenses, totaled $469.8 million, a decrease from $566.1 million in the prior year. Unity's operating loss for the quarter was $129.4 million, improving from a loss of $191.5 million in the same period last year. The company's interest income and other income (expense), net, was $10.5 million, up from $9.1 million in 2023. Unity's effective tax rate for the quarter was impacted by a valuation allowance on U.S. losses and tax expense on foreign earnings taxed at different rates. The company's business development efforts included a focus on its Strategic Portfolio: the Unity Engine, Cloud, and Monetization solutions. Unity also undertook restructuring efforts, including a workforce reduction and office footprint reduction, resulting in $201 million in employee separation costs. The company announced the hiring of a new CEO, Matthew Bromberg, and the departure of CFO Luis Visoso. Unity's future plans involve enhancing its machine learning stack and data infrastructure capabilities to improve competitiveness in the advertising market.