Unity Software Analysts Boost Their Forecasts After Strong Q3 Results
Avi Kapoor 14 hours ago
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Unity beats Q3 estimates, posts first GAAP profit since IPO, guides Q4 sales above forecasts; shares rise 6.3%, analysts lift price targets.
Unity Software Inc. (NYSE:U) on Thursday reported upbeat third-quarter results and issued fourth-quarter sales guidance well above expectations.
It earned an adjusted 44 cents a share, far above the 6 cents analysts projected and more than double the 20 cents of a year earlier. Revenue of $622.09 million cleared the $567.44 million estimate by 9.63% and grew 32.19% from last year’s roughly $470.62 million.
Unity is guiding fourth-quarter sales in a range of $688 million to $696 million. Analysts had estimated fourth-quarter sales of approximately $603.62 million
“Third-quarter performance was our strongest ever, with Vector growing 126% year-over-year and 40% quarter-over-quarter, and the first GAAP profitable quarter since our IPO,” said Matt Bromberg, President and CEO of Unity.
Unity Software shares gained 6.3% to $51.88 in pre-market trading.
These analysts made changes to their price targets on Unity Software following earnings announcement.
- Needham analyst Bernie McTernan maintained the stock with a Buy and raised the price target from $54 to $70.
- Wedbush analyst Alicia Reese maintained the stock with an Outperform rating and raised the price target from $55 to $63.
Considering buying U stock? Here’s what analysts think:
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