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Shares trade nearly 6% higher in early Thursday trading.
The company reported a loss per share of $0.51, which compares to the loss per share of $0.69 reported for the same period last year. Revenue rose 80% year-over-year to $533.5 million, above the consensus for $517.8M.
Unity guided to Q3 and FY revenue of $545M and $2.16 billion, respectively. Analysts were looking for $500M and $1.96B, respectively.
Wells Fargo analysts lifted the price target to $54 per share.
“Harnessing synergies (faster than expected) and demonstrating cost discipline w/ EBITDA $40MM above Street,” they said.
Bank of America analysts remain Neutral-rated with a $46 price target.
“We believe a discount multiple is warranted based on lower revenue visibility and profitability, partially offset by Unity’s entrenched competitive position and various levers for growth.”
