Unity Software Suspends Guidance To Assess 'Product Portfolio And Cost Structure': 5 Analysts Open Up About Q3 Earnings Report
Portfolio Pulse from Priya Nigam
Unity Software Inc (NYSE:U) reported Q3 earnings with revenues falling short of consensus estimates, leading to layoffs and cost-cutting plans. The company suspended guidance to assess its product portfolio and cost structure. Analysts from Stifel, Wedbush, Needham, Piper Sandler, and Oppenheimer provided their insights, with most maintaining positive ratings but reducing price targets. Unity's shares rose 3.01% to $26 following the earnings report.
November 10, 2023 | 6:25 pm
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Unity Software reported lower-than-expected Q3 revenues, announced layoffs, and suspended future guidance for a strategic review, leading to mixed analyst ratings and reduced price targets.
Despite the revenue miss and operational changes, most analysts maintain a positive outlook on Unity Software, albeit with reduced price targets. The suspension of guidance introduces uncertainty, but the stock's positive reaction suggests a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100