It's been an interesting quarter of financial reporting from major tech companies, and Unity (U) is on the block this week with its Q3 2022 earnings results. The company has been through some choppy waters recently due to mergers and extraneous issues, but it looks like Unity made it out of its Q3 2022 in better shape than expected. The company’s earnings-per-share (EPS) were in line with expectations, and it delivered just under expectations for its revenue.
Unity shared its Q3 2022 earnings results on its investor relations website on November 9, 2022. In said results, Unity delivered a revenue of $322.9 million USD for the quarter. This was just barely short of the $323.33 million that was expected out of the company’s Q3 2022. Meanwhile, on the EPS front, Unity’s earnings-per-share came out to -$0.14 per share. It might not sound good, but it was actually in line with consensus expectations on the quarter, and even slightly better than the Earnings Whisper estimate at -$0.15 per share.
It would appear that Unity got out of Q3 2022 with a more stable finish than expected by most experts and expectations. The company announced its merger with IronSource which dropped its stock value a bit as the companies pushed through to finish up the acquisition. This also pushed Unity to lower its guidance for its FY 2022. On top of all of that, Unity faced some drama earlier this year when CEO John Riccitello made scathing comments about developers that didn’t make monetization a core part of their app designs. Even so, it may be that previously lowered guidance that helped set the expectation that Unity was able to overcome.
Either way, Unity seems to be heading into the end of its fiscal year in a pretty neutral standing. As we see further tech companies report on their quarterly earnings, keep it tuned here at Shacknews for more financial reporting.