Unity (U) forecasts 2023 revenue above analyst expectations, projects profitable year
The Unity company raised its guidance as of its Q1 2023 earnings results, claiming it could see revenue between $2.08 billion and $2.2 billion in FY 2023.
Unity was one of the latest major tech companies to post its quarterly results and there was some very interesting information in there, especially regarding the company’s full-year guidance. Unity’s Q1 2023 earnings results showed a beat on revenue expectations, and with it, the company raised its expectations on revenue for FY 2023, pushing above analyst estimates.
Unity shared its raised FY 2023 guidance in the release of its Q1 2023 earnings results on its investor relations website. Analysts expected company’s full-year guidance on revenue for FY 2023 to be set around $2.1 billion. However, in its Q1 2023 results, Unity set its refreshed revenue guidance at $2.08 billion on the lowest end and $2.2 billion on the highest end, setting the average above analyst expectations.
Unity’s raised guidance comes as the company’s Q1 2023 results reported a beat on revenue. Where the company was expected to pull in around $480 million in revenue, it instead pulled $500 million. It wasn’t without some chaos. The company reported layoffs that led to 600 employees getting the axe. The company also announced that it would be making moves to get into the AI craze with AI tools built for its creative suite and app development.
Nonetheless, with Unity raising its guidance, it seems the company is confident in the future of its fiscal 2023. Stay tuned as we continue to watch for further earnings results from other tech companies as they report.
TJ Denzer posted a new article, Unity (U) forecasts 2023 revenue above analyst expectations, projects profitable year