(RTTNews) - Unity Software Inc. (U), a games and interactive experiences platform, Thursday reported a narrower net loss on reduced operating expenses. Revenue for the quarter were down from the prior year.
Currently, shares are at $21.47, down 9.50 percent on a volume of 12,961,654 shares.
The quarterly net loss was $122.52 million, narrower than loss of $253.99 million a year ago.
On a per share basis, loss narrowed to $0.30 from $0.66 last year.
On average, analysts expected the company to report loss of $0.37 per share. Analysts estimates usually exclude special item.
Revenue for the fourth quarter declined 25 percent to $457.09 million, from $609.27 million in the fourth quarter 2023. The company said the decline was driven by its portfolio reset.
Analysts were looking for revenue of $433.47 million.
Looking ahead to the first quarter, Unity Software expects first quarter revenue of $405 to $415 million. Adjusted EBITDA is projected to be $60 to $65 million.
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