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Unity Reports Loss of $291 Million in Q1 2024

But says it's "in line with expectations".

Image credit: nikkimeel/Shutterstock.com

Unity has released its financial report for the first quarter of 2024, with executives confirming the completion of business restructuring. The engine maker stated that its financial performance for the first quarter of 2024 was "in line with expectations", disclosing a net revenue of $460 million, showing an 8% decrease compared to the previous year.

Within Unity, Create Solutions saw a revenue increase of 17% year over year to $133 million, attributed to growth in subscriptions and strategic partnerships. On the other hand, revenue at Grow Solutions, the advertising business unit, declined by 4% year over year to $294 million. Overall, Unity reported a loss of $291 million for the quarter, inclusive of restructuring costs of $212 million and a gain of $61 million linked to the repurchase of convertible notes.

Excluding these exceptional items, Unity indicated that its net loss for the first quarter of 2024 would have been $141 million, an improvement from $254 million in the previous year. In its risk assessment, Unity acknowledged the impact of the lead time fee controversy, the departure of CEO John Riccitiello, and the company-wide restructuring with significant job cuts, all of which affected revenue in the latter half of 2023.

For more information, check out Unity's report here and join our 80 Level Talent platform and our Telegram channel, follow us on InstagramTwitter, and LinkedIn, where we share breakdowns, the latest news, awesome artworks, and more.

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    Anonymous user

    ·10 days ago·

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