Unity Software Beats Revenue Expectations, Raises Full-year Forecast

Unity Software reported first-quarter earnings that beat analysts' revenue expectations and raised its full-year revenue forecast. The video game software developer reported a net loss of $254 million, or 67 cents per share, versus a net loss of $178 million, or 60 cents per share, in the year-ago period. Unity expects to report $510 million to $520 million in second-quarter revenue, above analyst estimates of $509 million, and between $2.08 to $2.20 billion in revenue for the full year. The company is off to a "strong start" in 2023 and expects to grow faster than its competitors this year. It also announced plans to cut about 600 jobs, or 8 percent of its workforce, as part of its commitment to "excellence in execution" and to position itself for long-term and profitable growth. Shares surged more than 11 percent in extended trading Wednesday.