Unity revenue dips 8% as losses grow

pcgamesinsider.biz:

Engine giant Unity has reported an eight per cent dip in its revenue for the first quarter of its financial year.

In a release to shareholders, the company reported revenue of $460 million, which appears to have been driven by cash from its Create division. That engine-focused arm of Unity saw a 17 per cent increase in revenue year-on-year, while the mobile marketing-centric Grow brought in $294 million. That's a four per cent decline year-on-year.

Meanwhile, Unity posted a net loss of $291 million, an increase on the $254 million that the engine maker was in the red this time last year. The company says that $212 million of this net loss was related to the restructuring work that it has been conducting.

"We closed the first quarter with results in line with expectations. The portfolio and cost reset that we started a few months ago is completed. While we will always look for efficiencies, our attention turns to accelerating revenue growth while operating at attractive profit and cash flow margins," the company wrote in its shareholder letter.

"We believe that the opportunity in Gaming is significant. We are working to create synergies between our businesses to better serve our customers. The gaming industry generates $260 billion in annual revenue with mobile being the single largest market. We believe that we have a unique set of assets and capabilities with the Engine, Cloud, Monetization and Aura that can be better integrated to create more value for customers and shareholders. We continue to make sequential progress in Industries with customers in automotive, manufacturing and e-commerce."

Last week, Unity appointed a new CEO in Matt Bromberg, who replaces interim CEO Jim Whitehurst.