Unity revises fiscal projections as Q3 2024 financials "exceed guidance"
Unity has released its financial results for the three months ending September 30, 2024, stating its third quarter results "exceeded guidance."
For the fourth quarter, Unity is guiding revenue for its strategic portfolio to $422 to $427 million, and adjusted EBITDA to $79 to $84 million for the total company. Full year guidance has also been revised up, moving from $1.68 to $1.69 billion to $1.7 to $1.71 billion.
It also announced the appointment of new chief financial officer, Jarrod Yahes.
Whilst revenue from the strategic portfolio was down 2% year-over-year to $429 million, and its total revenue is down 18% year-over-year to $447 million, Unity's net loss has decreased from $126 million to $125 million when compared against last quarter.
The company attributes the quarter-over-quarter increase in its Create Solutions revenue to subscriptions revenue growth, which is up 12%.
Its non-strategic portfolio was down 84% at $17 million due to its "portfolio reset." This is expected to continue to decline into the fourth quarter, too.
"The entire gaming ecosystem functions better when Unity is delivering on its commitment to provide developers and publishers what they need to make and market great games," said CEO and president, Matt Bromberg.
"While we're just at the beginning of our journey to transform the Company, we're energised by our progress and the response from our customers and the community. The opportunity is clear, the market wants us to succeed, and we believe we have everything we need to deliver consistent, sustainable growth and profitability in the years ahead.
"As always, our deepest gratitude goes out to our customers, partners, employees, and investors for their unwavering support."
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