Unity Reports Q3 2024 Financial Results, Exceeds Expectations
Unity has announced its financial results for Q3 2024, reporting revenues of $447 million, a year-over-year decline of 18%. The company has raised its guidance for the fourth quarter, projecting revenue between $422 million and $427 million, with adjusted EBITDA expected between $79 million and $84 million.
For the full year, Unity has updated its revenue forecast to a range of $1.7 billion to $1.71 billion, up from previous estimates.
The company also introduced Jarrod Yahes as its new Chief Financial Officer.
Key Figures:
- Total Revenue: $447 million (down 18% YoY)
- Create Solutions Revenue: $132 million (up 5% YoY)
- Grow Solutions Revenue: $298 million (down 5% YoY)
- Net Loss: $125 million (consistent with Q3 last year, improved from $126 million in Q2)
The highlights
While strategic portfolio revenue declined 2% year over year to $429 million, and its total revenue declined 18% year over year to $447 million, Unity’s net loss decreased from $126 million to $125 million compared to last quarter.
The company attributes the quarter-over-quarter increase in its Create Solutions revenue to growth in subscription revenue, which is up 12%.
Its non-strategic portfolio fell 84% to $17 million due to its “portfolio reset.” This figure is also expected to continue declining in the fourth quarter.
“The entire gaming ecosystem works better when Unity delivers on its commitment to giving developers and publishers what they need to create and market great games,” said CEO and President Matt Bromberg.
“Although we are just at the beginning of our journey to transform the Company, we are motivated by our progress and the response of our customers and community. The opportunity is clear, the market wants us to succeed and we believe we have everything we need to achieve consistent and sustainable growth and profitability for years to come.
“As always, our deepest gratitude goes to our customers, partners, employees and investors for their unwavering support.”
