(Unity) Shares of Unity Software fell more than 28% in premarket on Wednesday after posting a record $320 million in revenue in the first quarter of 2022. The revenue was 36% higher than last year but missed estimates of $321.49 million.
Unity said that its Create Solutions revenue hit $116.4 million, up 65% from the prior year. Operate Solutions revenue was $184.0 million, up 26%.
The company reported a loss from operations of $171.2 million or 53% of revenue, wider than a loss of $110.9 million in the prior year.
Unity reported a basic and diluted net loss per share of $0.60, wider than a loss per share of $0.39 in the prior year.
Unity is now projecting a lower revenue of $290 million to $295 million in the second quarter. FY22 revenue is projected at between $1.350 billion to $1.425 billion.
The company projects a non-GAAP loss from operations of between $62 million and $64 million in the second quarter. FY22 loss from operations is projected at between $60 million and $75 million.
U: NYSE is down -28.13% on premarket.
