Unity Software (NYSE:U) Soars on Q2 Beat
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Unity Software (NYSE:U) Soars on Q2 Beat

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Unity stock is on the rise today after the company delivered a stellar Q2 outing in a tough macroeconomic backdrop.

Unity Software (NYSE:U) shares are on the rise today after the software solutions provider posted better-than-anticipated second-quarter numbers. Revenue surged 79.6% year-over-year to $533.48 million, outperforming estimates by $16.1 million. Additionally, net loss per share at $0.51 too came in ahead of expectations by $0.11.

The jump in the topline came from gains across Create Solutions and Grow Solutions verticals. Additionally, EMEA, APAC, and the U.S. were the major geographic regions of growth followed by Greater China. At the same time, the company is also seeing an impact from a soft advertising market and gaming industry restrictions in China.

Following this robust showing in a challenging macro environment, today, Goldman Sachs’ Kash Rangan has reiterated a Hold rating on Unity alongside a $45 price target.

Overall, the Street has a $43.62 consensus price target on Unity alongside a Moderate Buy consensus rating. Shares of the company have skyrocketed nearly 54% so far this year.

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