Why Unity Software Was Soaring Today
Shares of Unity Software (NYSE: U) were up 27% as of 12:24 p.m. ET on Thursday after the company delivered better-than-expected earnings results for the third quarter.
The stock has fallen sharply this year after an internal performance problem caused revenue growth to slow with one of its advertising products and the stock is down about 80% year to date. But in the most recent quarterly report, released Wednesday evening, management said those issues were behind them, which got the market enthused about business momentum heading into 2023.
Unity makes money from subscriptions to its 3D software solutions used in making video games. In the third quarter, revenue from the "create solutions" segment grew 54%, driving total revenue up 13% over the year-ago quarter.
Source Fool.com
