Why Unity Software Stock Was Falling This Afternoon
Shares of Unity Software (NYSE: U) were down 11.8% as of 2:31 p.m. ET on Tuesday. On Monday, AppLovin said it was backing away from its Aug. 9 proposal to merge with Unity in what would have been a deal valued at $20 billion.
Unity shares tanked on Tuesday after more bad news about the economy and inflation sent the broader market down. The company's shares popped as much as 50% in early August around its second-quarter earnings release and the AppLovin proposal. But after Unity's board formerly rejected the offer on Aug. 15, the stock has been in a downward slide. Year to date, Unity is down 74%.
Unity remains committed to its pending merger with ironSource. This should position the company as a leading platform to help game creators run, grow, and monetize live games and real-time 3D content.
Source Fool.com
