Unity Software (U) – Get Report shares climbed after the videogame publisher, in its first report as a public company, posted a wider-than-expected third-quarter net loss and revenue beat estimates.
Shares of the San Francisco publisher of games including “Lego Microgame” and “Fall Guys” at last check moved up 10% to $111.97.
The software company’s net loss widened to $144.5 million, or 97 cents a share, from a loss of $45.7 million, or 75 cents, in the year-earlier period.
Revenue jumped 53% to $200.8 million from $130.9 million.
A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of 33 cents a share, or an adjusted loss of 15 cents, on revenue of $186.9 million.
Customers that generated more than $100,000 of revenue increased to 739 from 553 a year earlier.
“Our robust growth has reinforced our confidence in the fundamental strength of our business model, and in the long-term opportunity that we see ahead,” Chief Financial Officer Kim Jabal said in a statement.
Unity expects fourth-quarter revenue to rise 2% to $204 million. It expects to clock revenue between $752 million and $756 million for all of 2020.
The FactSet survey is calling revenue of $203.7 million for Q4 and $757.1 million for the full year.
In September Unity went public at a valuation of more than $13 billion.
It priced its IPO at $52 and the stock has since doubled. It touched a high near $120 on Nov. 6.
The company, which is well known in the gaming industry but less known in the investment world, more recently has been expanding its efforts beyond gaming platforms, focusing on interactive 3D media, TheStreet has reported.