Published , by TJ Denzer
Published , by TJ Denzer
With Unity announcing its Q3 2023 earnings results today, we got fresh look at the company’s stats in a tumultuous quarter that saw John Riccitiello step down as CEO. These turbulent times seem to have also affected Unity’s forecasts for future earnings results. Specifically, Unity could not provide guidance for Q4 2023 or the full year in this quarter’s results.
Unity shared details of why it could not share guidance for Q4 or FY 2023 in its Shareholder’s Letter that was posted alongside its Q3 2023 earnings results this week. The company cited a personal examination of its portfolio and cost adjustments as one of the major factors in not being able to provide guidance. This will also include cost-cutting measures, such as discontinuing products and laying off staff:
The Unity company’s inability to provide guidance on the recent quarter marked one of several pressing concerns in its latest earnings results. While the company was able to post a beat on EPS and revenue in line with expectations, it is also still reeling from backlash this last season over adjustments to its pricing that would put increased runtime fees on developers. The negative backlash led to CEO John Riccitiello resigning. Unity still seems to be finding its footing in the fallout of the matter.
Either way, it looks like uncertain times ahead for Unity without guidance for Q4 or its 2023 fiscal year. Stay tuned as we continue to share the latest updates on the company and other companies reporting their latest fiscal earnings results.