Summary by Moomoo AI
Unity Software Inc. reported a decrease in total revenue for the first quarter of 2024, with figures dropping to $460.38 million from $500.36 million in the same period of the previous year. The decline was attributed to a decrease in Create Solutions revenue, following the termination of a subscription agreement with Wētā FX Limited and reduced usage of cloud and hosting services. Grow Solutions revenue also fell due to increased competition in the advertising market. The company's net loss widened to $291.48 million in Q1 2024 from $253.70 million in Q1 2023. Operating expenses surged due to significant employee separation costs following a workforce reduction, with total operating expenses reaching $690.92 million compared to $593.38 million in the prior year. Unity's cost of revenue decreased slightly, primarily due...Show More