Unity Software (U) Stock Added 7% Last Week After Positive Quarterly Results

The stock of the game engine developer Unity Software Inc. (U) rose 5.58 percent on Friday to conclude the week at $122.80.

An optimistic report was released last week by the developer company, and the stock prices of the company continued to increase last week which rose by 7.00 percent in the past 5 sessions.

Unity’s revenue rose 53.3 percent year on year to $200.8 million in the third quarter ended September 30, 2020. Compared with $0.67 a year ago, the non-GAAP loss was $0.09 per share. The increase in the number of big clients (bringing more than $100 thousand) was a positive signal which now reached up to 739, while there were 553 in Q3 2019. Unity expects sales of $752—$756 million by the end of 2020.

Unity has previously provided encouraging signs, joining the market for smart cars in particular. Moreover, Unity remains one of the leading providers of platforms for video game developers. More than 90 percent of video game production companies currently use Unity technology. The biggest game blockbusters on the Unity engine reported strong revenue in the third quarter. The “Fall Guys” game released in August has been downloaded 10 million times on mobile devices.

Unity released the Cloud Content Distribution network in September, which will make access to the game engine simpler for small and large software development studios, as well as open up opportunities for accelerated project scaling. Moreover the service helps the developers to change the content of games in real time. The service is currently available for free, but if it launches successfully, Unity will be able to monetize it.

Unity Software Inc.’s (U) stock is up 21.63 percent over the past month while it remained successful to add roughly 80 percent to its value since start of the year. The market capitalization of the San Francisco, California-headquarter company is now worth 31.49 billion.

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