Can Unity Fast-Track Its Recovery With This 1 Surprising Move?
On Feb. 3, Unity Software (NYSE: U) CEO John Riccitiello made a bold statement. During a conference call to discuss financial results for 2021, Riccitiello said, "We expect to grow revenue above 30% for the long term."
Three months later, Unity's full-year 2022 revenue guidance was lowered, implying just 22% to 28% year-over-year growth. In other words, it took just three months for the company to fall short of Riccitiello's long-term guidance. And since Feb. 3, Unity's stock price is down a painful 65%.
Unity will fail to achieve management's lofty 30% revenue-growth guidance in 2022 due to a problem in its Operate Solutions segment. However, it looks like management is working to fast-track a solution to the problem by acquiring competitor ironSource (NYSE: IS).
Source Fool.com
