Why Unity Stock Popped 14% in November
Shares of Unity Software (NYSE: U) popped by 13.9% in November, according to data provided by S&P Global Market Intelligence. The stock was rising ahead of the company's third-quarter financial report, which it delivered on Nov. 9. However, despite beating expectations and raising guidance, the stock gave back some of its gains from early in the month and has continued falling into December.
In Q3, Unity generated revenue of $286 million, up 43% year over year. The company's customers -- many of which are video game developers -- can build games with its software, and revenues from that are counted under its "create solutions" segment, where sales were up 34% from the same quarter last year. However, Unity also helps developers over the lifetime of their games with the offerings in its "operate solutions" segment. That part of the business accounted for 65% of total revenue in Q3 and grew 54% year over year.
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Source Fool.com
