Posted on Tuesday, Oct 26th 2021
global gaming market is projected to grow at 11% CAGR to $398.9 billion by 2026, from $192.2 billion in 2019, driven by the increased adoption of internet services, widespread availability of online games, the adoption of gaming platforms, such as E-sports. Gaming developers are responding to this high growth by providing games that are constantly improving and leveraging advanced technological capabilities in the form of real-time rendering of images. San Francisco-based Unity Software (NYSE: U) is a leading player in the market that is hoping to address this high growth through acquisitions. Unity’s Financials
Unity’s second quarter revenues grew 48% to $273.6 million. Non GAAP loss was $0.02 per share, surpassing market estimates of a loss of $0.12.
In key metrics, customers that generated more than $100,000 of revenue in the trailing twelve months grew to 888 compared to 716 a year ago.
Unity expects to end the current year with revenues of $1.045-$1.060 billion. It forecast revenues of $260-$265 million for the third quarter.
Recently, Unity announced the acquisition of New York-based Parsec for $320 million. Founded in 2016 by Benjy Boxer and Chris Dickson, Parsec allows artists, animators, developers, and designers to use their PCs and VMs from anywhere and from any device. The work of game development and creative professionals involves significant interaction and immersion for the developers. The new games are only getting more complex. With companies and their employees transitioning to hybrid working and collaboration models, Parsec enables creators to work from anywhere by providing them the requirements to support this level of performance processing. Parsec’s technology helps deliver low latency, ultra-high-definition desktop streaming while providing enhanced details with the same sampling rate for all images. Additionally, Parsec also offers the privacy, security, and management tools needed for companies to support fleets of computing resources for all of their creators.
The continuing pandemic conditions are helping Parsec become a go-to-solution for gaming companies. Its Parsec for Teams subscription business is growing by 170% over the year with significant acceleration expected in the coming quarters. Subscription growth is also showing high growth driven by a net dollar expansion rate of nearly 200%. Parsec has also integrated well with many of the industry verticals where Unity sells solutions, such as media and entertainment, architecture, and design. Unity plans on leveraging these capabilities to drive shared momentum with its customers through targeted cross-selling and bundled solutions.
Additionally, the company is benefiting significantly from its various partnerships. Its partnership with Snap to extend the reach of its Ad supply to Snapchat advertisers is one such example. The agreement has helped bring Snap’s technology to mobile game developers through select Snap Kit tools while allowing Unity’s developers access to Snapchat’s 249 million daily active users.
It also continues to expand its product offering and recently announced the availability of Unity Computer Vision Datasets that are aimed at reducing the cost of developing computer vision applications, and accelerate the training of AI for the Manufacturing, Retail, and Security industries.
Unity’s stock is trading at $145.99 with a market capitalization of $41.2 billion. It had touched a 52-week high of $174.94 in December and had hit a 52-week low of $76.00 in May.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. Photo Credit: ChristianaT from Pixabay This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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Okta Bounces Back Stronger Despite Security Event