‘The announced aggressive restructuring paints a dire picture,’ analyst writes
Benchmark Research analyst Mike Hickey didn’t mince words in assessing Unity Software Inc.’s decision to yank its prior forecast as it reviews its business and deals with developer backlash to a since-walked-back controversial fee plan.
“The announced aggressive restructuring paints a dire picture,” Hickey wrote early Friday in the wake of Unity’s U, -3.15% third-quarter earnings. Macquarie’s Tim Nollen was similarly considered as he lowered his rating on Unity shares to neutral from outperform. Further, “these steps will better position the business for long-term revenue growth acceleration, better integration and synergies between the Create and Grow businesses, and healthy free-cash-flow generation given the sizable opportunity ahead for real-time interactive content creation and monetization across both gaming and non-gaming verticals,” Becker wrote as he stuck with his outperform call on the stock.
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