Unity stock tanks 28% as outlook falls short of expectations

Unity’s stock price fell 28% in after-hours trading after the company reported earnings that met analyst expectations but fell short on the outlook.

Unity reported a loss of eight cents a share (adjusted) on sales of $320.1 million. Those numbers met expectations on the loss and fell slightly short on sales. But Unity said that second-quarter sales would be $290 million to $295 million, well below estimates for $360.97 million.

The company also lowered its full-year revenue guidance to $1.35 billion to $1.425 billion, down from its earlier estimate of $1.485 billion to $1.50 billion.