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Video game company Unity Software's shares fell more than 35% after disappointing earnings, citing Apple advertising changes as a big driver.
JULIE HYMAN: If we're going to talk about video games, we have to mention a company called Unity Software this morning. It is the second top-trending ticker on the Yahoo Finance platform. This is a company that's also a video game software-maker, specifically does 2D- and 3D-inspired stuff. Those shares are down 36% today, and that's after the company came out with numbers that missed estimates, both for its first quarter and for its second quarter forecast here.
Loss per share pretty much in line with estimates. But you can see the revenue a little bit light here. And the company's forecast for the full year is light of estimates, so yeah. All you can do is shake your head.
BRIAN SOZZI: These are just shocking declines that a lot of folks, a lot of investors in these tech stocks have not really come to expect. Now, the CEO of Unity is the former long-time time CEO of Electronic Arts here. And really, just another ugly earnings call by a well-known tech executive essentially saying, we did not prepare for a slowdown in our business, our expenses are too high. So again, look for this company probably to cut expenses, as well, like a lot of other tech companies are in fact doing. Because, I mean, that's just a terrible quarter.