Unity's "Right Sizing"

And, Zoom’s $1.5 billion share buyback.

Today is Tuesday, February 27, 2024.

The Early Bird Index today is 69.75.

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Unity's "Right Sizing"

Unity Software (NYSE: U) plummeted by 19.04% in after-hours trading on Monday after the video game software development company posted disappointing financial results.

Financials: Unity reported a loss of 66 cents per share in the past quarter, which was lower than expected. Revenue reached $609 million, which was better than expected.

Outlook: Unity expects revenue in the current quarter to be between $415 million to $420 million, which is way lower than expected.

Powering the Story: In a letter to shareholders, Unity said it is “right sizing” its cost structure. This comment comes just a month after Unity laid off 25% of its workforce.

Final Thoughts: Unity is in a bad place right now. The stock is down 50% in the last 5 years.

Stock Market RundownYour daily 3-minute morning read with an amusing angle on business and the stock market. Learn, laugh, stun your friends with your knowledge.


Notable Earnings Today: Macy’s (NYSE: M), Norwegian Cruise Line (NYSE: NCLH), Devon Energy (NYSE: DVN), AutoZone (NYSE: AZO), Lowe's (NYSE: LOW), CAVA Group (NYSE: CAVA), Splunk (Nasdaq: SPLK), Virgin Galactic (NYSE: SPCE), J.M. Smucker (NYSE: SJM), Cracker Barrel (Nasdaq: CBRL), Beyond Meat (Nasdaq: BYND), Bumble (Nasdaq: BMBL), American Tower (NYSE: AMT), eBay (Nasdaq: EBAY), Urban Outfitters (Nasdaq: URBN), Lemonade (NYSE: LMND), Boston Beer Co (NYSE: SAM), Axon (Nasdaq: AXON), American Electric (Nasdaq: AEP), Array Technologies (Nasdaq: ARRY), B&G Foods (NYSE: BGS), First Solar (Nasdaq: FSLR), 3D Systems (NYSE: DDD), Acadia Healthcare (Nasdaq: ACHC), ACADIA Pharmaceuticals (Nasdaq: ACAD), AdaptHealth (Nasdaq: AHCO), Agilent (NYSE: A), Ambarella (Nasdaq: AMBA), Beacon Roofing Supply (Nasdaq: BECN), Carter's (NYSE: CRI), Chemed (NYSE: CHE), Civitas Resources (NYSE: CIVI), Clean Energy Fuels (Nasdaq: CLNE), Constellation Energy (Nasdaq: CEG), Coupang (NYSE: CPNG), Credo Technology Group (Nasdaq: CRDO), Cytokinetics (Nasdaq: CYTK), Darling Ingredients (NYSE: DAR), Extra Space Storage (NYSE: EXR), Gaming and Leisure Properties (Nasdaq: GLPI), Green Dot (NYSE: GDOT), Grocery Outlet (Nasdaq: GO), Henry Schein (Nasdaq: HSIC), Interface (Nasdaq: TILE), International Money Express (Nasdaq: IMXI), Jones Lang LaSalle (NYSE: JLL), Klaviyo (NYSE: KVYO), LendingTree (Nasdaq: TREE), Masimo (Nasdaq: MASI), Myriad Genetics (Nasdaq: MYGN), Opko Health (Nasdaq: OPK), OraSure (Nasdaq: OSUR), Park Hotels & Resorts (NYSE: PK), Perrigo (NYSE: PRGO), Pinnacle West (NYSE: PNW), Portillo's (Nasdaq: PTLO), Redfin (Nasdaq: RDFN), Revolve Group (NYSE: RVLV), Rocket Lab USA (Nasdaq: RKLB), Ryan Specialty Group (NYSE: RYAN), Sealed Air (NYSE: SEE), Shift4 (NYSE: FOUR),TKO Group Holdings (NYSE: TKO), Universal Health (NYSE: UHS), VIZIO (NYSE: VZIO), Xenia Hotels (NYSE: XHR).

Notable IPOs Today: Solarmax Technology Inc. Common Stock (Nasdaq: SMXT), Xtrackers RREEF Global Natural Resources ETF (Nasdaq: NRES).

Notable Equity Crowdfunding Campaigns Ending Today: Weaver Outdoors (Honeycomb), AI Box (Republic), Zeehaus (Wefunder).

Notable Economic Events Today: Core Durable Goods Orders (8:30 a.m. ET), S&P/CS HPI Composite (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), Atlanta Fed GDPNow (11:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Zoom’s $1.5 Billion Share Buyback

Zoom Video Communications (Nasdaq: ZM) jumped 10.39% in after-hours trading on Monday after the company posted financial results that were better than expected.

Powering the Story: In addition to strong financial guidance for the current quarter, Zoom said that it will spend another $1.5 billion in share buybacks.

Final Thoughts: Zoom is down 14% in the last year, but things are improving. Some investors are starting to take Zoom more seriously. 

Broadcom Might Pause Security Business Sale

Bloomberg said on Monday that Broadcom (Nasdaq: AVGO) might pause the sale of its security software business Carbon Black.

Final Thoughts: Broadcom is up 123% in the past 12 months, though the stock dipped 0.16% during after-hours trading on Monday.

Still Pushing: Bitcoin Tops $57K as Rally Picks Up Steam (CoinDesk)

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.