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UNITY SOFTWARE INC.

(U)
  Report
Real-time Estimate Cboe BZX  -  02:52 2022-10-03 pm EDT
34.27 USD   +7.56%
09/21Unity Software : Litigation Related to the Merger - Form 8-K
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09/21Unity Software Inc. : Other Events (form 8-K)
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09/20Unity Releases New Report Highlighting Massive Global Demand for Multiplayer Gaming And New Insights on Player Preferences
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Unity Software Sets Up China Joint Venture With Local Partners

08/10/2022 | 04:12am EDT

By Raffaele Huang


Unity Software Inc. is setting up a $1 billion China joint venture with partners including Alibaba Group Holding Ltd., the U.S. videogame software developer said Tuesday.

Other partners include Chinese videogame developers G-Bits Network Technology (Xiamen) Co. and miHoYo, as well as the China unit of TikTok's owner, ByteDance Ltd., Unity said in a statement. Tencent Holdings Ltd., the world's largest videogame developer and one of Unity's biggest customers, wasn't included as a partner in the joint venture.

Unity said it will retain majority ownership and control of the new joint venture.

Competition in China, the world's biggest mobile game market has increasingly intensified, while user growth has slowed there. Companies in China are using short-video apps and other new channels to sell games to players, as well as exploring new technologies to develop games.

Last year, Unity received 15.2% of its revenue from the Greater China region. Many of the most popular games in China, such as Tencent's flagship mobile game "Honor of Kings" and miHoYo's "Genshin Impact", were developed on Unity's software.

Unity China will start providing services to local customers late this month, the company said. It will provide localized versions of Unity products in the country, it added. The U.S. parent will still oversee the advertising business in the region, it said.


Write to Raffaele Huang at raffaele.huang@wsj.com


(END) Dow Jones Newswires

08-10-22 0411ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.83% 80.66 Delayed Quote.-32.66%
G-BITS NETWORK TECHNOLOGY (XIAMEN) CO., LTD. 0.21% 248.51 End-of-day quote.-41.09%
TENCENT HOLDINGS LIMITED -0.98% 263.8 Delayed Quote.-41.68%
UNITY SOFTWARE INC. 7.09% 34.1 Delayed Quote.-77.72%
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Analyst Recommendations on UNITY SOFTWARE INC.
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Financials (USD)
Sales 2022 1 321 M - -
Net income 2022 -720 M - -
Net Debt 2022 753 M - -
P/E ratio 2022 -13,4x
Yield 2022 -
Capitalization 9 573 M 9 573 M -
EV / Sales 2022 7,82x
EV / Sales 2023 6,17x
Nbr of Employees 5 245
Free-Float 94,2%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 31,86 $
Average target price 56,77 $
Spread / Average Target 78,2%
EPS Revisions
Managers and Directors
John Salvatore Riccitiello Executive Chairman
Luis Felipe Visoso Chief Financial & Accounting Officer, Senior VP
Ralph Hauwert Hauwert Senior Vice President-Research & Development
Joachim Ante Chief Technology Officer
Joseph W. Marks Chief Technology Officer
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