John Riccitiello, chairman, president and CEO of Unity Software (U) - Get Unity Software, Inc. Report says that the company has expanded from gaming into 3D applications in shopping, construction, manufacturing and sports.
Riccitiello explained to Jim Cramer on a recent “Mad Money” TV show that Unity provides tools so that developers can build new ways to experience the world.
Architects and engineers are among those who now rely on the Unity engine. Unity is still what powers 70% of all mobile gaming experiences, Riccitiello said. It provides the physics, lighting and UI layers and renders them all into a seamless, high performance experience. That's why Unity also powers over two-thirds of all augmented and virtual reality experiences.
Unity has the ability to ingest real time data from multiple cameras and then rebuild a virtual world based on that data, all in real time. The possibilities are endless, Riccitiello said, as they allow consumers to view the world on any device and any way they want.
In August, Unity reported a loss of 2 cents a share for its latest quarter, beating the FactSet analyst consensus estimate of a loss of 11 cents. Revenue totaled $273.6 million, up 48% from a year ago and ahead of FactSet's call for $242.3 million. The company also boosted its full-year guidance.
Unity Software’s IPO debuted just over a year ago in Sept. 2020. Shares are up over 100 percent since the launch.