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Gaming Engine Unity Software Files to Go Public on NYSE

Unity Software, a platform for creating videogames, filed with the SEC to go public.
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Unity Software, a platform for creating videogames, on Monday filed with the Securities and Exchange Commission to go public.

The San Francisco company expects to trade on the New York Stock Exchange with U as its ticker symbol.

“We estimate that in 2019, on a global basis, 53% of the top 1,000 mobile games on the Apple  (AAPL) - Get Apple Inc. Report App Store and Google  (GOOGL) - Get Alphabet Inc. Class A Report Play and over 50% of such mobile games, PC games and console games combined were made with Unity,” the company said.

Unity is a competitor to Fortnite creator Epic Games, which is entangled in a legal dispute with Apple over the charge Apple levies on Epic e-commerce because of its games presence in the App Store.

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As for Unity, its “games can be built once and deployed and operated across more than 20 platforms, including Windows  (MSFT) - Get Microsoft Corporation Report, Mac, iOS, Android, PlayStation, Xbox, Nintendo NTDOY Switch, and the leading augmented and virtual reality platforms, among others,” the company said.

For the first half, the company’s net loss shrank to $54.1 million from $67.1 million in the year-earlier first half. For all of 2019 Unity posted a loss of $163.2 million, widened from $131.6 million for 2018.

Unity’s first-half 2020 revenue rose 39% to $351.3 million from $252.8 million in the year-earlier period. Revenue totaled $541.8 million in 2019, up 42% from $380.8 million in 2018.

As for risk factors, "[t]he markets in which we operate are highly competitive," the company said. "A significant number of companies have developed or are developing solutions that currently, or in the future may, compete with some or all of our offerings.

"As we look to market and sell our platform to potential customers with existing solutions, we must convince their internal stakeholders that our platform is superior and/or more cost-effective to their current solutions."