Core Viewpoint - Unity's Q1 2025 performance exceeded expectations, particularly in the Grow segment, but the new advertising model's impact is still uncertain and may not significantly boost revenue in the near term [1][2][17]. Financial Performance - Unity reported total revenues of $435 million for Q1 2025, a year-over-year decline of 5.5%, but above company guidance and market expectations [4][17]. - The Create segment saw an 8% year-over-year decline, slightly below market expectations, while the core subscription revenue grew by 13% [2][17]. - The Grow segment's revenue decreased by 4%, which was better than market expectations [19]. Operational Metrics - The net expansion rate improved to 97%, but still fell short of market expectations, indicating a slight decline in revenue from existing customers [21]. - The number of large customers (paying over $100,000 annually) increased to 1,260, reflecting a modest recovery [22]. - Deferred revenue remained stable, suggesting ongoing revenue challenges [24]. Cost Management - Operating expenses decreased by 35% year-over-year, with significant reductions in stock-based compensation [28]. - GAAP operating loss was $128 million, while adjusted EBITDA reached $84 million, exceeding both company guidance and market expectations [28]. Future Outlook - Management's guidance for Q2 2025 indicates expected revenues between $415 million and $425 million, reflecting a year-over-year decline of 5.3% to 7.5% [27]. - The transition to the new advertising model is anticipated to take longer than previously expected, with potential for a gradual recovery in the second half of the year [6][13].

Core Viewpoint - Epic Games has won a legal victory, allowing Fortnite to apply for listing on Apple's App Store [1] Group 1 - Epic Games is a game development company that has successfully navigated legal challenges related to its flagship game, Fortnite [1] - The victory in court is significant for Epic Games as it opens the door for Fortnite to be available on a major platform, potentially increasing its user base and revenue [1]

Core Insights - The global game development community is increasingly adopting external AI tools rather than developing them in-house to reduce costs and risks [1] - Major publishers are transforming into AI suppliers, providing AI tools to smaller developers, which is driving market maturity [1] - Customized AI tools tailored for game development are emerging, enhancing research and development efficiency [1] Summary by Sections AI Tools Adoption - More developers are opting to purchase AI tools instead of creating them internally, which helps in minimizing expenses and associated risks [1] Publisher Dynamics - Large publishers are evolving into AI tool providers for smaller firms, facilitating a more mature market landscape [1] Custom AI Solutions - There is a rise in specialized AI tools designed to meet the specific needs of game development, contributing to improved R&D productivity [1]

划重点 ① 成立于 2004 年的 Unity 因游戏开发失败转型为游戏引擎开发商，逐步确立了行业地位。它通 过创建解决方案（Create Solutions）和运营解决方案（Operate Solutions）两大业务获取收入， 并在 2020 年成功上市。Unity 支持多平台部署，希望让游戏开发更加"民主化"。 ② Unity 与 AppLovin 在游戏广告业务展开直接竞争。AppLovin 通过 AXON AI 模型不断优化广 告投放效率，业绩持续超预期；而 Unity 因数据整合过慢和 AI 能力缺失而明显落后。2022 年 Unity 曾拒绝 AppLovin 的 200 亿美元收购要约，现今两家公司的差距已经显著扩大。 ③ RockFlow 投研团队认为，经历定价风波和管理层变动后，Unity 在新任 CEO 领导下通过大 幅裁员、收缩业务等重整旗鼓，加上易用性高、跨平台能力强等优势，Unity 仍具备较强竞争 力。随着游戏行业复苏和开发者从专有引擎向通用引擎转移，Unity 前景可期。 RockFlow 本文共4915字， 阅读需约19分钟 上篇文章中，RockFlow 投研团队为大家深入剖 ...