Why Unity Software Inc. (U) Soared On Wednesday

We recently published a list of While Market Bleeds, These 10 Firms Soar. In this article, we are going to take a look at where Unity Software Inc. (NYSE:U) stands against other best-performing stocks.

Unity Software increased by 12.52 percent on Wednesday to close at $24.54 apiece despite the lack of fresh catalyst to spark buying appetite.

In recent news, Unity Software Inc. (NYSE:U) announced that it narrowed its net loss by 73 percent in the first quarter of the year to $77.9 million from the $291.5 million registered in the same period last year, while revenues declined by 5.4 percent to $435 million from $460 million year-on-year on the back of lower revenues from its core businesses.

For the second quarter of the year, Unity Software Inc. (NYSE:U) said that it is targeting to hit revenues between $415 million and $425 million, as well as adjusted EBITDA of $70 million to $75 million.

Why Unity Software Inc. (U) Soared On Wednesday

A software engineer coding while surrounded by the latest industry tools and technology.

Last month, Unity Software Inc. (NYSE:U) launched its AI-powered platform called Vector, as it aims to keep pace with AppLovin Corp.

“Vector is designed to leverage data from across the Unity ecosystem, integrating self-learning artificial intelligence models that will provide deeper insights, optimize performance, and deliver better results for customers,” said Unity President and CEO Matt Bromberg in the company’s last earnings call.

Overall, U ranks 4th on our list of best-performing stocks. While we acknowledge the potential of U, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than U and that has 10,000x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.