Unity shares marked their biggest jump since its IPO on Monday following the announcement by Apple.
Apple has announced that it would be partnering with Unity, a game development software maker, as part of the release of its Apple Vision Pro headset. Following the announcement, Unity’s shares rose by an impressive 26% before closing the day up by 17%. The company has resumed its rally in the pre-market trading, gaining another 4.6%.
Unity’s Stock Experiences Biggest Jump Since IPO
On Monday, Apple announced that Unity’s gaming software would be used to create apps and games for the company’s first mixed-reality headset, the Apple Vision Pro. The announcement led to a brief halt in Unity’s trading after sending the company’s shares soaring.
The game development software maker gained as much as 26%, marking the biggest jump in the company’s shares since its initial public offering (IPO) in 2020. It eventually yielded some gains, ending the day by more than 17%. The company is up around 4.6% in pre-market trading.
Unity has been one of the companies hurt by Apple’s iOS privacy changes. In 2021, the company predicted the change would cost it $30 million, or 4.6% of its revenue.
“We’re excited to deliver Unity’s powerful and familiar real-time 3D tools and capabilities to Apple Vision Pro, so our huge community of passionate developers can bring new and existing Unity-created apps and games to this exciting new spatial computing platform,” a Unity spokesperson reportedly said.
“With visionOS and Unity’s PolySpatial technology, we can’t wait to see the new apps and games Unity developers will create for Vision Pro!”
What is Unity?
Unity is a company that provides software and development tools to game developers for creating 2D and 3D video games. Its highly-popular game engine develops games for platforms such as Windows, macOS, Linux, Android, iOS, consoles, and VR/AR devices.
The company offers many features and tools that enable developers to create high-quality games and interactive experiences. Unity also offers various services, such as Unity Ads, Unity Analytics, and Unity Collaborate, to enhance the game development process and monetization.
Unity went public on September 18, 2020. It was listed on the New York Stock Exchange (NYSE) under the ticker symbol “U.” The initial public offering (IPO) raised $1.3 billion and valued Unity at $13.6 billion, making it one of the biggest IPOs in the gaming industry.
Apple Announces First Major Product in a Decade
The Apple Vision Pro headset is the first major addition to the tech giant’s product line in nearly a decade. This highly anticipated product reportedly took seven years of development and is set to revolutionize the world of virtual reality (VR) and augmented reality (AR) experiences.
The headset is packed with cutting-edge features, including EyeSight, which allows it to become transparent or opaque to let people around the user know if they are immersed in an experience or available to interact.
Another unique feature of the Apple Vision Pro is its spatial audio, which creates a fully immersive experience for the user by sensing things in the environment. It can even create a realistic-looking avatar for the user to use in the experience. The headset is also designed to fit different face shapes and sizes with the option to adjust and interchange parts.
Although there was much excitement surrounding the launch of the Apple Vision Pro, the headset’s higher-than-expected price tag ($3,499) sent Apple’s stock price to decline during after-hours trading. The tech giant’s stock is down 0.42% in pre-market trading.
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Originally Posted June 6, 2023 – Unity Continues to Gain Premarket After Apple’s Announcement, Up 4.6%
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