Unity Technologies (NYSE:U): A metaverse stock for your portfolio?

3 min read | January 28, 2022 05:43 AM EST | By Raza Naqvi

Unity Technologies (NYSE:U): A metaverse stock for your portfolio? — Image source: © Solarseven | Megapixl.com

Unity (NYSE:U) stock worth exploring?

Recently, it was announced that Unity will acquire Ziva Dynamics, one of the leading companies for digital character creation. The Vancouver-based Ziva Dynamics enables users to create avatars, animals or items like clothes

Ziva's technology allows users to create 3D people, animals, or similar items like cloth and then deform them in realistic ways.

Ziva's software was reportedly featured in video games like Spider-Man: Miles Morales and Hellblade: Senua's Sacrifice.

According to the company's official blog, Unity aims to democratize Ziva's tools through this acquisition. This will reportedly help artists create digital characters, irrespective of their skill level.

Last year in December, Unity had completed the acquisition of Weta Digital's engineering talent, technology, tools, and pipeline. Weta Digital's tools have been used in iconic movies and shows like The Suicide Squad and Game of Thrones.

Unity will have a team of 275 engineers from Weta Digital, and they are known for building and maintaining the company’s tools and pipeline.

Bottom line

At the end of the trading session on Thursday, January 28, the Unity stock was priced at US$ 94.7 per share after declining about five per cent.

In the third quarter of fiscal 2021, Unity's revenue increased 43 per cent year-over-year (YoY) to US$ 286.3 million. Meanwhile, the net loss narrowed down to US$ 115.15 million from US$ 144.7 million in Q3 2020.

Also Read: 2 Canadian metaverse stocks that rose over 200% in a year

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