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更新,看了眼电话会,Operate业务果然在上半年有大问题。The most succinct framing for the challenges we are facing is that we built more for growth and less for resiliency. Following years of rapid growth and working through the challenges of Apple's privacy changes, we got hit hard by two issues.
The first was a fault in our platform that resulted in reduced accuracy for our Audience Pinpointer tool, a revenue expensive issue given that our Pinpointer tool experienced significant growth post the IDFA changes. The second is that we lost the value of a portion of our data, training data due in part to us ingesting bad data from a large customer. We estimate the impact to our business of approximately $110 million in 2022 with no carryover impact to 2023. Luis will provide a more granular update to our guidance in a few minutes. 简单点说就是广告业务除了岔子,上半年都要拿来填坑拖累的整体增长_(:з」∠)_
<hr/>基本面的情况我建议看一季报
说实话引擎业务还算稳当吧,倒是广告业务(Operate Solutions)的增速撞墙是我没想到的,多看了眼好像是IDFA最后还是对Unity的广告业务有影响?券商们言之凿凿Unity的广告是context ads,受到IDFA的影响比较有限呢_(:з」∠)_
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001810806/213f5ebb-1077-4e9f-a95b-0d34cc686f0e.pdf结果就是二季度和全年的业绩指引突出一个惨不忍睹(对一个靠增长撑住估值的公司来说),Q2同比增速不到10%、全年不到30%这nm估值肯定会暴跌啊_(:з」∠)_
至于说大环境,Unity这家公司在估值体系上主要有两个概念,一个是SaaS,一个是元宇宙。SaaS股现在整体都在回调,已经不是20-30乃至更高的P/S都稀松平常的过去了;元宇宙么,不敢说已经破产,但市场也在回归冷静,你看一眼Roblox的股价就行了
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