Shannon River Fund Management has disclosed a new position in Unity Software, acquiring 1,065,452 shares valued at approximately $47 million. This strategic investment makes Unity the fund's third-largest holding, representing 7.38% of its total portfolio.
- The move follows a volatile period where Unity shares plummeted roughly 33% due to disappointing Q1 revenue guidance and competitive fears regarding Google's 'Genie' AI.
- Despite these pressures, Unity beat Q4 earnings estimates with an EPS of $0.24, bolstered by a five-year high in free cash flow.