In today’s briefing:
- [Unity Software (U US) Earnings Review]: Maintain BUY as AI Spending Offset by Topline Growth
- TriCrypto: Curve’s Ace in the Hole
- Bakkt Holdings Inc. – 1Q23 Revenue Grew 4% Y/Y
[Unity Software (U US) Earnings Review]: Maintain BUY as AI Spending Offset by Topline Growth
- Unity’s 1Q23 top line was in line with our estimate, and bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.
- We expect it to outperform in coming quarters because: 1) Create solutions are reducing low margin businesses with low churn rate,
- 2) Growth solutions continue to gain share driven by integrated Mediation platform, 3) announced AI products with accumulated R&D further diversify Unity toolsets.
TriCrypto: Curve’s Ace in the Hole
- Curve recently made waves with the release of crvUSD, its new stablecoin.
- However, another under-the-radar development at Curve could cause an even more significant shift in the DeFi landscape: a new TriCrypto pool [1].
- This pool contains three high-volume Ethereum assets—ETH, USDT, and wBTC—and could potentially challenge Uniswap’s market share
Bakkt Holdings Inc. – 1Q23 Revenue Grew 4% Y/Y
- 1Q23 revenue grew 4% Y/Y in a tough market. Expense control improved with opex, excluding a non-recurring restructuring charge, down 11% Y/Y.
- These results do not include Apex Crypto, but the 2Q23 report and beyond will include it.
- The acquisition of Apex Crypto closed on April 1 and significantly changes Bakkt’s trajectory. With the combined custody solutions from Bakkt and trading capabilities from Apex, the company will be positioned to become the crypto infrastructure provider of choice.
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