Unity Software (NYSE:U) earned its first GAAP profit since going public, $122 million, as revenue rose 32% to $622 million. Shares jumped about 17% in pre-market trading. Vector, Unity's AI ad system, has made its ad tech business the company's growth engine, and guidance says that pace isn't fading yet. Vector uses data from games built on Unity's engine to place ads better. Better results draw more ad spending, and each extra dollar of it costs Unity very little to serve. That's why the adjusted EBITDA margin reached 41%. Part of the GAAP profit is accounting, though. Unity wrote down acquired assets earlier this year, so it now books less amortization on its income statement, the yearly charge against those assets. That cut costs by about $49 million versus last year, though strong cash flow shows the gain isn't only on paper.
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