Unity (U -9.55%) stock has been highly volatile in Wednesday's trading, but it's now deeply in the red in the daily session. The company's share price was down 11% at 12:30 p.m. ET, but it had been up as much as 14.6% earlier in the day's trading.

Unity published its second-quarter results before the market opened this morning, and its stock actually rocketed higher in early trading today. Unfortunately, investors seem to be reassessing some aspects of the company's business update and selling out of the stock in response to concerns about its turnaround progress.

Image source: Getty Images.

Unity stock has seen wild swings today

In the second quarter, Unity posted non-GAAP (adjusted) earnings per share of $0.18 on revenue of $441 million. For comparison, the average analyst estimate had called for per-share earnings of $0.15 on revenue of $426.69 million. Sales for the period were still down 1.8% year over year in the period, but the performance came in significantly better than Wall Street had anticipated.

Unity stock initially soared on the stronger-than-expected Q2 results, but investors have now soured on the report. The market seems to be focusing on some aspects of the company's forward guidance and moving out of the stock due to concerns that the company's turnaround could take longer than previously expected.

What's next for Unity?

For the third quarter, Unity is guiding for revenue to come in between $440 million and $450 million. At the midpoint of the guidance range, that would mean a year-over-year decline of roughly 0.5%.

It expects sales for the company's Unity Grow segment to increase at a mid-single-digit-percentage rate quarter over quarter while sales for the company's create segment see a slight sequential decline. On the heels of some significant customer momentum in the second quarter, investors were likely hoping that the create segment would continue to secure additional wins in the current quarter -- but management's guidance suggests that won't be the case.