G5 reported earnings today which were below consensus, driven both by the previously announced increase in UA spend, but also due to the strength of major expense currencies and a lower capitalisation factor. The core game genres experienced headwinds throughout the quarter, and although Sherlock: Hidden Object Mystery grew to become G5's largest game on iOS/Android, users declined through most of the rest of the portfolio. We could see consensus lower 2022E EBIT by 10%.

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