G5 reported a softer-than-expected quarter, with organic growth of -11% y/y (we had -4%), with large franchises seemingly affected by fierce competition in user acquisition during October-January, which is usually the high season. EBIT adjusted for FX revaluations were negative in the quarter, while cash flow was solid (+14% y/y). The company announced FTE reductions of c. 22% of the workforce, although this is expected to be offset by declining revenue and higher UA.
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