Redeye updates on G5 following weaker-than-expected Q1-results driven by continued soft revenue development. While the company has started to generate revenue from third-party games and is cautiously optimistic regarding new in-house game launches, the run-rate revenue from current key franchises remains soft. The company has also flagged for increased UA costs, which will be partly mitigated by opex reductions, but with lower topline forecasts we have cut our forecasts and reduced our valuation range.
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