Cyprus's GDEV Q2 revenue falls on lower bookings
GDEV•Outlook and key details
Company did not provide specific financial guidance or outlook for future quarters or the full year in the press release.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $94 mln | $115 mln (1 Analyst) |
| Q2 Net Income | $20 mln | ||
| Q2 Adjusted EBITDA | $20 mln |
The one available analyst rating on the shares is "buy".
The average consensus recommendation for the software peer group is "buy".
Wall Street's median 12-month price target for GDEV Inc is $70.00, about 525% above its August 20 closing price of $11.20.
The stock recently traded at 2 times the next 12-month earnings vs. a P/E of 4 three months ago.
Drivers behind the decline
- Decline in bookings - Co said lower Q2 revenue was mainly due to a decrease in bookings, driven by a 23% drop in monthly paying users.
- Marketing spend cuts - Q2 selling and marketing expenses fell 38% as co focused on more efficient user acquisition and prioritized channels with higher long-term value.
