We could see consensus making negative EBIT estimate revisions for ‘21e of 5-7% on the back of the report itself.
G5’s share has been somewhat weak this year, down ~9%, which is still a lot stronger than the gaming sector as a whole, but the decline has likely been a result of the shifting investor sentiment towards gaming as a whole rather than G5’s financial performance. In fact, we find the fact that G5 generates a greater amount of revenues from platforms other than iOS as a strength in a year where iOS heavy operators are suffering from the implementation of IDFA. This appears to have allowed G5 to find good opportunities for UA in Q2’21 (UA spending up ~5pp from Q1’21), when peers appear to have been struggling. Combining this with G5 growing ~3% y-o-y in USD terms in Q2’21 (when peers are showing negative organic growth), MSFT lowering its store fee from 30% to 12% starting Q3’21e and we find a favorable outlook versus peers.
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