Strong Q4 top line driven by exceptional Media growth
Q4 came in just above our expectations as the Media segment showed an impressive 39% growth, up 18% sequentially. The platform segment was just below our estimates, but we emphasise the consistent rapid client signings, and the significant share of pre-mature partners, which should support future growth. On costs, the savings program seems to be working as normalised opex, ex. marketing expenses, came down 11% q-o-q, and we expect further cuts organically into '23e. Marketing expenses came up steeply, likely due to capturing the World Cup opportunity, as it resulted in 116k FTDs, i.e., up 91% y-o-y.
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