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Leaddesk's Q2 sales came in some 4% below our estimate as the deployment of large enterprise deals takes longer than expected. The organic growth was just some 7%, which is a bit negative read to us. However the quarter-end ARR came in line with our estimate and is still up 22% y/y. All in all, at first glance a slightly negative performance in Q2, but in our view this is already reflected in the share valuation.
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