G5 posted 0.2% sequential growth in Q3 versus Q2, despite containing seasonal effects weighing on consumption. G5 has successfully turned around Sherlock and sees potential to do so for other franchises ahead, guiding continued sequential growth, and user acquisition spend above its target range in order to achieve it. We see this as a welcomed result, with near-term earnings likely coming down from the higher UA spend although with better conviction on growth outlook.
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