u/Any-Variation-7104

I am not buying the "macro environment" excuse management gave on the call. I can accept macro as a reason for giving conservative forward guidance, but not for actually missing the quarter.

Even though their initial guidance was not great to begin with, I fully expected them to at least beat it and post somewhere around 12% revenue growth—especially since they had the FIFA World Cup bump this quarter.

I know their business is highly cyclical and base effects matter. Were there any specific tailwinds in Q2 2025 that skewed the base?

Also, looking at the brutal Q3 guidance—is this deceleration purely because they had massive tailwinds in Q3 of last year, or is there a bigger fundamental issue?