We expect muted top-line growth in the second half of 2022. Our Q3 Total Revenue outlook of $790 to $800 million is essentially flat year-over-year. We expect FX to have an 8-point impact on year-over-year revenue growth in Q3. For Tinder, we expect year-over-year Direct Revenue growth to be in the mid single-digits (low teens on an FX neutral basis). We expect Hinge, BLK and Chispa to continue to perform strongly and help offset declines at the Established Brands. Our Q3 Adjusted Operating Income outlook is $255 to $260 million, implying a margin of 32% at the midpoints. This includes an $8 million ongoing quarterly escrow payment related to the Google litigation (up to $40 million in aggregate). We expect higher overall app store fees, reduced year-over-year sales and marketing spend and lower year-over-year growth in product and development spend compared to Q2 2022 as we begin to see the effects of a pullback in hiring
UBS Downgrades Immunovant to Neutral, Lowers Price Target to $5
UBS analyst Colin Bristow downgrades Immunovant (NASDAQ:IMVT) from Buy to Neutral and lowers the price target from $7 to $5.
