GRVY - Gravity Suffers With Mobile Pullback

• Gravity is rather cheap video gaming exposure focused almost entirely on Asian markets.
• Asian markets are where mobile games have the most presence, Gravity is similarly skewed towards mobile exposures.
• Mobile gaming generally fell, especially in large markets like Japan, but also more broadly.
• Casual gaming is experiencing a strong reversal as the pandemic subsides while online gaming has more traction.
• The issue is even the online segment will struggle as bad-will mounts with closures of private servers and bot accusations. Best avoided.

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