Tremor International Ltd (NASDAQ:TRMR) reported its Q2 results, with EPS of $0.16 coming in worse than the Street estimate of $0.36. Revenue was $75.8 million, missing the Street estimate of $77.03 million.

The multifaceted macro headwinds led to broad-based softness in spending but particularly from mobile and display. While revenue was underwhelming, CTV continues to see solid growth with spend on the platform up 30%. Analysts at RBC Capital continue to think there are better days ahead for the company with lowered guidance taking a realistic macro view with some conservatism around company-specific tailwinds.

The analysts maintained their outperform rating and lower their price target to $17 from $20.