Why did GDEV's EPS change in Q2 2023?

GDEV's EPS changed in Q2 2023 due to a combination of factors related to the company's financial performance and strategic shifts.

1. **Revenue Growth**: GDEV's EPS increased by 5.6% in Q2 2023 compared to the same period the previous year. This growth can be attributed to a 11% year-over-year increase in annual revenues reported for the full year 2022, with quarterly revenues of $99 million in Q4 2022, despite a 19% year-over-year decline. The company's revenue growth, although modest in the immediate previous quarter, indicates a positive trend that contributes to EPS changes.
2. **Cost Management**: The company's adjusted EBITDA for Q4 2022 was negative, which could suggest that the company faced challenges in managing costs effectively during that period. However, the overall financial results for the year showed an improvement with an adjusted EBITDA of $98 million for 2022 compared to $8 million in 2021. This improvement in profitability can also be reflected in the EPS change.
3. **Strategic Changes**: GDEV underwent a significant transformation, rebranding from Nexters Inc. to GDEV Inc. on June 22, 2023. This change in corporate identity reflects a shift in strategy, with the company now operating as a holding company focused on nurturing its portfolio of studios and franchises. Such strategic shifts can impact financial performance and EPS in the quarters following the change.

In conclusion, GDEV's EPS change in Q2 2023 was likely influenced by a combination of revenue growth, cost management, and strategic changes. The company's focus on revenue expansion and improvement in profitability, along with its transformation into a holding company, have contributed to the observed EPS change.