Competition From Short-video RivalsIntense competition from rival short-video platforms could pull user engagement and advertiser dollars away, undermining user growth and ad revenue momentum.
Fragile Market SentimentWeak investor sentiment has led to significant share price declines, amplifying downside risk for the stock even if operating metrics improve.
Mobile Games Segment Concentration RiskReliance on a small number of mobile game launches and ongoing softness in the games business could pressure revenue if upcoming titles fail to gain traction.