Data Licensing And AI Monetization UncertaintyAnalyst notes that softened data-licensing deals and a shift toward partnership-based approaches leave uncertainty about how the company will monetize its data for AI applications.
Logged-in User Growth RiskAnalyst warns that a slower-than-expected rollout of a new onboarding flow has flattened growth of logged-in users, creating execution risk for future monetization.
Valuation And Competitive PressureAnalyst cautions that an elevated valuation, combined with rising competition from generative AI platforms, could constrain upside unless core growth and advertiser demand materially accelerate.