Analyst RecommendationAnalyst recommendation was downgraded from NEUTRAL to REDUCE due to the recent share price strength, with limited upside due to full valuations.
Content RisksRisks include the concentrated power of music labels, possible content cost inflation, controversial podcast content, recession risk, M&A risk, and competition.
Macro-Economic RisksInvestor debate may shift towards macroeconomic headwinds potentially impacting user growth and advertising business.