Dependence On External Search TrafficHeavy reliance on referral traffic from external search sources, including Google, combined with the rise of AI-driven search risks reducing referral volumes and advertiser reach, which could weigh on ad revenue.
Logged-in User Growth Execution RiskSlower expansion of the higher-value logged-in user base due to a prolonged onboarding rollout creates uncertainty about the company's ability to convert users into durable, higher-value advertisers.
Valuation And Macro SensitivityA premium valuation relative to peers together with advertising's sensitivity to economic cycles increases downside risk if advertiser spending weakens or growth fails to accelerate.