Ad Spend ConcernsThere is rising caution tied to the macro around broader near-term ad spend trends and risk of a pull-back in marketing budgets.
Revenue ChallengesThere were uncertainties affecting stock performance, including a slowdown in media revenue due to a single client.
Transparency IssuesThe removal of quarterly organic net revenue growth disclosure, now moved to annual, limits the ability to track progression to guided +8% net revenue growth and may suggest more reliance on M&A to achieve this target.