Currency ImpactUSD-based revenue could be short of consensus, due to steep KRW depreciation against USD amid political uncertainties in Korea.
EarningsAdjusted EBITDA missed MSe by 5% as Product Commerce margins fell short, despite solid revenues, on increased spending on technology.
Market DynamicsDownside risks to 2025 outlook include subdued e-commerce industry growth amid weak macro and regulatory pressure on Eats take-rates.