Earnings4Q guidance was just in-line, likely due to an increasing impact from AI costs, and the 4Q bookings/revenue guide implies a significant deceleration.
GrowthDownload growth has slowed and is now more dependent on retention and resurrected users, which presents a risk to achieve growth expectations.
ValuationThe stock trades at high multiples of 27x and 19x based on 2026 and 2027 'Blue Sky' EBITDA projections, indicating possible overvaluation.