Advertising RevenueBrand advertising revenue fell 1% YoY, driven by softness in discretionary verticals such as retail, technology, and entertainment.
Competitive LandscapeThe competitive landscape is daunting, and digital ad spending remains ultra-sensitive to the vicissitudes of the macro environment.
User EngagementMuted user and engagement trends in North America and the relative attractiveness of larger digital ad platforms to advertisers potentially limit visibility around more robust advertising revenue growth.