Here's the step by step process @Brian_Stoffel_ used to fill in these slides:
Takeaways: 1) Competition from Tiktok heating up 2) Management heavily focused on Reels, which monetizes at a lower rate 3) Huge investments in the metaverse
BIG QUESTION:
Is the growth slowdown temporary or permanent?
If temporary, shares are cheap
If permanent, they aren't
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