From my perspective, the fall just from missing the revenue guidance by 1% is irrational. It was the lower adsense rev in Dec that i believe people are concerned about and if it's temporary or the new normal. If it's temporary then it's not an issue. Adsense rates can change frequently based on supply/demand so i'm hesitant about extrapolating anything out from one 1 months of data. If it's the new normal we won't know for another 6 months.
"This modest shortfall compared to the company’s guidance was primarily a consequence of lower than expected AdSense rates in December 2017. "
Whilst Adsense is a big part of their existing revenue, they have done a good job of monetising their traffic through other ways and that will only continue to accelerate over time. There is certainly risk over their revenue stream (adsense) but it's not like this company is valued on a high earnings ratio at this price....
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From my perspective, the fall just from missing the revenue...
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