#analyst-downgrade

#analyst-downgrade

Bullock downgraded the stock after reviewing web traffic trends by channel. He noted that SEO-driven visits fell 23.5% year-over-year in the second quarter of 2025, with the decline worsening to 25.3% in July, likely due to Google's broader rollout of AI Overviews. Since less than 30% of signups come from Google, he built a framework using Similarweb data to gauge growth impact.