Market VisibilityGrowing AI-generated search results on Google are impacting Yelp's visibility, potentially reducing its ability to attract new users.
User EngagementYelp is experiencing a decline in user engagement, posing risks to its traffic and monetization model.
ValuationGiven deteriorating topline growth outlook and no clear catalyst for reacceleration, Yelp’s valuation discount relative to the broader market (and peers) is expected to persist.