[tyingq]

"In ruin" is probably too strong. But, there are lots of expectations that double-digit YoY revenue growth will continue forever. Growth that far exceeds audience growth. That's mostly from ads, and now the most lucrative queries have nothing but ads above the fold...videos are fully saturated with ads, better targeting is constrained by various privacy laws, Apple, etc. So that expectation cannot be met for much longer. They have squeezed all the easy juice. Growth will continue, but at a much lower rate that more closely matches audience growth.

So, "in ruin" may not be right, but there is some kind of big shift coming. The conditions they've enjoyed for a long time aren't going to hold.