It’s good to see that ad revenue exceeded expectations, but top-of-funnel weakness might be worrying. I think it’s worth looking in their past conference calls for similar comments to assess if this is something new.
ToFu is the stage in an advertising funnel at which new demand is created while lower funnels capture existing demand. I am not 100% sure if it works that way but in a looming downturn, I would expect advertisers to scale back ToFu strategies like brand advertising first while continuing to advertise BoFu in order to sell existing inventory.