I wonder if the cause really is the news feed. What if it was the first decline ever and then they made some quick algorithm changes.
Then they went public with it, before releasing the numbers
Then they went public with it, before releasing the numbers
Therefore, speculatively, engagement in Q4 was likely flat or declining across NA already. What is more uncertain is the order of operations here. Did they publicly announce these changes in advance of the earnings report to get ahead of bad numbers?