Reddit posts 53% revenue growth, guides to about 40% in Q4 as Google traffic slides and logged-in-only shift looms

4:05:18 PM ETWelcome

4:05:18 PM ETto

4:05:19 PM ETReddit

4:05:19 PM ETQ3

4:05:20 PM ETApostrophe

4:05:20 PM ET26

4:05:21 PM ETEarnings

4:05:21 PM ETwelcome to reddit q3 apostrophe twenty six earnings call

4:05:22 PM ETCall. If you've

4:05:22 PM ETregistered

4:05:23 PM ETin

4:05:23 PM ETadvance,

4:05:23 PM ETif you've registered in advance

4:05:24 PM ETplease add yourself to the next

4:05:24 PM ETyour

4:05:25 PM ETunique

4:05:25 PM ETpasscode

4:05:26 PM ETplease enter your unique passcode now

4:05:26 PM ETnow.

4:05:27 PM ETOtherwise, please enter the

4:05:27 PM ETotherwise

4:05:27 PM EThold your

4:05:27 PM ETwhile you're in the

4:05:28 PM ETwe try to pass

4:05:28 PM ETthe

4:05:28 PM ETyou to

4:05:29 PM ETan

4:05:29 PM ETAI.

4:05:29 PM ETagent for a

4:05:31 PM ETplease hold while we transfer you to an ai agent for registration

4:05:32 PM ETregistration.

4:05:36 PM ETPlease help

4:05:36 PM EThold while you're in the middle

4:05:36 PM ETI'm

4:05:37 PM ETyou

4:05:37 PM ETare

4:05:37 PM ETtrying to get

4:05:37 PM ETtransferred the

4:05:38 PM ETan

4:05:38 PM ETAI.

4:05:39 PM ETagent

4:05:39 PM ETfor

4:05:39 PM ETplease hold while you are transferred

4:05:40 PM ETto an ai agent for registration

4:05:41 PM ETregistration.

4:05:43 PM ETHello.

4:05:43 PM ETI'll need to

4:05:43 PM ETcollect

4:05:43 PM ETa

4:05:43 PM ETfew

4:05:44 PM ETpieces

4:05:44 PM ETof

4:05:44 PM ETinformation

4:05:45 PM ETto

4:05:45 PM EThello i'll need to collect a few

4:05:45 PM ETregister your

4:05:45 PM ETyou for the video.

4:05:47 PM ETcall.

4:05:47 PM ETThis will

4:05:47 PM ETonly

4:05:47 PM ETtake a

4:05:48 PM ETpieces of information to register you for the call this will only take a moment

4:05:49 PM ETmoment.

4:06:01 PM ETThank

4:06:02 PM ETyou.

4:06:02 PM ETI have

4:06:02 PM ETHudson

4:06:03 PM ETLeach,

4:06:05 PM ETH-U-D-S-O-N,

4:06:06 PM ETthank you i have hudson leach h u d s o n l e a c h

4:06:06 PM ETis

4:06:06 PM ETthat

4:06:07 PM ETis that correct

4:06:08 PM ETcorrect?

4:06:26 PM ETThank

4:06:27 PM ETyou.

4:06:27 PM ETI have

4:06:27 PM ETHudson

4:06:28 PM ETLeach,

4:06:29 PM ETthank you i have hudson leach

4:06:29 PM ETH-U-D-S-O-N,

4:06:30 PM ETL-E-A-C

4:06:31 PM ETIs

4:06:31 PM ETthat

4:06:32 PM ETh u d s o n l e a c h is that correct

4:06:32 PM ETcorrect?

4:06:35 PM ETCorrect.

4:06:51 PM ETThank

4:06:52 PM ETyou.

4:06:52 PM ETI have your name

4:06:52 PM ETas

4:06:52 PM ETHudson

4:06:53 PM ETLeach.

4:06:54 PM ETthank you i have your name as hudson leach

4:06:54 PM ETH-U-D-S-O-N,

4:06:56 PM ETL-E-A-C-H,

4:06:56 PM ETand

4:06:56 PM ETI'll

4:06:56 PM ETnote

4:06:56 PM ETyou as a

4:06:57 PM ETprivate

4:06:58 PM ETinvestor. Is

4:06:58 PM ETthat

4:06:58 PM ETall

4:06:58 PM ETh u d s o n l e a c h and i'll note you as a private investor

4:06:59 PM ETis that all correct

4:07:00 PM ETcorrect?

4:07:17 PM ETPerfect.

4:07:17 PM ETI'm transferring you to the next

4:07:18 PM ETearnings

4:07:18 PM ETcall

4:07:19 PM ETperfect i

4:07:19 PM ETtransferring you to the earnings call now

4:07:19 PM ETnow.

4:07:20 PM ETPlease stay

4:07:20 PM ETon the

4:07:21 PM ETline. You will be able to do

4:07:21 PM ETconnected the

4:07:22 PM ETto

4:07:22 PM ETthe event

4:07:23 PM ETplease stay on the line you will be connected to the event shortly

4:07:24 PM ETshortly.

4:07:24 PM ETWelcome

4:07:24 PM ETto

4:07:24 PM ETReddit

4:07:25 PM ETQ3 of the

4:07:25 PM ETApostrophe

4:07:26 PM ET26

4:07:26 PM ETearnings

4:07:27 PM ETwelcome to reddit q three apostrophe twenty six earnings call

4:07:27 PM ETCall.

4:07:28 PM ETscheduled to be a very good

4:07:28 PM ETstart at

4:07:29 PM ET4.30

4:07:29 PM ETp.m.

4:07:30 PM ETscheduled to start at four thirty pm edt

4:07:31 PM ETEDT.

4:07:31 PM ETYou will

4:07:31 PM ETremain

4:07:32 PM ETmuted

4:07:32 PM ETuntil it

4:07:32 PM ETis

4:07:32 PM ETyour

4:07:32 PM ETturn

4:07:33 PM ETto

4:07:33 PM ETask

4:07:33 PM ETa

4:07:34 PM ETyou will remain muted until it is your turn to ask a question

4:07:34 PM ETa

4:07:34 PM ETquestion.

4:07:34 PM ETFor a list of

4:07:35 PM ETparticipant

4:07:36 PM ETcontrols

4:07:36 PM ETpress

4:07:36 PM ETstar

4:07:37 PM ETfor a list of participant controls press star nine

4:07:38 PM ET9.

4:07:38 PM ETFor

4:07:38 PM EToperator

4:07:39 PM ETassistance,

4:07:39 PM ETfor operator assistance

4:07:39 PM ETpress

4:07:39 PM ETstar

4:07:41 PM ET0.

4:07:44 PM ETpress star zero

4:07:44 PM ETReviewer's

4:10:52 PM ETReviewer's

4:14:00 PM ETReviewer's

4:17:08 PM ETReviewer's

4:20:16 PM ETReviewer's

4:23:24 PM ETReviewer's

4:26:32 PM ETReviewer's

4:29:40 PM ETReviewer's

4:30:16 PM ETMy name is

4:30:16 PM ETJonathan and I'm a little bit more than a

4:30:17 PM ETI

4:30:17 PM ETand will

4:30:17 PM ETbe

4:30:17 PM ETyour

4:30:17 PM ETconference

4:30:18 PM EToperator

4:30:18 PM ETmy name is jonathan and i will be your conference operator today

4:30:19 PM ETtoday.

4:30:19 PM ETAt this

4:30:19 PM ETtime, I'm going to be able to do

4:30:20 PM ETlike

4:30:20 PM ETwelcome you to the next

4:30:21 PM ETeveryone to the

4:30:21 PM ETReddit's

4:30:22 PM ETQ3

4:30:22 PM ET2026

4:30:23 PM ETEarnings

4:30:23 PM ETat this time i would like to welcome everyone to reddit's q3 twenty twenty six earnings call

4:30:24 PM ETcall.

4:30:24 PM ETAll

4:30:24 PM ETlines

4:30:24 PM EThave

4:30:24 PM ETbeen

4:30:25 PM ETplaced

4:30:25 PM ETon the edge of the

4:30:25 PM ETto

4:30:26 PM ETprevent

4:30:26 PM ETany

4:30:26 PM ETbackground

4:30:27 PM ETall lines have been placed on mute to prevent any background noise

4:30:27 PM ETnoise.

4:30:28 PM ETAfter the

4:30:28 PM ETspeaker's

4:30:28 PM ETremark,

4:30:28 PM ETthere

4:30:29 PM ETwill be

4:30:29 PM ETa

4:30:29 PM ETquestion and a

4:30:30 PM ETanswer

4:30:30 PM ETafter the speakers' remark there will be a question and answer session

4:30:31 PM ETsession.

4:30:31 PM ETIf you would like

4:30:31 PM ETto

4:30:32 PM ETask

4:30:32 PM ETa

4:30:32 PM ETquestion during

4:30:32 PM ETthat

4:30:33 PM ETtime, simply ask

4:30:33 PM ETpress the

4:30:34 PM ETstar,

4:30:34 PM ETfollowed

4:30:35 PM ETby

4:30:35 PM ETthe number of

4:30:35 PM ETone on the

4:30:35 PM ETsession

4:30:35 PM ETyour

4:30:36 PM ETtelephone

4:30:36 PM ETfollowed by the number one on your telephone keypad

4:30:37 PM ETkeypad.

4:30:37 PM ETIf you would like

4:30:38 PM ETto

4:30:38 PM ETwithdraw

4:30:38 PM ETyour

4:30:39 PM ETquestion,

4:30:39 PM ETpress

4:30:39 PM ETstar

4:30:40 PM ET1

4:30:40 PM ETif you would like to withdraw your question press star one again

4:30:40 PM ETagain. Thank

4:30:41 PM ETthank you

4:30:42 PM ETyou

4:30:42 PM ETI

4:30:42 PM ETwould

4:30:42 PM ETnow like

4:30:42 PM ETto

4:30:43 PM ETturn

4:30:43 PM ETthe

4:30:43 PM ETcall

4:30:43 PM ETover to

4:30:44 PM ETJesse

4:30:44 PM ETRose, head

4:30:44 PM ETof

4:30:44 PM ETInvestor

4:30:45 PM ETi would now like to turn the call over to jesse rose head of investor relations

4:30:46 PM ETRelations.

4:30:46 PM ETYou may begin

4:30:46 PM ETyour

4:30:47 PM ETmay begin your conference

4:30:48 PM ETconference.

4:30:48 PM ETThanks,

4:30:49 PM ETJonathan. Hi,

4:30:50 PM ETeveryone. Welcome to the next

4:30:50 PM ETRiots

4:30:51 PM ETthird

4:30:51 PM ETquarter,

4:30:52 PM ETthanks jonathan hi everyone welcome to reddit's

4:30:52 PM ET2026

4:30:53 PM ETEarnings

4:30:54 PM ETcall.

4:30:54 PM ETJoining me

4:30:54 PM ETare

4:30:54 PM ETSteve

4:30:55 PM ETHuffman,

4:30:55 PM ETright

4:30:55 PM ETReddit's

4:30:55 PM ETco-founder of the United

4:30:55 PM ETthird quarter twenty twenty six earnings call

4:30:56 PM ETand CEO of the United

4:30:57 PM ETJen

4:30:58 PM ETWong, Reddit's

4:30:59 PM ETjoining me are steve hoffman reddit's co founder and ceo

4:30:59 PM ETat

4:30:59 PM ETCOO,

4:30:59 PM ETand

4:31:00 PM ETDrew

4:31:00 PM ETValero

4:31:00 PM ETReddit

4:31:01 PM ETat

4:31:01 PM ETits

4:31:02 PM ETjen wong reddit's coo and drew valero reddit's cfo

4:31:02 PM ETCFO.

4:31:02 PM ETI'd like to remind

4:31:02 PM ETyou

4:31:03 PM ETthat

4:31:03 PM ETour report is a very important part of

4:31:03 PM ETremarks today are the

4:31:03 PM ETwill be a very important part of

4:31:04 PM ETinclude the rest the

4:31:04 PM ETforward

4:31:05 PM ETforward-looking

4:31:05 PM ETstatements.

4:31:06 PM ETactual results, and the

4:31:06 PM ETmay

4:31:06 PM ETi'd like to remind you that our remarks today will include forward looking statements

4:31:07 PM ETvary.

4:31:08 PM ETInformation

4:31:08 PM ETconcerning

4:31:08 PM ETrisks

4:31:08 PM ETand

4:31:09 PM ETother factors are not

4:31:09 PM ETmay be

4:31:09 PM ETthat

4:31:09 PM ETcould cause a risk of the risk

4:31:10 PM ETthese

4:31:10 PM ETresults may be

4:31:10 PM ETactual results may vary information concerning risks

4:31:10 PM ETto

4:31:11 PM ETvary

4:31:11 PM ETis

4:31:12 PM ETincluded in the

4:31:12 PM ETour

4:31:12 PM ETSEC

4:31:13 PM ETand other factors that could cause these results to vary is included in our sec filings

4:31:14 PM ETfilings.

4:31:14 PM ETThese folders are not

4:31:14 PM ETstatements the

4:31:15 PM ETrepresent

4:31:16 PM ETour

4:31:16 PM EToutlook on the state of the

4:31:16 PM ETonly for first

4:31:16 PM ETas a

4:31:17 PM ETof the

4:31:17 PM ETdate

4:31:17 PM ETof this

4:31:18 PM ETcall and

4:31:18 PM ETthese forward looking statements represent our outlook only as of the date of this call

4:31:18 PM ETwe understand that we have to do

4:31:19 PM ETno

4:31:19 PM ETobligation to be able to

4:31:19 PM ETdo

4:31:20 PM ETupdate

4:31:20 PM ETany

4:31:20 PM ETforward

4:31:21 PM ETforward-looking

4:31:21 PM ETand we undertake no obligation to update any forward looking statements

4:31:22 PM ETstatements.

4:31:22 PM ETDuring this call,

4:31:22 PM ETwe

4:31:23 PM ETwill discuss the

4:31:23 PM ETboth

4:31:24 PM ETGAAP

4:31:24 PM ETand

4:31:24 PM ETnon-GAP

4:31:26 PM ETfinancials.

4:31:26 PM ETReconciliation of GAAP and

4:31:27 PM ETduring this call we will discuss both gaap and non gaap financials

4:31:27 PM ETto

4:31:27 PM ETnon-GAP

4:31:28 PM ETfinancials can be available to the

4:31:28 PM ETfound in

4:31:28 PM ETour

4:31:28 PM ETletter to the

4:31:30 PM ETreconciliation of gaap to non gaap financials can be found in our letter to shareholders

4:31:30 PM ETshareholders.

4:31:30 PM ETOur

4:31:31 PM ETthird quarter

4:31:31 PM ETletter to the

4:31:31 PM ETshareholders are a good idea

4:31:32 PM ETand

4:31:32 PM ETearnings

4:31:32 PM ETpress

4:31:33 PM ETrelease

4:31:33 PM ETare

4:31:33 PM ETavailable

4:31:34 PM ETon

4:31:34 PM ETour

4:31:34 PM ETinvestor

4:31:34 PM ETrelations

4:31:35 PM ETour third quarter letter to shareholders and earnings press release are available

4:31:36 PM ETwebsite.

4:31:36 PM ETand investor

4:31:36 PM ETrelations

4:31:38 PM ETsubreddit.

4:31:38 PM ETI'm going to go to the next slide.

4:31:38 PM ETAnd now I'll turn

4:31:38 PM ETthe call over to the next

4:31:38 PM ETon our investor relations website and investor relations subreddit

4:31:39 PM ETand now i'll turn the call over to steve

4:31:40 PM ETSteve.

4:31:40 PM ETThanks,

4:31:41 PM ETJesse. Hi,

4:31:42 PM ETeveryone.

4:31:42 PM ETThank you for your

4:31:42 PM ETjoining

4:31:43 PM ETus.

4:31:43 PM ETAnd welcome to our

4:31:44 PM ETquarterly

4:31:44 PM ETearnings

4:31:44 PM ETthanks jesse hi everyone thank you for joining us

4:31:45 PM ETcall.

4:31:46 PM ETIn Reddit's 21

4:31:47 PM ETyears,

4:31:47 PM ETthe

4:31:47 PM ETInternet has been a lot of the

4:31:48 PM ETchanged in the United

4:31:48 PM ETwelcome to our quarterly earnings call in reddit's

4:31:48 PM ETthat we have been able to do

4:31:48 PM ETways

4:31:48 PM ETthat

4:31:48 PM ETwould

4:31:48 PM EThave

4:31:48 PM ETbeen

4:31:49 PM ETimpossible to

4:31:50 PM ETto

4:31:50 PM ETtwenty one years the internet has changed in ways that would have been impossible to predict

4:31:50 PM ETpredict.

4:31:51 PM ETWe've gone from

4:31:51 PM ETflip

4:31:51 PM ETphones to the

4:31:52 PM ETsmart

4:31:52 PM ETphones

4:31:53 PM ETto personal

4:31:53 PM ETAI.

4:31:54 PM ETwe've gone from flip phones to smartphones to personal ai agents

4:31:55 PM ETagents.

4:31:55 PM ETAnd through

4:31:55 PM ETit

4:31:56 PM ETall,

4:31:56 PM ETReddit has a lot of different

4:31:56 PM ETalso been very important

4:31:57 PM ETalways

4:31:57 PM ETowned the

4:31:58 PM ETown

4:31:58 PM ETcorner of the

4:31:59 PM ETand through it all reddit has always owned our own corner of the internet

4:31:59 PM ETInternet,

4:31:59 PM EToffering

4:32:00 PM ETpeople

4:32:00 PM ETsomething

4:32:00 PM ETthat

4:32:00 PM ETno one else

4:32:00 PM ETcan

4:32:01 PM EToffering people something that no one else does

4:32:02 PM ETdoes.

4:32:03 PM ETSocial media has a lot of people who are not going to be

4:32:04 PM EThas

4:32:04 PM ETevolved from the

4:32:04 PM ETfriends to be able to have a lot of people who

4:32:04 PM ETto

4:32:04 PM ETthe

4:32:05 PM ETand family to

4:32:06 PM ETfollowers and

4:32:06 PM ETfamous

4:32:07 PM ETsocial media has evolved from friends and families to followers and famous people

4:32:07 PM ETpeople.

4:32:07 PM ETI think that's a good idea.

4:32:08 PM ETAnd from status

4:32:08 PM ETupdates to the

4:32:09 PM ETmind less than the

4:32:09 PM ETscreen, links are going to be

4:32:10 PM ETscroll.

4:32:11 PM ETWeb search is a

4:32:11 PM ETevolving

4:32:12 PM ETfrom

4:32:12 PM ETa

4:32:12 PM ETand from status updates to the mindless scroll

4:32:12 PM ETgateway to the

4:32:13 PM ETweb

4:32:13 PM ETto become a web

4:32:14 PM ETan

4:32:14 PM ETAI.

4:32:15 PM ETAI-powered

4:32:15 PM ETweb search is evolving from a gateway to the web

4:32:15 PM ETdestination

4:32:16 PM ETto becoming an ai powered destination itself

4:32:17 PM ETitself.

4:32:18 PM ETWhile extraordinarily useful, it's a very important thing to

4:32:18 PM ETit is

4:32:19 PM ETand

4:32:20 PM ETpowerful.

4:32:20 PM ETAI

4:32:20 PM ETsearch

4:32:20 PM ETsolves

4:32:21 PM ETa

4:32:21 PM ETdifferent

4:32:21 PM ETwhile extraordinarily useful and powerful

4:32:21 PM ETproblem

4:32:22 PM ETthan

4:32:23 PM ETReddit.

4:32:23 PM ETAI does not

4:32:24 PM ETfulfill people's

4:32:24 PM ETai search solves a different problem than reddit ai does not fulfill people's

4:32:24 PM ETfundamental

4:32:25 PM ETneed

4:32:25 PM ETfor

4:32:26 PM ETcommunity

4:32:26 PM ETconnection

4:32:26 PM ETand

4:32:27 PM ETbelonging

4:32:27 PM ETwith

4:32:27 PM ETother

4:32:28 PM ETpeople.

4:32:28 PM ETAnd it lets you know

4:32:29 PM ETlacks

4:32:29 PM ETfundamental need for community connection and belonging with other people

4:32:29 PM ETcontext and needs to be a very important

4:32:30 PM ETand it lacks context and nuance

4:32:31 PM ETand

4:32:31 PM ETnuance.

4:32:32 PM ETThe Reddit

4:32:32 PM ETexperience

4:32:32 PM ETcaptures

4:32:33 PM ETthe

4:32:33 PM EThuman

4:32:34 PM ETexperience in a way that's

4:32:34 PM ETnot good

4:32:34 PM ETthat

4:32:35 PM ETno

4:32:35 PM ETother platform is able to do

4:32:35 PM ETcan be

4:32:35 PM ETthe reddit experience captures the human experience

4:32:36 PM ETin a way that no other platform can replicate

4:32:37 PM ETreplicate.

4:32:38 PM ETOnly

4:32:38 PM ETReddit

4:32:38 PM ETcan help

4:32:39 PM ETpeople

4:32:39 PM ETnavigate the

4:32:40 PM ETlife

4:32:40 PM ETlife's

4:32:40 PM ETjourney through

4:32:41 PM ETthe

4:32:41 PM ETlens

4:32:41 PM ETof other

4:32:41 PM ETonly reddit can help people navigate life's journey

4:32:42 PM ETpeople's living

4:32:42 PM ETlived

4:32:43 PM ETthrough the lens of other people's lived experiences

4:32:44 PM ETexperiences.

4:32:44 PM ETOnly

4:32:44 PM ETReddit

4:32:44 PM ETcan have a lot of

4:32:45 PM EThelp

4:32:45 PM ETyou feel

4:32:46 PM ETboth

4:32:46 PM ETlike

4:32:46 PM ETa

4:32:47 PM ETmultifaceted

4:32:47 PM ETunique

4:32:48 PM ETonly reddit can help you feel both like a multifaceted

4:32:48 PM ETindividual in the

4:32:49 PM ETand

4:32:49 PM ETa part of the

4:32:49 PM ETa

4:32:50 PM ETgreater

4:32:51 PM ETwhole.

4:32:52 PM ETAnd do so without

4:32:52 PM ETneeding

4:32:52 PM ETunique individual and a part of a greater whole

4:32:52 PM ETto

4:32:53 PM ETreveal

4:32:53 PM ETyour

4:32:53 PM ETreal

4:32:54 PM ETworld

4:32:54 PM ETand do so without needing to reveal your real world identity

4:32:55 PM ETidentity.

4:32:55 PM ETThat's

4:32:56 PM ETwhy

4:32:56 PM ETReddit is a very good

4:32:56 PM ETan

4:32:57 PM ETolder

4:32:57 PM EThas a lot of

4:32:57 PM ETbeen

4:32:58 PM ETa development of

4:32:58 PM ETdistinct

4:32:59 PM ETand

4:32:59 PM ETthat's why reddit is and always has been

4:32:59 PM ETdirect

4:33:00 PM ETa distinct and direct destination

4:33:01 PM ETdestination.

4:33:01 PM ETPeople seek

4:33:02 PM ETout

4:33:02 PM ETReddit because it's a very important thing to

4:33:02 PM ETbecause

4:33:02 PM ETwe

4:33:03 PM ETmeet

4:33:03 PM ETa

4:33:03 PM ETuniversal need for the need for the need for the need for

4:33:04 PM ETThey

4:33:04 PM ETsimply can't do

4:33:05 PM ETget

4:33:05 PM ETpeople seek out reddit because we meet a universal need

4:33:05 PM ETanywhere

4:33:06 PM ETelse on the

4:33:07 PM ETOur work is a very important thing to

4:33:08 PM ETwork

4:33:08 PM ETnow

4:33:08 PM ETis

4:33:08 PM ETabout the same

4:33:09 PM ETdown the

4:33:09 PM ETthey simply can't get anywhere else online our work now

4:33:09 PM ETon what we're

4:33:10 PM ETmakes

4:33:10 PM ETReddit rather than a lot of the

4:33:11 PM ETReddit

4:33:11 PM ETand

4:33:11 PM ETmaking

4:33:12 PM ETReddit

4:33:12 PM ETmore of

4:33:12 PM ETdaily

4:33:13 PM ETabout doubling down on what makes reddit reddit and making reddit more of a daily habit

4:33:13 PM ETa

4:33:14 PM EThabit.

4:33:15 PM ETWe can come into the middle of the media.

4:33:15 PM ETWe come into that

4:33:16 PM ETwork

4:33:16 PM ETwith clearly the work that we have

4:33:17 PM ETclear advantages

4:33:17 PM ETand

4:33:18 PM ETrevenue

4:33:18 PM ETwe come into that work with

4:33:18 PM ETmomentum in the

4:33:19 PM ETbusiness.

4:33:20 PM ETAnd you can see

4:33:20 PM ETthat in the

4:33:21 PM ETexceptional

4:33:21 PM ETclear advantages and revenue momentum in the business

4:33:22 PM ETcommercial

4:33:22 PM ETresults

4:33:22 PM ETwe deliver the

4:33:22 PM ETin

4:33:23 PM ETfirst

4:33:23 PM ETthird

4:33:23 PM ETthe

4:33:24 PM ETquarter.

4:33:24 PM ETand you can see that in the exceptional commercial results we delivered in the third quarter

4:33:25 PM ETWe generated 50% of the

4:33:25 PM ETof the

4:33:26 PM ETrevenue from the

4:33:27 PM ETgrowth, something like

4:33:27 PM ETfewer than

4:33:27 PM ETcompanies have been able to

4:33:28 PM ETare

4:33:29 PM ETdoing.

4:33:29 PM ETAnd it's

4:33:29 PM ETwe generated fifty three percent revenue growth something few companies are doing

4:33:29 PM ETeven more

4:33:30 PM ETsignificant when

4:33:30 PM ETyou

4:33:30 PM ETcan

4:33:31 PM ETconsider

4:33:31 PM ETthat's

4:33:31 PM ETon

4:33:31 PM ETtop of the

4:33:32 PM ETnearly

4:33:32 PM ET60% of the

4:33:32 PM ETmillions

4:33:33 PM ETthe

4:33:33 PM ETrevenue

4:33:33 PM ETand it's even more significant when you consider that's on top of nearly seventy

4:33:33 PM ETgrowth

4:33:34 PM ETlast

4:33:35 PM ETyear.

4:33:35 PM ETpercent revenue growth last year

4:33:36 PM ETThose

4:33:36 PM ETresults

4:33:36 PM ETincluded the rest of the

4:33:37 PM ETQ3 helped us to get a lot of the

4:33:37 PM ETus create new version QR

4:33:38 PM ETcross

4:33:38 PM ET3

4:33:38 PM ETbillion

4:33:38 PM ETin the United

4:33:39 PM ETrevenue over the

4:33:39 PM ETlast

4:33:40 PM ET12

4:33:40 PM ETthose results in q3 helped us cross three billion dollars in revenue

4:33:41 PM ETtwelve

4:33:41 PM ETmonths.

4:33:41 PM ETOur

4:33:42 PM ETmargins,

4:33:42 PM ETwhich

4:33:42 PM ETare

4:33:43 PM ETalready

4:33:43 PM ETin the middle of the

4:33:44 PM ETextended the

4:33:44 PM ETa few

4:33:44 PM ETthe

4:33:44 PM ETthe last twelve months our margins which are already industry leading

4:33:45 PM ETacross

4:33:46 PM ETexpanded across the board

4:33:46 PM ETthe

4:33:46 PM ETboard.

4:33:47 PM ETReddit's continued to be a very important thing to

4:33:48 PM ETgrowth

4:33:48 PM ETat

4:33:48 PM ETscale

4:33:49 PM ETis proof of the scale of the scale

4:33:50 PM ETthe

4:33:50 PM ETstrength of the

4:33:50 PM ETour

4:33:51 PM ETreddit's continued growth at scale is proof of

4:33:51 PM ETbusiness,

4:33:51 PM ETthe demand for the

4:33:52 PM ETour

4:33:52 PM ETplatform, and

4:33:53 PM ETand

4:33:53 PM ETthe value of

4:33:53 PM ETour

4:33:53 PM ETwe

4:33:54 PM ETput in the

4:33:54 PM ETas

4:33:54 PM ETthe strength of our business the demand for our platform

4:33:55 PM ETand the value we provide advertisers

4:33:55 PM ETadvertisers.

4:33:56 PM ETAnd it's that

4:33:57 PM ETconsistent

4:33:57 PM ETdelivery

4:33:57 PM ETof

4:33:58 PM ETgrowth

4:33:58 PM ETand

4:33:59 PM ETprofitability

4:33:59 PM ETthat earns the

4:33:59 PM ETus

4:34:00 PM ETa place in the

4:34:00 PM ETand it's that consistent delivery of growth and profitability

4:34:00 PM ETS

4:34:01 PM ETP

4:34:01 PM ET500

4:34:01 PM ETindex

4:34:02 PM ETearlier this

4:34:03 PM ETthat earned us a place in the s and p five hundred index earlier this year

4:34:03 PM ETthis

4:34:03 PM ETyear.

4:34:04 PM ETEarlier this

4:34:04 PM ETquarter excuse

4:34:05 PM ETearlier this quarter excuse me

4:34:06 PM ETme.

4:34:06 PM ETYeah,

4:34:06 PM ETwhile

4:34:07 PM ETour

4:34:07 PM ETbusiness continues to be a lot of the same

4:34:08 PM ETto grow

4:34:09 PM ETwhile our business continues to grow significantly

4:34:09 PM ETsignificantly, Internet is a

4:34:09 PM ETservices

4:34:10 PM ETsearch

4:34:10 PM ETand how to do

4:34:10 PM ETpeople decide do

4:34:11 PM ETthe

4:34:11 PM ETthings

4:34:12 PM ETonline

4:34:12 PM ETcontinues to be a lot of

4:34:13 PM ETchange

4:34:13 PM ETrapidly

4:34:14 PM ETinternet search and how people discover things online

4:34:14 PM ETand

4:34:15 PM ETcontinues to change rapidly and significantly

4:34:15 PM ETsignificantly.

4:34:16 PM ETOur search referral to the first

4:34:16 PM ETare not

4:34:17 PM ETtraffic was the first time that we

4:34:17 PM ETto

4:34:17 PM ETdone

4:34:18 PM ETmeaningfully in the middle of the

4:34:19 PM ETQ3.

4:34:19 PM ETwith the

4:34:19 PM ETdecline in the US, the QR code is a very important

4:34:20 PM ETexcept the

4:34:20 PM ETQ

4:34:20 PM ET2013, 2023 is a very important

4:34:20 PM ETthe the

4:34:20 PM ETour search referral traffic was down meaningfully in q3

4:34:20 PM ETlater

4:34:20 PM ETin

4:34:21 PM ETcourse of

4:34:21 PM ETthe

4:34:21 PM ETwith the decline accelerating later in the quarter

4:34:22 PM ETquarter.

4:34:23 PM ETThe biggest

4:34:23 PM ETimpact of the market is the most

4:34:23 PM ETwas

4:34:23 PM ETon

4:34:24 PM ETlogged

4:34:24 PM ETout

4:34:24 PM ETand logged

4:34:24 PM ETwent

4:34:24 PM ETweb

4:34:24 PM ETtraffic.

4:34:25 PM ETthe biggest impact was on logged out and web traffic

4:34:26 PM ETbut some of the impacts were not a lot of the

4:34:26 PM ETwas on

4:34:26 PM ETnot

4:34:26 PM ETwere a same

4:34:27 PM ETflows through the

4:34:28 PM ETto

4:34:28 PM ETlogged

4:34:28 PM ETin

4:34:28 PM ETand

4:34:28 PM ETapplied to the

4:34:28 PM ETtraffic.

4:34:29 PM ETbut some of the impact flows through to logged in and app traffic

4:34:29 PM ETsince

4:34:30 PM ETsearch referral

4:34:30 PM ETis

4:34:30 PM ETa

4:34:31 PM ETcommon source of the

4:34:32 PM ETre-engagement

4:34:32 PM ETfor

4:34:33 PM ETusers.

4:34:34 PM ETsince search referral is a common source of reengagement for users

4:34:34 PM ETThe company

4:34:34 PM EThelped us to use the

4:34:35 PM EToffer

4:34:35 PM EToffset

4:34:35 PM ETthe

4:34:35 PM ETdecline in

4:34:36 PM ETby

4:34:37 PM ETboth

4:34:37 PM ETdriving

4:34:38 PM ETreach

4:34:38 PM ETthe company helped to offset the declines by both driving reach

4:34:38 PM ETprimarily

4:34:39 PM ETthrough

4:34:39 PM ETuser

4:34:40 PM ETmarketing

4:34:40 PM ETand

4:34:40 PM ETalso

4:34:40 PM ETby

4:34:41 PM ETcontinuing

4:34:41 PM ETto

4:34:41 PM ETimprove

4:34:42 PM ETthe

4:34:42 PM ETprimarily through user marketing and also by continuing to improve the product

4:34:43 PM ETproduct.

4:34:44 PM ETThese declines have been

4:34:44 PM ETcontinued to produce

4:34:44 PM ETthe

4:34:44 PM ETto

4:34:45 PM ETin the production of the production of

4:34:45 PM ETearly

4:34:45 PM ETpart of the

4:34:47 PM ETQ4.

4:34:47 PM ETDuring October 2012, the Quran was a very important part

4:34:47 PM ETthese declines have continued into the early part of q4

4:34:47 PM ET2014, the Q is thing to

4:34:48 PM ETwe

4:34:49 PM EThave

4:34:49 PM ETseen

4:34:49 PM ETthat

4:34:49 PM ETsearch traffic.

4:34:50 PM EThas

4:34:50 PM ETdropped

4:34:51 PM ETby more

4:34:51 PM ETthan

4:34:51 PM ET1

4:34:51 PM ETduring october we have seen that search traffic has dropped

4:34:52 PM ETmillion refers to the

4:34:52 PM ETon

4:34:52 PM ETand

4:34:53 PM ETaverage per

4:34:54 PM ETweek.

4:34:55 PM ETIf this

4:34:55 PM ETrate is a rate of

4:34:55 PM ETthe referral

4:34:55 PM ETcost

4:34:55 PM ETby more than one million referrals on average per week

4:34:55 PM ETis a very important rate of

4:34:56 PM ETcontinues to be

4:34:56 PM ETa very

4:34:56 PM ETimportant

4:34:57 PM ETcurrent trends are not

4:34:58 PM ETwould suggest that the market is not a very important

4:34:58 PM ETsuggest

4:34:58 PM ETif this rate of decline continues

4:34:59 PM ETthat

4:34:59 PM ETtotal

4:35:00 PM ETDAUQs could be

4:35:00 PM ETfall in

4:35:01 PM ETcurrent trends would suggest that total dauqs could fall in q4

4:35:01 PM ETQ4

4:35:02 PM ETby

4:35:02 PM ETa

4:35:02 PM ETlow

4:35:02 PM ETdouble

4:35:03 PM ETdigit

4:35:03 PM ETpercentage for the QR

4:35:03 PM ETa

4:35:04 PM ETcurrent

4:35:04 PM ETbase

4:35:04 PM ETof a hundred

4:35:05 PM ET$130

4:35:05 PM ETmillion

4:35:06 PM ETby a low double digit percentage from our current base of one hundred and thirty million dauqs

4:35:07 PM ETDAUQs.

4:35:08 PM EThowever

4:35:08 PM ETHowever,

4:35:09 PM ETsearch for the

4:35:10 PM ETreferral traffic.

4:35:10 PM ETtrends do not have a lot of reference

4:35:10 PM ETsearch for search for search for

4:35:11 PM ETdetermine the

4:35:11 PM ETour

4:35:12 PM ETrelevancy

4:35:13 PM ETand

4:35:13 PM ETthey do not release the relevant

4:35:13 PM ETdetermine relevance of our

4:35:14 PM ETsearch referral trends do not determine our relevancy

4:35:14 PM ETdefine

4:35:15 PM ETour

4:35:15 PM ETfuture.

4:35:16 PM ETLogged in and

4:35:16 PM ETapp

4:35:17 PM ETDAO

4:35:17 PM ETare

4:35:17 PM ETa lot of

4:35:17 PM ETmost

4:35:17 PM ETand they do not define our future logged in

4:35:18 PM ETvaluable

4:35:18 PM ETusers

4:35:18 PM ETand

4:35:19 PM ETthey

4:35:19 PM ETare

4:35:19 PM ETour primary

4:35:20 PM ETand app dial are our most valuable users and they are our primary focus

4:35:21 PM ETfocus.

4:35:21 PM ETAnd

4:35:22 PM ETwe grew up with the

4:35:22 PM ETlogged

4:35:23 PM ETin

4:35:23 PM ETand asked for

4:35:23 PM ETto the

4:35:23 PM ETdial

4:35:25 PM ETsequentially.

4:35:25 PM ETand we grew logged in and app dial sequentially

4:35:25 PM ETTogether, these

4:35:26 PM ETmake

4:35:26 PM ETup

4:35:26 PM ETthe

4:35:26 PM ETvast majority of the

4:35:27 PM ETpower power

4:35:28 PM ETengagement.

4:35:29 PM ETand over 80% of the

4:35:29 PM ETtogether these make up the vast majority of engagement

4:35:30 PM ETmonetization

4:35:30 PM ETon

4:35:30 PM ETand over eighty percent of the monetization on reddit

4:35:31 PM ETReddit.

4:35:32 PM ETGrowing this

4:35:32 PM EThigh value is a very good

4:35:32 PM ETaudience a lot of the production of the

4:35:33 PM ETspending a

4:35:33 PM ETto the

4:35:33 PM ETstory of

4:35:34 PM ETthe

4:35:34 PM ETReddit as

4:35:35 PM ETa

4:35:36 PM ETgrowing this high value audience speaks to the strength of reddit as a destination

4:35:36 PM ETdestination.

4:35:36 PM ETAnd this is the first

4:35:36 PM ETwhat

4:35:37 PM ETmatters for the

4:35:37 PM ETlast

4:35:37 PM ETlongest

4:35:38 PM ETlong-term health of the

4:35:38 PM ETUnited

4:35:38 PM ETour

4:35:39 PM ETplatform

4:35:39 PM ETand

4:35:39 PM ETour

4:35:40 PM ETand this is what matters for the long term health of our platform and our business

4:35:41 PM ETbusiness.

4:35:42 PM ETSo as we look at the business, we have

4:35:42 PM ETa

4:35:42 PM ETwe're going to lot of

4:35:43 PM ETour threat is a very important

4:35:43 PM ETlot

4:35:44 PM ETto

4:35:44 PM ETmake

4:35:44 PM ETReddit

4:35:44 PM ETa

4:35:45 PM ETso as we look ahead

4:35:45 PM ETdirect

4:35:45 PM ETdaily

4:35:46 PM EThabit

4:35:46 PM ETfor

4:35:46 PM ETmore

4:35:46 PM ETpeople

4:35:47 PM ETis

4:35:48 PM ETour strategy to make reddit a direct daily habit for more people is simple

4:35:48 PM ETsimple.

4:35:48 PM ETMake Red

4:35:48 PM ETReddit

4:35:49 PM ETawesome.

4:35:49 PM ETGrow

4:35:50 PM ETcommunity

4:35:50 PM ETand

4:35:51 PM ETmake reddit awesome grow community and belonging

4:35:51 PM ETbelonging.

4:35:51 PM ETand

4:35:51 PM ETbring

4:35:51 PM ETin

4:35:52 PM ETnew

4:35:53 PM ETand bring in new audiences

4:35:54 PM ETaudiences.

4:35:55 PM ETMaking Reddit

4:35:55 PM ETawesome

4:35:55 PM ETmeans making a lot of

4:35:55 PM ETit

4:35:56 PM ETmore

4:35:56 PM ETrelevant to the

4:35:57 PM ETand easier to

4:35:58 PM ETmaking reddit awesome means making it more relevant

4:35:58 PM ETand easier to navigate

4:35:58 PM ETnavigate.

4:35:59 PM ETGetting to

4:35:59 PM ETpersonalization

4:36:00 PM ETfaster

4:36:00 PM ETand creates a lot of

4:36:01 PM ETfun

4:36:01 PM ETnew

4:36:02 PM ETexperiences

4:36:02 PM ETon

4:36:03 PM ETgetting to personalization faster and creating fun new experiences on reddit

4:36:03 PM ETReddit.

4:36:03 PM ETThis will both

4:36:04 PM ETimprove the rest of the rest of the

4:36:04 PM ETretention

4:36:04 PM ETof new

4:36:05 PM ETusers and the

4:36:05 PM ETuse

4:36:06 PM ETand

4:36:06 PM ETdeepen

4:36:07 PM ETengagement

4:36:07 PM ETof

4:36:07 PM ETour

4:36:07 PM ETcore

4:36:08 PM ETthis will both improve retention of new users and

4:36:09 PM ETusers.

4:36:09 PM ETOur work in MLC is a very important thing to

4:36:10 PM ETfeeds and

4:36:10 PM ETapp

4:36:11 PM ETperformance is a very important

4:36:11 PM ETdelivered to the

4:36:11 PM ETdeepen engagement of our core users our work in ml feeds and app

4:36:12 PM ETdelivering

4:36:13 PM ETresults.

4:36:13 PM ETThe percentage of the results are the most

4:36:13 PM ETnew

4:36:14 PM ETusers who receive a new

4:36:14 PM ETto the

4:36:15 PM ETfirst

4:36:15 PM ETweek after the user is using the

4:36:15 PM ETperformance is delivering results the percentage of new users who return

4:36:15 PM ETinstalling

4:36:16 PM ETthe

4:36:16 PM ETReddit

4:36:17 PM ETapp

4:36:17 PM ETis

4:36:17 PM ETup

4:36:18 PM ETdouble

4:36:18 PM ETdigits

4:36:18 PM ETquarter

4:36:18 PM ETover

4:36:19 PM ETquarter and

4:36:19 PM ETover 50% of the

4:36:20 PM ETthe first week after installing the reddit app is up double digits quarter over quarter

4:36:20 PM ETpercent

4:36:20 PM ETyou

4:36:20 PM ETover

4:36:21 PM ETand over fifty percent year over year

4:36:22 PM ETyear.

4:36:23 PM ETVideo creation

4:36:23 PM ETand

4:36:23 PM ETconsumption are a very good

4:36:24 PM ETboth

4:36:24 PM ETup to the

4:36:25 PM ETand

4:36:25 PM ETas

4:36:25 PM ETare

4:36:25 PM ETchained

4:36:25 PM ETvideo

4:36:26 PM ETvideo creation and consumption are both up

4:36:26 PM ETas our chain video views

4:36:27 PM ETviews.

4:36:27 PM ETWe'll continue our

4:36:28 PM ETwork in the

4:36:28 PM ETthese

4:36:28 PM ETareas in the next

4:36:28 PM ETcoming

4:36:30 PM ETquarters and

4:36:30 PM ETI'm particularly

4:36:31 PM ETexcited to be able to do

4:36:31 PM ETabout the

4:36:31 PM ETwe'll continue our work in these areas in the coming quarters

4:36:31 PM ETsome

4:36:31 PM ETof

4:36:32 PM ETthe

4:36:32 PM ETareas

4:36:32 PM ETwe'll

4:36:32 PM ETbe

4:36:33 PM ETtesting

4:36:33 PM ETto make sure that we're going to be able to

4:36:33 PM ETthe

4:36:33 PM ETcore

4:36:34 PM ETfeed

4:36:34 PM ETexperience more

4:36:34 PM ETand i'm particularly excited about some of the areas we'll be testing to make the core feed experience

4:36:35 PM ETconsistent

4:36:36 PM ETand

4:36:37 PM ETpredictable.

4:36:37 PM ETAnd

4:36:37 PM ETto

4:36:37 PM ETgrow

4:36:38 PM ETsome

4:36:38 PM ETof

4:36:38 PM ETour new

4:36:39 PM ETexperiences

4:36:39 PM ETlike games.

4:36:39 PM ETand video.

4:36:39 PM ETmore consistent and predictable and to grow some of our new experiences

4:36:40 PM ETvisual

4:36:40 PM ETlike games and visual podcasts

4:36:42 PM ETpodcasts.

4:36:42 PM ETTo grow

4:36:42 PM ETcommunity

4:36:43 PM ETand belong to the

4:36:44 PM ETwe

4:36:44 PM ETbeen

4:36:44 PM ETmaking

4:36:44 PM ETit easier to

4:36:44 PM ETfor the

4:36:45 PM ETcreate

4:36:46 PM ETgrow, and

4:36:46 PM ETto grow community and belonging we've been making it easier to

4:36:46 PM ETcreate a new creative

4:36:46 PM ETcontribute to the

4:36:47 PM ETcommunities

4:36:47 PM ETon

4:36:49 PM ETReddit.

4:36:49 PM ETThis

4:36:49 PM ETquarter,

4:36:50 PM ETwe've continued to

4:36:50 PM ETdo a lot of the rest of the

4:36:50 PM ETcreate grow and contribute to communities on reddit

4:36:50 PM ETto

4:36:50 PM ETgrow

4:36:50 PM ETnumber of

4:36:51 PM ETcommunities on the

4:36:52 PM ETReddit

4:36:52 PM ETand

4:36:53 PM ETincrease the

4:36:53 PM ETnumber of

4:36:53 PM ETthis quarter we've continued to grow the number of communities on reddit

4:36:53 PM ETcontribution

4:36:54 PM ETfrom

4:36:54 PM ETour

4:36:55 PM ETusers.

4:36:55 PM ETWe

4:36:55 PM ETadded

4:36:56 PM ETanother

4:36:56 PM ETbillion

4:36:56 PM ETposts and

4:36:57 PM ETcomments to

4:36:57 PM ETand increase the contribution from our users we added another billion posts and comments

4:36:57 PM ETour

4:36:58 PM ETto our corpus

4:36:58 PM ETcorpus.

4:36:59 PM ETLooking

4:36:59 PM ETforward,

4:37:00 PM ETour work is a good thing to

4:37:00 PM ETwill be a good

4:37:01 PM ETto make sure that we

4:37:01 PM ETsubreddits

4:37:02 PM ETmore

4:37:02 PM ETdistinct

4:37:03 PM ETto

4:37:03 PM ETdeepen

4:37:03 PM ETlooking forward our work will be to make subreddits more distinct

4:37:03 PM ETthe

4:37:03 PM ETsense of

4:37:04 PM ETbelonging

4:37:04 PM ETby

4:37:04 PM ETmaking

4:37:05 PM ETjoining

4:37:06 PM ETsubreddits

4:37:06 PM ETmore

4:37:06 PM ETintentional

4:37:07 PM ETand

4:37:07 PM ETto deepen the sense of belonging by making joining subreddits

4:37:08 PM ETsignificant.

4:37:08 PM ETand to

4:37:08 PM ETmake

4:37:09 PM ETmoderation much

4:37:10 PM ETeasier

4:37:10 PM ETand

4:37:10 PM ETmore

4:37:10 PM ETconsistent with the

4:37:10 PM ETmore intentional and significant and to make moderation much

4:37:11 PM ETby

4:37:11 PM ETgiving

4:37:12 PM ETmoderators

4:37:12 PM ETAI

4:37:12 PM ETpower

4:37:13 PM ETeasier and more consistent by giving moderators ai powered tools

4:37:14 PM ETtools.

4:37:15 PM ETThis approach is a very important thing to

4:37:15 PM EThas

4:37:15 PM EThelped us to be able to do

4:37:16 PM ETour

4:37:16 PM ETown

4:37:16 PM ETenforcement

4:37:17 PM ETteam reduce the

4:37:18 PM ETmedian

4:37:18 PM ETtime

4:37:18 PM ETto

4:37:18 PM ETthis approach has helped our own enforcement

4:37:19 PM ETaction

4:37:19 PM ETon

4:37:19 PM ETviolating

4:37:20 PM ETcontent

4:37:20 PM ETfrom 50% of the

4:37:21 PM EThours to

4:37:21 PM ETenforcement team reduce the median time to action on violating content

4:37:21 PM ET58

4:37:22 PM ET5

4:37:23 PM ETfrom fifty eight hours to five seconds

4:37:23 PM ETseconds this

4:37:24 PM ETthis year

4:37:24 PM ETyear.

4:37:25 PM ETWe have to do that.

4:37:25 PM ETOur

4:37:25 PM ETcurrent option is a very important thing to

4:37:26 PM ETopportunity

4:37:26 PM ETis

4:37:26 PM ETto

4:37:26 PM ETbetter return to the

4:37:27 PM ETretain

4:37:27 PM ETthe

4:37:28 PM ETlarge

4:37:28 PM ETcohort

4:37:28 PM ETof

4:37:29 PM ETusers

4:37:29 PM ETwho

4:37:29 PM ETour current opportunity is to better retain

4:37:29 PM ETtry to use the

4:37:29 PM ETReddit for the first

4:37:30 PM ETtime

4:37:31 PM ETevery

4:37:32 PM ETday

4:37:32 PM ETby executing the rest of the

4:37:32 PM ETthe large cohort of users who try reddit for the first time every day

4:37:32 PM ETon

4:37:33 PM ETby executing on the above

4:37:33 PM ETthe above.

4:37:34 PM ETI think that's a good idea.

4:37:34 PM ETWe see a lot of the ability to do a lot of the

4:37:34 PM ETnumber

4:37:34 PM ETthe ability to do the

4:37:35 PM ETof

4:37:36 PM ETunattributed

4:37:36 PM ETaka

4:37:37 PM ETword

4:37:37 PM ETof

4:37:37 PM ETmouth

4:37:38 PM ETwe see a large number of unattributed aka word-of-mouth installs

4:37:38 PM ETinstalls

4:37:38 PM ETevery

4:37:39 PM ETday.

4:37:40 PM ETWe also have a lot

4:37:40 PM ETnumber of

4:37:41 PM ETlarge

4:37:41 PM ETof

4:37:42 PM ETreinstalls

4:37:42 PM ETwhich

4:37:42 PM ETwe

4:37:42 PM ETcan

4:37:43 PM ETmitigate

4:37:43 PM ETevery day we also have a large number of reinstalls

4:37:43 PM ETthrough

4:37:43 PM ETthings

4:37:43 PM ETlike

4:37:43 PM ETan

4:37:44 PM ETimproved

4:37:45 PM ETimproved

4:37:45 PM ETincognito

4:37:46 PM ETmode

4:37:46 PM ETin

4:37:46 PM ETthe

4:37:46 PM ETwhich we can mitigate through things like an improved incognito mode in the app

4:37:47 PM ETapp.

4:37:47 PM ETAnd of

4:37:48 PM ETcourse, we've got a lot of

4:37:48 PM ETcontinue to do

4:37:48 PM ETuse the

4:37:48 PM ETcontrol

4:37:49 PM ETconvert

4:37:49 PM ETour

4:37:49 PM ETstill

4:37:50 PM ETsignificant number

4:37:51 PM ETof

4:37:51 PM ETsearch

4:37:51 PM ETrefers to the

4:37:51 PM ETand of course we will continue to convert our still significant number

4:37:52 PM ETusers

4:37:52 PM ETfrom

4:37:52 PM ETmobile

4:37:52 PM ETweb

4:37:52 PM ETto

4:37:54 PM ETapp.

4:37:54 PM ETCurrently, we have a lot of

4:37:54 PM ETonly about the web

4:37:55 PM ET30% of

4:37:55 PM ETthe

4:37:55 PM ETpeople are using application

4:37:55 PM ETweb applications used to

4:37:55 PM ETof the are

4:37:55 PM ETweb

4:37:55 PM ETapplications

4:37:56 PM ETsearch referred users from mobile web to app currently only about thirteen

4:37:56 PM ETeligible

4:37:56 PM ETmobile

4:37:57 PM ETweb

4:37:57 PM ETusers

4:37:58 PM ETare

4:37:58 PM ETseeing

4:37:58 PM ETthe

4:37:58 PM ETapp

4:37:59 PM ETconversion

4:38:00 PM ETprompt.

4:38:00 PM ETSo, we have a lot of different things that we have.

4:38:00 PM ETpercent of eligible mobile web users are seeing the app conversion prompt

4:38:00 PM ETSo this has room to

4:38:01 PM ETso this has room to scale

4:38:02 PM ETscale.

4:38:02 PM ETWhile

4:38:04 PM ETearly, so far we have

4:38:04 PM ETseen that we have a lot

4:38:05 PM ETapp users are

4:38:05 PM ETthat come to

4:38:06 PM ETReddit

4:38:06 PM ETthrough

4:38:06 PM ETwhile early so far we have seen that app users that

4:38:07 PM ETmarketing

4:38:07 PM ETretain

4:38:07 PM ETat

4:38:08 PM ETrates similar to the rest of the

4:38:08 PM ETapp

4:38:09 PM ETusers that come to the

4:38:10 PM ETcome to reddit through marketing retain at rates similar to app users that come organically so

4:38:10 PM ETorganically.

4:38:11 PM ETSo we will continue to use the same

4:38:11 PM ETinvest in

4:38:13 PM EThere.

4:38:13 PM ETTogether,

4:38:14 PM ETthese

4:38:14 PM ETefforts are not going to be able to do

4:38:14 PM ETwill help us

4:38:15 PM ETreach

4:38:15 PM ETmore than a few

4:38:15 PM ETwe will continue to invest here together

4:38:15 PM ETpeople

4:38:16 PM ETand

4:38:16 PM ETconvert more

4:38:17 PM ETfirst-time

4:38:17 PM ETusers

4:38:17 PM ETinto regular

4:38:18 PM ETReddit

4:38:18 PM ETthese efforts will help us reach more people and convert more first time users

4:38:19 PM ETinto regular reddit users

4:38:19 PM ETusers.

4:38:21 PM ETAnd a

4:38:22 PM ETkey piece of the microphone is a

4:38:22 PM ETwork very important thing to

4:38:23 PM ETretain

4:38:23 PM ETnew

4:38:24 PM ETaudiences

4:38:24 PM ETis

4:38:24 PM ETshifting

4:38:25 PM ETReddit

4:38:25 PM ETto

4:38:25 PM ETa

4:38:25 PM ETlogged

4:38:25 PM ETand a key piece of work to retain new audiences

4:38:25 PM ETin

4:38:26 PM ETonly

4:38:27 PM ETexperience.

4:38:28 PM ETIt's a big

4:38:28 PM ETone for

4:38:29 PM ETis shifting reddit to a logged in only experience

4:38:29 PM ETus.

4:38:29 PM ETand it's a big one for

4:38:30 PM ETme.

4:38:31 PM ETI want to take a minute to get a little bit more of a

4:38:31 PM ETmake sure that I'm going to be

4:38:31 PM EToutline

4:38:31 PM ETwhy

4:38:32 PM ETwe're making a lot of

4:38:32 PM ETit's a big one for us and it's a big one for me i wanna take a minute to outline

4:38:32 PM ETthis

4:38:33 PM ETwhy we're making this change

4:38:34 PM ETchange.

4:38:34 PM ETMoving to

4:38:35 PM ETprimarily logged

4:38:35 PM ETin

4:38:36 PM ETwill ensure that we

4:38:36 PM ETwe're going to be able to do

4:38:36 PM ETour users can be able to use

4:38:37 PM EThave

4:38:37 PM ETthe

4:38:37 PM ETbest

4:38:37 PM ETReddit

4:38:38 PM ETmoving to primarily logged in will ensure our users have the best

4:38:38 PM ETexperience

4:38:39 PM ETpossible.

4:38:39 PM ETand can

4:38:39 PM ETfind

4:38:40 PM ETthe

4:38:40 PM ETcontent

4:38:40 PM ETand

4:38:41 PM ETcommunities

4:38:41 PM ETmost

4:38:41 PM ETrelevant to

4:38:42 PM ETreddit experience possible and can find the content and communities most relevant to them

4:38:43 PM ETto

4:38:43 PM ETthem.

4:38:43 PM ETIt's better for a

4:38:44 PM ETour business

4:38:44 PM ETbecause we have a lot of

4:38:44 PM ETmore

4:38:45 PM ETsignals

4:38:45 PM ETfor

4:38:45 PM ETads

4:38:46 PM ETtargeting

4:38:47 PM ETand

4:38:47 PM ETbeing

4:38:47 PM ETlogged

4:38:47 PM ETit's better for our business because we have more signals for ads targeting

4:38:47 PM ETin leads to the

4:38:48 PM EThigh-level

4:38:48 PM EThigher

4:38:49 PM ETengagement

4:38:49 PM ETand being logged in leads to higher engagement generally

4:38:50 PM ETgenerally.

4:38:51 PM ETIt also

4:38:51 PM ETallows us

4:38:51 PM ETto perceive the

4:38:51 PM ETin

4:38:51 PM ETaccess to the

4:38:51 PM ETpower of power of

4:38:52 PM ETthe

4:38:53 PM ETextremely

4:38:53 PM ETvaluable

4:38:54 PM ETcorpus

4:38:54 PM ETof

4:38:54 PM ETit also allows us to protect access to reddit's

4:38:55 PM ETdata

4:38:55 PM ETand

4:38:55 PM EThelps

4:38:55 PM ETus

4:38:56 PM ETbetter adapt to the

4:38:57 PM ETemerging

4:38:57 PM ETregulations over

4:38:57 PM ETextremely valuable corpus of data and helps us better

4:38:58 PM ETaround the

4:38:58 PM ETadapt to emerging regulations around the world

4:38:59 PM ETworld.

4:39:00 PM ETIn

4:39:00 PM ETQ4, we'll be able to do

4:39:01 PM ETbegin

4:39:01 PM ETwith the first

4:39:01 PM ETfully testing

4:39:02 PM ETthe

4:39:02 PM ETthis

4:39:02 PM ETin selecting

4:39:02 PM ETthe

4:39:03 PM ETmarkets out

4:39:03 PM EToutside of the

4:39:04 PM ETin q4 we'll begin fully testing this in select markets outside the u s

4:39:04 PM ETU.S.

4:39:05 PM ETThe results of

4:39:05 PM ETthose

4:39:05 PM ETtests will be used to be used to be used to be

4:39:06 PM ETinform the

4:39:06 PM ETan option to be able to do

4:39:07 PM ETversion of the

4:39:08 PM ETlogged

4:39:08 PM ETin

4:39:09 PM ETReddit

4:39:09 PM ETthe results of those tests will inform an optimized version of logged in only reddit

4:39:10 PM ETglobally

4:39:10 PM ETglobally.

4:39:12 PM ETPretty much all

4:39:13 PM ETthe

4:39:13 PM ETmajor

4:39:13 PM ETad

4:39:14 PM ETplatforms

4:39:14 PM EThave

4:39:14 PM ETgone

4:39:14 PM ETthrough

4:39:14 PM ETthis

4:39:15 PM ETtransition.

4:39:16 PM ETSo we are

4:39:16 PM ETexcited and

4:39:16 PM ETpretty much all the major ad platforms have gone through this transition

4:39:17 PM ETare

4:39:17 PM ETmoving

4:39:18 PM ETso we are excited and are moving quickly

4:39:18 PM ETquickly.

4:39:19 PM ETWith the above

4:39:19 PM ETwork, we will make a lot of

4:39:20 PM ETready to be able to

4:39:20 PM ETa

4:39:21 PM ETfun, fulfilling

4:39:22 PM ETdirect

4:39:22 PM ETdaily

4:39:22 PM EThabit

4:39:23 PM ETfor

4:39:23 PM ETwith the above work we will make reddit a fun

4:39:23 PM ETevery

4:39:23 PM ETInternet

4:39:24 PM ETfulfilling direct daily habit for every internet user

4:39:24 PM ETuser. Thank

4:39:25 PM ETyou and

4:39:25 PM ETnow over

4:39:25 PM ETto

4:39:26 PM ETthank you and now over to jen

4:39:26 PM ETJen.

4:39:27 PM ETMissy Steve. Hello,

4:39:28 PM ETthis is steve hello everyone

4:39:29 PM ETQ3 was a very good

4:39:30 PM ETstrong

4:39:30 PM ETquarter

4:39:30 PM ETfor

4:39:31 PM ETReddit.

4:39:31 PM ETrevenue

4:39:31 PM ETgrew

4:39:32 PM ET53%

4:39:33 PM ETpercent

4:39:33 PM ETyear over

4:39:33 PM ETq3 was a strong quarter for reddit revenue grew fifty three

4:39:34 PM ETyear.

4:39:34 PM ETand

4:39:34 PM ETtrailing

4:39:34 PM ET12

4:39:35 PM ETmonth

4:39:35 PM ETrevenue

4:39:35 PM ETacross the

4:39:35 PM ET30% of

4:39:36 PM ET$3

4:39:37 PM ETbillion.

4:39:37 PM ETpercent year over year and trailing twelve month revenue crossed three billion dollars

4:39:38 PM ETThis milestone reflects the best of the

4:39:38 PM ETour ability

4:39:38 PM ETto do

4:39:39 PM ETgrow

4:39:39 PM ETand

4:39:40 PM ETat

4:39:40 PM ETscale.

4:39:41 PM ETThat growth is

4:39:41 PM EThappening at the end of the

4:39:42 PM ETthis milestone reflects our ability to grow at scale

4:39:42 PM ETinternet

4:39:42 PM ETchanges

4:39:44 PM ETquickly.

4:39:44 PM ETAI is

4:39:44 PM ETreshaping how it's going to

4:39:45 PM ETpeople

4:39:45 PM ETthink about the

4:39:45 PM ETthat growth is happening as the internet changes quickly

4:39:45 PM ETfind

4:39:46 PM ETinformation

4:39:46 PM ETand

4:39:46 PM ETget

4:39:46 PM ETthings

4:39:47 PM ETai is reshaping how people find information and get things done

4:39:47 PM ETdone.

4:39:48 PM ETAt the same

4:39:49 PM ETtime, lived

4:39:50 PM ETexperience can be

4:39:50 PM ETto able to do

4:39:50 PM ETa good

4:39:51 PM ETincrease

4:39:51 PM ETin

4:39:52 PM ETat the same time lived experience continues to increase in value

4:39:52 PM ETvalue as

4:39:52 PM ETa

4:39:52 PM ETan

4:39:53 PM ETessential

4:39:53 PM ETsource of the value of the value

4:39:53 PM ETfor

4:39:54 PM ETadvice

4:39:55 PM ETand as

4:39:55 PM ETa

4:39:55 PM ETknowledge

4:39:56 PM ETsource

4:39:56 PM ETfor

4:39:56 PM ETAI.

4:39:57 PM ETas an essential source for advice and as a knowledge source for ai assistance

4:39:57 PM ETassistance.

4:39:58 PM ETpeople turn to

4:39:58 PM ETother

4:39:59 PM ETpeople

4:39:59 PM ETwhen

4:39:59 PM ETthey

4:39:59 PM ETneed to be able to do

4:40:00 PM ETsecond

4:40:00 PM ETopinion

4:40:00 PM ETfrom

4:40:00 PM ETsomeone

4:40:01 PM ETwho

4:40:01 PM ETactually

4:40:01 PM ETbought

4:40:02 PM ETinsurance for

4:40:02 PM ETthe first

4:40:02 PM ETpeople turn to other people when they need a second opinion from someone who actually bought insurance for

4:40:03 PM ETtime.

4:40:03 PM ETor who has

4:40:03 PM ETwas

4:40:04 PM ETnavigating millions of

4:40:05 PM ETmid-forties

4:40:05 PM ETthe first time or who is navigating mid forties fitness

4:40:06 PM ETfitness.

4:40:06 PM ETAnd to

4:40:07 PM ETsavor the sense of the

4:40:08 PM ETbelonging

4:40:08 PM ETfrom people who are not afraid of

4:40:08 PM ETable to do

4:40:09 PM ETcoming

4:40:09 PM ETtogether

4:40:10 PM ETto

4:40:10 PM ETshare

4:40:10 PM ETand to savor the sense of belonging from people coming together

4:40:10 PM ETfun,

4:40:11 PM EThard work,

4:40:11 PM ETand

4:40:12 PM ETto share fun hardships and wins

4:40:13 PM ETwins.

4:40:14 PM ETAs synthetic content

4:40:14 PM ETand

4:40:14 PM ETautomated

4:40:15 PM ETsummaries become a very important

4:40:15 PM ETmore

4:40:16 PM ETcommon,

4:40:16 PM ETReddit's content is a very important thing to

4:40:17 PM ETconversation

4:40:17 PM ETis

4:40:17 PM ETa

4:40:17 PM ETas synthetic content and automated summaries become more common

4:40:17 PM ETand

4:40:17 PM ETcommunities are not

4:40:18 PM ETan increase in the United

4:40:19 PM ETincreasingly

4:40:19 PM ETvaluable

4:40:20 PM ETdestination

4:40:20 PM ETfor

4:40:21 PM ETreddit's conversations and communities are an increasingly valuable destination for people

4:40:21 PM ETpeople and

4:40:21 PM ETa

4:40:22 PM EThigh

4:40:22 PM EThigh-intent

4:40:22 PM ETaudience

4:40:23 PM ETfor

4:40:23 PM ETand a high intent audience for advertisers

4:40:24 PM ETadvertisers.

4:40:25 PM ETThese are really expensive.

4:40:25 PM ETexperiences.

4:40:26 PM ETThese real

4:40:26 PM ETexperiences

4:40:26 PM ETand perspectives are a lot of the same

4:40:27 PM ETperspectives

4:40:27 PM EThelp

4:40:28 PM ETpeople

4:40:28 PM ETmake

4:40:28 PM ETbig

4:40:28 PM ETthese real experiences and perspectives

4:40:29 PM ETand

4:40:29 PM ETsmall

4:40:30 PM ETdecisions every

4:40:31 PM ETevery

4:40:31 PM EThelp people make big and small decisions every day

4:40:31 PM ETday.

4:40:31 PM ETAnd that's

4:40:32 PM ETwhy half of the market is a lot

4:40:32 PM ETyou

4:40:32 PM ETU.S. shops

4:40:33 PM ETshoppers say that they're not going to be able to do

4:40:33 PM ETthey can't

4:40:34 PM ETcome

4:40:34 PM ETReddit

4:40:34 PM ETto

4:40:35 PM ETverify

4:40:35 PM ETAI.

4:40:36 PM ETand that's why half of us shoppers say they come to reddit to verify ai recommendations

4:40:37 PM ETrecommendations.

4:40:38 PM ETsignificance of the US.

4:40:38 PM ETWe see

4:40:38 PM ETsignificant

4:40:39 PM ETopportunities for the

4:40:39 PM ETahead of

4:40:40 PM ETfor

4:40:40 PM ETour

4:40:41 PM ETbusiness.

4:40:41 PM ETand we're making

4:40:41 PM ETwe see significant opportunity ahead for our business

4:40:42 PM ETprogress.

4:40:43 PM ETreflected in

4:40:43 PM ETstrong

4:40:43 PM ETcustomer

4:40:44 PM ETand we're making progress reflected in strong customer retention

4:40:44 PM ETretention,

4:40:45 PM ETgrowing

4:40:45 PM ETshare

4:40:45 PM ETof

4:40:46 PM ETwallet,

4:40:46 PM ETand

4:40:47 PM ETmore

4:40:47 PM ETalways

4:40:47 PM ETon

4:40:48 PM ETadvertiser

4:40:49 PM ETgrowing share of wallet and more always on advertiser relationships

4:40:49 PM ETrelationships.

4:40:50 PM ETThese trends give

4:40:50 PM ETus

4:40:50 PM ETconfidence in the

4:40:51 PM ETand

4:40:51 PM ETready to be able to do

4:40:51 PM ETability

4:40:52 PM ETdeliver the rest of the

4:40:52 PM ETdue to ability to do

4:40:52 PM ETthe

4:40:54 PM ETdifferentiated

4:40:54 PM ETthese trends give us confidence in reddit's ability to deliver durable differentiated growth

4:40:55 PM ETgrowth.

4:40:56 PM ETNow moving to our

4:40:56 PM ETresults.

4:40:57 PM ETIn Q3, advertising results are a very good

4:40:58 PM ETrevenue grew 50% of the

4:40:59 PM ET54%

4:40:59 PM ETyear over

4:40:59 PM ETnow moving to our results in q3 advertising revenue grew

4:41:00 PM ETyear

4:41:00 PM ETto

4:41:01 PM ET$847

4:41:02 PM ETseven million

4:41:02 PM ETfifty four percent year over year to eight forty seven million dollars

4:41:03 PM ETGrowth came from the

4:41:03 PM ETboth million

4:41:04 PM ETprice and

4:41:04 PM ETimproving the price of the

4:41:05 PM ETimpressions,

4:41:05 PM ETwith

4:41:06 PM ETpricing

4:41:06 PM EToutpacing

4:41:07 PM ETimpressions as well

4:41:07 PM ETwe

4:41:07 PM ETgrowth came from both pricing and impressions with pricing outpacing impressions

4:41:07 PM ETdelivered

4:41:08 PM ETon

4:41:08 PM ETour

4:41:09 PM ETstrategy to make sure that we're going

4:41:09 PM ETevery

4:41:10 PM ETimpression

4:41:10 PM ETmore

4:41:11 PM ETwe delivered on our strategy to make every impression more valuable

4:41:11 PM ETvaluable.

4:41:12 PM ETWe saw

4:41:12 PM ETthat translation.

4:41:12 PM ETinto the

4:41:13 PM ETreference

4:41:14 PM ETresults.

4:41:15 PM ETIn Q3, click

4:41:16 PM ETvolume

4:41:16 PM ETgrew up to the point of

4:41:16 PM ETwe saw that translate into results in q3 click volume

4:41:16 PM ET50%

4:41:16 PM ETof the

4:41:18 PM ETand

4:41:18 PM ETconverted to the

4:41:19 PM ETvolume more than

4:41:20 PM ETtripled year after

4:41:20 PM ETover

4:41:20 PM ETgrew over fifty percent and conversion volume more than tripled

4:41:21 PM ETyear over year

4:41:22 PM ETyear.

4:41:22 PM ETWe also saw

4:41:23 PM ETstrength across

4:41:23 PM ETour

4:41:24 PM ETprimary

4:41:24 PM ETsales

4:41:25 PM ETchannels, including the sales of the

4:41:25 PM ETlarge

4:41:26 PM ETcustomers

4:41:26 PM ETand

4:41:26 PM ETwe also saw strength across our primary sales channels including large customers and scale

4:41:27 PM ETscaled.

4:41:28 PM ETScaled

4:41:28 PM ETrevenue

4:41:28 PM ETgrew more than 100% of the

4:41:28 PM ET$1.5

4:41:29 PM ET80%

4:41:29 PM ETof the

4:41:30 PM ETeach

4:41:30 PM ETyear over

4:41:30 PM ETin

4:41:31 PM ETQ

4:41:32 PM ETdriven

4:41:32 PM ETby

4:41:32 PM ETscaled revenue grew more than eighty percent year over year in q3

4:41:32 PM ETdeeper

4:41:33 PM ETrelationships with the

4:41:34 PM ETexisting

4:41:34 PM ETadvertisers, high-definition of

4:41:35 PM ETaverage

4:41:35 PM ETspend,

4:41:36 PM ETand

4:41:36 PM ETnew

4:41:36 PM ETdriven by deeper relationships with existing advertisers

4:41:36 PM ETadvertiser

4:41:37 PM EThigher average spend and new advertiser acquisition

4:41:38 PM ETacquisition.

4:41:39 PM ETMid-market

4:41:39 PM ETactive

4:41:40 PM ETadvertisers grew

4:41:40 PM ETmore than

4:41:40 PM ET50% of the

4:41:41 PM ETeach

4:41:41 PM ETyear

4:41:41 PM ETover

4:41:42 PM ETyear,

4:41:42 PM ETwith

4:41:42 PM ETgrowth

4:41:42 PM ETacross

4:41:43 PM ETboth North

4:41:43 PM ETmid market active advertisers grew more than fifty percent year over year

4:41:43 PM ETAmerica and the United

4:41:44 PM ETwith growth across both north america and emea

4:41:45 PM ETEMEA.

4:41:46 PM ETIn the mid-market channel, the market is a very important part

4:41:46 PM ETthe

4:41:46 PM ETour suite of the USA is a very important

4:41:47 PM ETof

4:41:47 PM ETshopping products are a very good

4:41:48 PM ETis controlled by the production of the

4:41:48 PM ETto

4:41:48 PM ETreaching the

4:41:49 PM ETadvertiser

4:41:50 PM ETthe mid market channel our suite of shopping products is contributing to retail advertiser demand

4:41:50 PM ETdemand

4:41:50 PM ETwhile

4:41:51 PM ETour

4:41:51 PM ETB2B

4:41:52 PM EToffering

4:41:52 PM ETis

4:41:52 PM ETdriving

4:41:52 PM ETdemand for the

4:41:53 PM ETfrom

4:41:53 PM ETmid-market

4:41:54 PM ETservice

4:41:55 PM ETwhile our b2b offering is driving demand from mid market service advertisers

4:41:55 PM ETadvertisers.

4:41:56 PM ETRevenue growth

4:41:57 PM ETwas

4:41:57 PM ETbroad based

4:41:57 PM ETacross the

4:41:58 PM ETverticals

4:41:58 PM ETand

4:41:59 PM ETrevenue growth was broad based across verticals and regions

4:42:00 PM ETregions.

4:42:00 PM ETBusiness and

4:42:01 PM ETfinance, pharma

4:42:01 PM ETand travel,

4:42:01 PM ETthe business are the

4:42:02 PM ETindustries

4:42:02 PM ETwere shown to be a very important part of the

4:42:02 PM ETwere

4:42:03 PM ETstrong.

4:42:03 PM ETand U.S. ad

4:42:04 PM ETrevenue

4:42:04 PM ETgrew from the

4:42:04 PM ETfifty

4:42:04 PM ETof

4:42:04 PM ETbusiness and finance pharma and travel industries were strong

4:42:05 PM ETpercent year

4:42:05 PM ETover

4:42:06 PM ETyear

4:42:06 PM ETwhile

4:42:07 PM ETinternational ad

4:42:07 PM ETrevenue green green green

4:42:07 PM ETgrew 10% of the

4:42:08 PM ETand u s ad revenue grew fifty one percent year over year

4:42:08 PM ET68

4:42:09 PM ETpercent year over

4:42:10 PM ETwhile international ad revenue grew sixty eight percent year over year

4:42:10 PM ETyear.

4:42:10 PM ETDemand

4:42:11 PM ETspan, the banana, the

4:42:11 PM ETfull funnel, and the

4:42:12 PM ETlet's

4:42:12 PM ETby

4:42:12 PM ETled

4:42:13 PM ETlower

4:42:13 PM ETfunnel

4:42:13 PM ETperformance

4:42:14 PM ETrevenue

4:42:15 PM ETdemand spanned the full funnel led by lower funnel performance revenue

4:42:15 PM ETparticularly

4:42:15 PM ETshopping

4:42:15 PM ETand

4:42:15 PM ETapp

4:42:16 PM ETinstall

4:42:17 PM ETobjectives,

4:42:17 PM ETwhich

4:42:17 PM ETboth

4:42:17 PM ETgrew over the

4:42:18 PM ETnine

4:42:18 PM ETof the

4:42:19 PM ETparticularly shopping and app install objectives which both grew over ninety five percent

4:42:19 PM ETyear

4:42:19 PM ETover

4:42:20 PM ETyear over year

4:42:21 PM ETyear.

4:42:21 PM ETNow, I'll just go ahead and get a little bit of a little bit of a green.

4:42:21 PM ETNow I'll discuss our

4:42:22 PM ETprogress

4:42:22 PM ETagainst the

4:42:23 PM ETad

4:42:23 PM ETnow i'll discuss our progress against the ad stack

4:42:24 PM ETstack.

4:42:24 PM ETOur investment in the

4:42:24 PM ETad

4:42:25 PM ETstack

4:42:25 PM ETare

4:42:25 PM EThelping us to be able to do

4:42:26 PM EThelping

4:42:26 PM ETbusinesses

4:42:26 PM ETachieve

4:42:27 PM ETstronger

4:42:27 PM ETperformance

4:42:28 PM ETand

4:42:28 PM ETconsistent

4:42:28 PM ETour investments in the ad stack are helping businesses achieve

4:42:29 PM ETreturns.

4:42:30 PM ETWe're executing against the

4:42:31 PM ETthree

4:42:31 PM ETstronger performance and consistent returns we're executing against three areas

4:42:32 PM ETareas.

4:42:32 PM ETscaling on a majority of the

4:42:33 PM ETthrough

4:42:33 PM ETour

4:42:33 PM ETads

4:42:34 PM ETplatform

4:42:34 PM ETand Reddit

4:42:34 PM ETMax

4:42:35 PM ETcampaigns,

4:42:36 PM ETdelivering ads

4:42:36 PM ETadvertising, and the

4:42:36 PM ETscaling automation through our ads platform and reddit max campaigns

4:42:37 PM ETvalue

4:42:37 PM ETacross

4:42:37 PM ETthe

4:42:37 PM ETfull

4:42:38 PM ETfunnel,

4:42:38 PM ETand expanding the

4:42:39 PM ETrange of

4:42:39 PM ETfor

4:42:40 PM ETbusiness

4:42:40 PM ETdelivering advertiser value across the full funnel and expanding the reddit for business ecosystem

4:42:41 PM ETecosystem.

4:42:41 PM ETSo starting with

4:42:43 PM ETautomation.

4:42:43 PM ETReddit Max

4:42:43 PM ETand

4:42:44 PM ETentered

4:42:44 PM ETpublic

4:42:44 PM ETdata

4:42:44 PM ETin

4:42:45 PM ET2.3.

4:42:46 PM ETand we expected to be able to do

4:42:46 PM ETso starting with automation reddit max entered public beta in q3

4:42:46 PM ETthe

4:42:46 PM ETaccess

4:42:46 PM ETto the

4:42:46 PM ETin

4:42:47 PM ETand

4:42:47 PM ETintegrated Max.

4:42:47 PM ETMACs

4:42:48 PM ETinto

4:42:48 PM ETthe

4:42:48 PM ETonboarding

4:42:49 PM ETexperience for

4:42:49 PM ETnew

4:42:50 PM ETand we expanded access and integrated max into the onboarding experience for new advertisers

4:42:50 PM ETadvertisers.

4:42:52 PM ETMax advertiser

4:42:52 PM ETadoption more than a

4:42:53 PM ETtripled

4:42:53 PM ETquarter over

4:42:55 PM ETquarter.

4:42:55 PM ETmax advertiser adoption more than tripled quarter over quarter

4:42:55 PM ETWe also

4:42:55 PM ETlaunched

4:42:56 PM ETasset

4:42:56 PM ETgroups,

4:42:57 PM ETwhich let asset

4:42:57 PM ETadvertising and we have a lot of

4:42:58 PM ETmanage more than

4:42:58 PM ETmultiple

4:42:59 PM ETproduct

4:42:59 PM ETlines

4:42:59 PM ETwe also launched asset groups which let advertisers manage

4:42:59 PM ETor

4:42:59 PM ETcreative

4:43:00 PM ETthemes

4:43:00 PM ETwithin

4:43:00 PM ETa

4:43:01 PM ETsingle

4:43:01 PM ETmax

4:43:02 PM ETmultiple product lines or creative themes within a single max campaign

4:43:03 PM ETcampaign.

4:43:03 PM ETImprovements to

4:43:03 PM ETthe

4:43:04 PM ETmachine

4:43:04 PM ETlearning

4:43:04 PM ETmodels

4:43:04 PM ETbeneath

4:43:05 PM ETMAX

4:43:05 PM ETand

4:43:05 PM ETour

4:43:06 PM ETad

4:43:06 PM ETstack

4:43:06 PM ETare helping

4:43:07 PM ETus

4:43:07 PM ETimprovements to the machine learning models beneath max and our ad

4:43:07 PM ETlearn

4:43:07 PM ETfaster

4:43:07 PM ETand improve the

4:43:09 PM ETare helping us learn faster and improve performance

4:43:09 PM ETperformance.

4:43:10 PM ETIn

4:43:10 PM ETQ3, we improve the

4:43:11 PM ETimproved

4:43:11 PM ETmodel to the

4:43:12 PM ETtraining, added more to the

4:43:12 PM ETreal-time

4:43:13 PM ETsequencing

4:43:13 PM ETand

4:43:14 PM ETsession

4:43:14 PM ETin q3 we improved model training added more real time sequencing and session

4:43:15 PM ETsignals.

4:43:15 PM ETand

4:43:15 PM ETupdated

4:43:15 PM ETgraph-based

4:43:16 PM ETsignals across the side of the

4:43:17 PM ETour

4:43:17 PM ETranking

4:43:18 PM ETmodels.

4:43:19 PM ETThese improvements can be used to make a lot of

4:43:19 PM ETbe be be

4:43:19 PM ETsignals and updated graph based signals across our ranking models

4:43:19 PM ETto the

4:43:19 PM ETsame

4:43:20 PM ETperformance

4:43:20 PM ETgains across

4:43:20 PM ETthe

4:43:21 PM ETfunnel

4:43:22 PM ETfrom

4:43:22 PM ETstronger

4:43:22 PM ETview

4:43:23 PM ETthese improvements contributed to performance gains across the funnel

4:43:23 PM ETview-through

4:43:23 PM ETrates in the middle of the

4:43:23 PM ETupper

4:43:24 PM ETfunnel

4:43:24 PM ETto lower

4:43:25 PM ETcost

4:43:25 PM ETper

4:43:26 PM ETaction in the upper

4:43:26 PM ETlower

4:43:26 PM ETfrom stronger view through rates in the upper funnel to lower cost

4:43:27 PM ETper action in the lower funnel

4:43:27 PM ETfunnel.

4:43:28 PM ETOur roadmap of

4:43:28 PM ETmodels are a very good

4:43:28 PM ETthe

4:43:29 PM ETimprovements same

4:43:29 PM ETthe

4:43:30 PM ETconsistent

4:43:31 PM ETperformance

4:43:31 PM ETgains

4:43:31 PM ETfor

4:43:32 PM ETour roadmap of model improvements delivers consistent performance gains for advertisers

4:43:32 PM ETadvertisers

4:43:33 PM ETinto

4:43:33 PM ETad

4:43:33 PM ETspend

4:43:34 PM ETefficiency

4:43:34 PM ETand

4:43:34 PM EThigher

4:43:35 PM ETinto ad spend efficiency and higher returns

4:43:36 PM ETreturns.

4:43:37 PM ETNow moving to the next

4:43:37 PM ETour

4:43:38 PM ETprogress

4:43:38 PM ETacross

4:43:38 PM ETmarketing, we're going to be able to

4:43:38 PM ETobjectives, we have do

4:43:39 PM ETfor

4:43:39 PM ETadvertisers on

4:43:40 PM ETour

4:43:40 PM ETnow moving to our progress across marketing objectives for advertisers on our

4:43:41 PM ETplatform.

4:43:42 PM ETReddit users

4:43:42 PM ETbring

4:43:42 PM EThigh

4:43:43 PM ETintent

4:43:43 PM ETto

4:43:43 PM ETevery

4:43:43 PM ETinteraction with the

4:43:44 PM ETwhether

4:43:45 PM ETengaging in the

4:43:45 PM ETreddit users bring high intent to every interaction

4:43:45 PM ETwith

4:43:45 PM ETtext in the

4:43:45 PM ETand

4:43:46 PM ETor

4:43:46 PM ETvideos.

4:43:46 PM ETvideo.

4:43:47 PM ETIn the upper fold, the image is a very important

4:43:48 PM ETfunnel, video a very funny

4:43:48 PM ETviews are

4:43:49 PM ETwould be

4:43:49 PM ETa

4:43:49 PM ETour first

4:43:49 PM ETwhether engaging with text images or video in the upper funnel video views was our

4:43:50 PM ETfastest

4:43:52 PM ETgrowing objective with red

4:43:53 PM ETrevenue more

4:43:53 PM ETthan doubling year over

4:43:53 PM ETfastest growing objective with revenue more than doubling year over year

4:43:55 PM ETWe

4:43:56 PM ETbrought in our video offerings with the video.

4:43:56 PM ETa

4:43:57 PM ETnew

4:43:57 PM ET15-second

4:43:57 PM ETengage

4:43:57 PM ETvideo.

4:43:58 PM ETgame.

4:43:58 PM ETview

4:43:58 PM ETwe brought in our video offerings with a new fifteen second

4:43:59 PM ETobjective which

4:43:59 PM ETends

4:44:00 PM ETentered public video

4:44:00 PM ETin

4:44:01 PM ETQ3.

4:44:01 PM ETengaged video view objective which entered public beta in q3

4:44:02 PM ETAnd this objective is a very good

4:44:02 PM EThas simple

4:44:02 PM ETyou

4:44:02 PM ETadd to the

4:44:03 PM ETadvertisers

4:44:03 PM ETopt to be able to do

4:44:03 PM ETthe

4:44:03 PM ETfor

4:44:04 PM ETpeople more than

4:44:04 PM ETlikely to be able to do

4:44:05 PM ETmore

4:44:05 PM ETlikely

4:44:05 PM ETengage

4:44:05 PM ETwith

4:44:05 PM ETlonger

4:44:06 PM ETform

4:44:06 PM ETand this objective helps advertisers optimize for people more likely to engage with longer

4:44:06 PM ETvideo.

4:44:07 PM ETform video

4:44:08 PM ETNow in the last

4:44:09 PM ETlower

4:44:09 PM ETframe, I'm going to show you how

4:44:10 PM ETfunnel.

4:44:10 PM ETshopping

4:44:10 PM ETwas

4:44:10 PM ETour first

4:44:11 PM ETfastest

4:44:11 PM ETgrowing

4:44:12 PM ETobjective and

4:44:12 PM ETwe explained that

4:44:13 PM ETthe

4:44:13 PM ETnow in the lower funnel shopping was our fastest growing objective and we expanded the

4:44:13 PM ETproduct

4:44:13 PM ETto

4:44:13 PM ETsupport

4:44:14 PM ETup

4:44:14 PM ETto

4:44:14 PM ET20

4:44:15 PM ETmillion

4:44:15 PM ETproducts.

4:44:16 PM ETmaking

4:44:16 PM ETit easier to

4:44:16 PM ETfor the

4:44:16 PM ETlocal

4:44:17 PM ETand

4:44:17 PM ETmore

4:44:17 PM ETcomplex

4:44:18 PM ETproduct to support up to twenty million products making it easier

4:44:18 PM ETadvertisers

4:44:18 PM ETto

4:44:18 PM ETrun

4:44:19 PM ETshopping

4:44:20 PM ETfor larger and more complex advertisers to run shopping campaigns

4:44:20 PM ETcampaigns.

4:44:21 PM ETPeople come to Red

4:44:21 PM ETReddit

4:44:21 PM ETask

4:44:21 PM ETto

4:44:22 PM ETquestions, learn

4:44:22 PM ETfrom

4:44:22 PM ETreal

4:44:23 PM ETexperiences,

4:44:23 PM ETand

4:44:23 PM ETmake

4:44:24 PM ETpersonal

4:44:24 PM ETdecisions based on the idea of the idea of the

4:44:25 PM ETon

4:44:25 PM ETpeople come to reddit to ask questions learn from real experiences and make

4:44:25 PM ETcommunities they

4:44:26 PM ETtrust.

4:44:27 PM ETThe same is true

4:44:27 PM ETfor

4:44:27 PM ETpeople

4:44:27 PM ETmaking

4:44:28 PM ETdecisions for their own

4:44:29 PM ETpersonal decisions based on the communities they trust the same is true for people making

4:44:30 PM ETbusiness.

4:44:30 PM ETMore than 20

4:44:31 PM ETmillion

4:44:31 PM ETbusiness

4:44:31 PM ETdecision

4:44:32 PM ETmakers come to the

4:44:32 PM ETReddit

4:44:33 PM ETdecisions for their business more than twenty million business

4:44:33 PM ETglobally.

4:44:34 PM ETand nine in

4:44:35 PM ETten,

4:44:35 PM ETuse

4:44:36 PM ETReddit in the United

4:44:36 PM ETpast

4:44:36 PM ETdecision makers come to reddit globally and nine in ten

4:44:37 PM ETyear

4:44:37 PM ETto

4:44:37 PM ETresearch

4:44:38 PM ETbusiness

4:44:38 PM ETproducts

4:44:38 PM ETor

4:44:39 PM ETused reddit in the past year to research business products or services

4:44:40 PM ETservices.

4:44:40 PM ETWe

4:44:40 PM ETenhanced

4:44:41 PM ETour

4:44:41 PM ETlead

4:44:42 PM ETgeneration

4:44:42 PM ETcapabilities to help

4:44:44 PM ETbusinesses

4:44:44 PM ETturn

4:44:44 PM ETwe enhanced our lead generation capabilities to help businesses

4:44:44 PM EThigh

4:44:45 PM ETintent

4:44:45 PM ETengagement

4:44:45 PM ETinto

4:44:46 PM ETmeasurable

4:44:47 PM ETleads.

4:44:48 PM ETOur in-market audience is a very important thing to

4:44:48 PM ETturn high intent engagement into measurable leads

4:44:48 PM ETaudience

4:44:49 PM ETis

4:44:49 PM ETtargeting

4:44:49 PM ETtools

4:44:50 PM EThelp beat

4:44:51 PM ETB2B

4:44:51 PM ETadvertisers reach out to the

4:44:51 PM ETour in market audiences targeting tools help b2b advertisers reach

4:44:52 PM ETpeople

4:44:52 PM ETactively reaching out to

4:44:53 PM ETor connecting to

4:44:53 PM ETthe

4:44:54 PM ETa

4:44:55 PM ETpurchase.

4:44:55 PM ETincluding

4:44:55 PM ETin

4:44:55 PM ETthe

4:44:56 PM ETenterprise

4:44:56 PM ETpeople actively researching or considering a purchase

4:44:56 PM ETand

4:44:57 PM ETbusiness

4:44:57 PM ETAI.

4:44:57 PM ETand

4:44:58 PM ETcybersecurity

4:44:59 PM ETincluding in the enterprise and business ai and cybersecurity industries

4:45:00 PM ETindustries.

4:45:00 PM ETB2B

4:45:01 PM ETadvertisers using these

4:45:02 PM ETaudiences so that we can use the same

4:45:02 PM ETan

4:45:03 PM ETaverage

4:45:03 PM ETcost

4:45:03 PM ETper

4:45:03 PM ETaction

4:45:04 PM ETimprovement

4:45:04 PM ETof

4:45:04 PM ETb2b advertisers using these audiences saw an average cost per action improvement

4:45:05 PM ETabout

4:45:05 PM ET70% of the millions of

4:45:05 PM ETpercent compared to the

4:45:06 PM ETother

4:45:06 PM ETfirst

4:45:07 PM ETfirst-party

4:45:07 PM ETtargeting on

4:45:08 PM ETof about seven percent compared to other first party targeting options

4:45:08 PM EToptions.

4:45:09 PM ETWe're also

4:45:09 PM ETadding

4:45:09 PM ETaudience

4:45:09 PM ETand

4:45:10 PM ETmeasurement

4:45:11 PM ETpartners

4:45:11 PM ETand

4:45:11 PM ETtesting

4:45:12 PM ETCRM

4:45:13 PM ETwe're also adding audience and measurement partners and testing crm integrations

4:45:13 PM ETintegrations.

4:45:13 PM EThelping

4:45:14 PM ETadvertisers

4:45:14 PM ETconnect

4:45:15 PM ETReddit

4:45:15 PM ETcampaigns

4:45:15 PM ETto

4:45:15 PM ETtheir

4:45:16 PM ETsales

4:45:16 PM ETworkflows

4:45:16 PM ETand

4:45:17 PM ETassess

4:45:17 PM ETperformance

4:45:18 PM ETacross

4:45:18 PM ETthe

4:45:18 PM EThelping advertisers connect reddit campaigns to their sales workflows and assess

4:45:18 PM ETperformance across the funnel

4:45:19 PM ETfunnel.

4:45:20 PM ETNext, I'll discuss the

4:45:20 PM EThow to do

4:45:20 PM ETwe're going

4:45:20 PM ETbe able

4:45:21 PM ETexpanding

4:45:21 PM ETthe

4:45:21 PM ETReddit for the

4:45:21 PM ETBusiness

4:45:23 PM ETecosystem.

4:45:23 PM ETnext i'll discuss how we're expanding the reddit for business ecosystem

4:45:23 PM ETWe continue to

4:45:24 PM ETexpand

4:45:24 PM ETour

4:45:24 PM ETecosystem

4:45:24 PM ETby adding a

4:45:25 PM ETpart of the

4:45:25 PM ETthat

4:45:26 PM ETextending our

4:45:26 PM ETproducts

4:45:27 PM ETthrough

4:45:27 PM ETexisting

4:45:27 PM ETwe continue to expand our ecosystem by adding partners and extending our products

4:45:29 PM ETintegrations.

4:45:29 PM ETIn

4:45:30 PM ETQ3,

4:45:30 PM ETrevenue from

4:45:30 PM ETour

4:45:30 PM ETads

4:45:31 PM ETAPI is a very good

4:45:31 PM ETequals

4:45:31 PM ETthrough existing integrations in q3 revenue from our ads api ecosystem

4:45:32 PM ETecosystem

4:45:32 PM ETgrew

4:45:32 PM ETmore

4:45:32 PM ETthan

4:45:33 PM ET40% of the

4:45:33 PM ETof the

4:45:34 PM ETquarter over

4:45:35 PM ETquarter.

4:45:35 PM ETWe

4:45:35 PM ETadded

4:45:36 PM ETInnovid

4:45:36 PM ETand

4:45:36 PM ETSky to our

4:45:36 PM ETecosystem grew more than forty five percent quarter over quarter

4:45:37 PM ETadvertising

4:45:37 PM ETand

4:45:38 PM ETcustomer

4:45:38 PM ETmanagement

4:45:39 PM ETpartnerships and

4:45:39 PM ETbegan

4:45:40 PM ETa

4:45:40 PM ETwe added innovate and sky to our advertising and customer management partnerships

4:45:40 PM ETbeta

4:45:40 PM ETintegration

4:45:40 PM ETwith

4:45:42 PM ETHubSpot.

4:45:42 PM ETWe also launched a new publication of the

4:45:43 PM ETSmartly's.

4:45:43 PM ETMax

4:45:43 PM ETAPI

4:45:44 PM ETand began a beta integration with hubspot we also launched smartly's max

4:45:44 PM ETintegration, the

4:45:44 PM ETfirst 13

4:45:44 PM ETof the

4:45:45 PM ETintegration

4:45:45 PM ETfor

4:45:46 PM ETMax

4:45:46 PM ETCampaign

4:45:47 PM ETmanagement.

4:45:48 PM ETapi integration the first third party integration for max campaign management

4:45:48 PM ETOur Shopify integration is a very important thing to do with the

4:45:48 PM ETis a very

4:45:48 PM ETimportant thing to

4:45:49 PM ETalso

4:45:49 PM ETcontinues to be a major

4:45:49 PM ETavailable the

4:45:49 PM ETvery important

4:45:50 PM ETto

4:45:50 PM ETscale

4:45:50 PM ETfollowing

4:45:51 PM ETits

4:45:51 PM ETgeneral

4:45:51 PM ETavailability

4:45:52 PM ETlaunch

4:45:52 PM ETin

4:45:52 PM ETour shopify integration also continued to scale following

4:45:53 PM ETMay.

4:45:53 PM ETUsing

4:45:54 PM ETReddit's DPS, the USB is a very good

4:45:54 PM ETprocess,

4:45:55 PM ETproduct and

4:45:55 PM ETShopify, the product is a product of

4:45:55 PM ETits general availability launch in may using reddit

4:45:56 PM ETintegration, back to the

4:45:57 PM ETand

4:45:57 PM ETaccessories

4:45:58 PM ETcompany, and the production of the

4:45:58 PM ETdpa product and shopify integration backpack and accessories

4:45:59 PM ETEthnotech

4:46:00 PM ETconnected

4:46:00 PM ETits

4:46:00 PM ETcatalog

4:46:00 PM ETto serve as a

4:46:01 PM ETservice the

4:46:01 PM ETmost

4:46:02 PM ETrelevant

4:46:02 PM ETproducts to high-level

4:46:02 PM ETcompany ethnotech connected its catalog to

4:46:02 PM EThigh

4:46:03 PM ETintense

4:46:04 PM ETservice the most relevant products to high intent shoppers

4:46:04 PM ETshoppers.

4:46:05 PM ETThey campaigned over the fourth

4:46:05 PM ETa four

4:46:05 PM ET4x

4:46:06 PM ETreturn on the

4:46:07 PM ETadvertising

4:46:07 PM ETspend and a

4:46:08 PM ET40

4:46:08 PM ETmore

4:46:09 PM ETthey campaigned over the 4x return on advertising spend

4:46:09 PM ETefficient

4:46:10 PM ETCPA,

4:46:10 PM EThelping

4:46:10 PM ETethnotech

4:46:11 PM ETscale

4:46:11 PM ETwhile

4:46:11 PM ETkeeping

4:46:12 PM ETthe

4:46:12 PM ETads

4:46:12 PM ETand a forty percent more efficient cpa helping ethnotech scale

4:46:12 PM ETrelevant to each

4:46:13 PM ETwhile keeping the ads relevant to each user

4:46:14 PM ETuser.

4:46:14 PM ETOn measurement, the user is a very good

4:46:15 PM ETthird party, and the

4:46:15 PM ETresearch is a very important thing to

4:46:16 PM ETvalue, and the research

4:46:16 PM ETour

4:46:17 PM ETimpact according to the

4:46:17 PM ETverticals

4:46:18 PM ETand

4:46:18 PM ETon measurement third party research validates our impact across verticals and categories

4:46:19 PM ETcategories.

4:46:19 PM ETResearch from

4:46:20 PM ETa

4:46:20 PM ETteam of the United

4:46:20 PM ETthat technology is a very

4:46:20 PM ETthe team important

4:46:20 PM ETthat current

4:46:20 PM ETaudio is a very important thing to

4:46:21 PM ETaudiences

4:46:22 PM ETgenerated

4:46:22 PM EThigher levels of the

4:46:22 PM ETlifetime

4:46:23 PM ETvalue across the

4:46:23 PM ETresearch from a team found that reddit audiences generate higher lifetime value across

4:46:24 PM ETCPG.

4:46:25 PM ETQuick serve

4:46:26 PM ETrestaurants,

4:46:26 PM ETUSR,

4:46:26 PM ETand

4:46:27 PM ETretail

4:46:28 PM ETcategories.

4:46:28 PM ETcpg quick serve restaurant qsr and retail categories

4:46:29 PM ETReddit shoppers

4:46:29 PM ETdelivered

4:46:29 PM ET70% of the

4:46:30 PM ETpercent

4:46:30 PM EThigher than the city of the

4:46:31 PM ETLTV

4:46:31 PM ETand

4:46:32 PM ETpersonal

4:46:32 PM ETcare and

4:46:33 PM ETreddit shoppers delivered seventeen percent higher ltv in personal care and beauty

4:46:33 PM ETbeauty.

4:46:33 PM ET19% of the lower levels of the

4:46:34 PM EThigher

4:46:34 PM ETvalue in

4:46:34 PM ETQSR

4:46:35 PM ETbeverage and

4:46:36 PM ETsnacks.

4:46:36 PM ETand

4:46:37 PM ET11% higher

4:46:37 PM ETvalue

4:46:37 PM ETnineteen percent higher value in qsr beverage and snacks

4:46:37 PM ETin

4:46:38 PM ETretail

4:46:38 PM ETbeauty

4:46:38 PM ETand

4:46:39 PM ETpersonal

4:46:40 PM ETcare.

4:46:40 PM ETAssamba

4:46:40 PM ETand eleven percent higher value in retail beauty and personal care

4:46:41 PM ETmeta-analysis of the city of the United

4:46:41 PM ETcolour

4:46:41 PM ET20% the city of the United

4:46:42 PM ETof the city of the

4:46:42 PM ETtune-in

4:46:43 PM ETcampaigns

4:46:43 PM ETfound

4:46:43 PM ETReddit

4:46:44 PM ETads

4:46:44 PM ETdrove

4:46:44 PM ETan average

4:46:44 PM ETa samba meta analysis of twenty five tune in campaigns

4:46:44 PM ET80% of the

4:46:45 PM ET18% of the

4:46:46 PM ETpercent

4:46:46 PM ETincremental

4:46:46 PM ETlift

4:46:46 PM ETin

4:46:46 PM ETtwo

4:46:47 PM ETtune

4:46:47 PM ETin across the

4:46:48 PM ETon reddit ads drove an average eighteen percent incremental lift in tunein

4:46:48 PM ETlinear

4:46:48 PM ETand

4:46:49 PM ETacross linear and streaming

4:46:49 PM ETstreaming

4:46:49 PM ETwith

4:46:50 PM ETexposed

4:46:50 PM EThouseholds watching the

4:46:51 PM ET15% of the

4:46:52 PM ETmore

4:46:52 PM ETminutes

4:46:52 PM ETthan

4:46:52 PM ETthe

4:46:53 PM ETcompetitive

4:46:54 PM ETwith exposed households watching fifteen percent more minutes than the competitive benchmark

4:46:54 PM ETbenchmark.

4:46:55 PM ETDemonstrating

4:46:55 PM ETthat

4:46:55 PM ETReddit drew a lot of the

4:46:56 PM ETdrove

4:46:56 PM ETboth

4:46:56 PM ETmore

4:46:56 PM ETtune

4:46:57 PM ETand

4:46:58 PM ETdeeper

4:46:59 PM ETdemonstrating that reddit drove both more tune in and deeper viewing

4:46:59 PM ETviewing.

4:47:00 PM ETLastly, I'll

4:47:00 PM ETshare

4:47:00 PM ETan

4:47:00 PM ETupdate on the

4:47:01 PM ETour

4:47:01 PM ETconsumer

4:47:01 PM ETmarketing

4:47:02 PM ETlastly i'll share an update on our consumer marketing efforts

4:47:02 PM ETefforts.

4:47:03 PM ETOur marketing

4:47:03 PM ETstrategy

4:47:03 PM ETis

4:47:03 PM ETto broaden the

4:47:04 PM ETawareness of

4:47:04 PM ETthe

4:47:05 PM ETReddit

4:47:05 PM ETand increase

4:47:05 PM ETour

4:47:06 PM ETtop

4:47:06 PM ETof

4:47:06 PM ETfunnel

4:47:06 PM ETfor

4:47:06 PM ETlogged

4:47:07 PM ETin

4:47:07 PM ETour marketing strategy is to broaden awareness of reddit and increase our

4:47:07 PM ETand

4:47:07 PM ETapp

4:47:08 PM ETusers.

4:47:08 PM ETTo

4:47:09 PM ETbuild awareness, we're going to be able to do a lot

4:47:09 PM ETgoing use the

4:47:09 PM ETto

4:47:09 PM ETbe able do

4:47:10 PM ETuse the

4:47:10 PM ETour

4:47:10 PM ETbrand new

4:47:10 PM ETtop of funnel for logged in and app users to build awareness we're

4:47:12 PM ETstrategy.

4:47:12 PM ETour brand

4:47:13 PM ETcampaign,

4:47:13 PM ETpeople are

4:47:13 PM ETthe Best

4:47:14 PM ETis a very important thing to

4:47:14 PM ETcontinuing to evaluate our brand strategy our brand campaign people are the best

4:47:14 PM ETshowing early on the

4:47:16 PM ETpromise.

4:47:16 PM ETwith

4:47:16 PM ETgains in

4:47:17 PM ETand

4:47:17 PM ETreddits

4:47:17 PM ETrelevance

4:47:17 PM ETand

4:47:18 PM ETstrong

4:47:18 PM ETad

4:47:19 PM ETis showing early promise with gains in reddit's relevance and strong ad recall

4:47:19 PM ETrecall.

4:47:20 PM ETWe also brought Reddit's

4:47:20 PM ETcommunity to the United

4:47:21 PM ETlife

4:47:21 PM ETthrough our

4:47:22 PM ETr

4:47:22 PM ETslash

4:47:23 PM ETBodega,

4:47:23 PM ETour

4:47:23 PM ETfirst

4:47:23 PM ETever

4:47:24 PM ETwe also brought reddit communities to life through rbodega

4:47:24 PM ETcommunity

4:47:24 PM ETpop-up

4:47:24 PM ETin New

4:47:24 PM ETYork

4:47:25 PM ETour first ever community pop up in new york city

4:47:26 PM ETCity.

4:47:26 PM ETThe Bodega

4:47:27 PM ETrepresented 75% of the country's

4:47:27 PM ETReddit

4:47:28 PM ETcommunities

4:47:28 PM ETand reached the United

4:47:28 PM EThundreds of

4:47:29 PM ETthousands of

4:47:30 PM ETpeople in

4:47:30 PM ETthe bodega represented seventy five reddit communities and reached hundreds of thousands of people

4:47:31 PM ETperson

4:47:31 PM ETand

4:47:32 PM ETonline.

4:47:32 PM ETdriving

4:47:33 PM ETengagement

4:47:33 PM ETboth at the end of the

4:47:33 PM ETevent

4:47:34 PM ETand across the

4:47:34 PM ETReddit

4:47:35 PM ETin person and online driving engagement both at the event and across reddit communities

4:47:36 PM ETcommunities.

4:47:36 PM ETFor our payment, we have a lot of people who are

4:47:37 PM ETmarketing, we have

4:47:37 PM ETstrength, to be able to do

4:47:37 PM ETwe have a lot of

4:47:38 PM ETare starting to do

4:47:38 PM ETshare the

4:47:39 PM ETshift

4:47:39 PM ETfocus

4:47:40 PM ETfrom

4:47:40 PM ETfor our paid marketing strategy we are starting to shift focus

4:47:40 PM ETreach

4:47:41 PM ETweb

4:47:41 PM ETcampaigns

4:47:41 PM ETto

4:47:42 PM ETapp

4:47:43 PM ETcampaigns.

4:47:43 PM ETThis

4:47:43 PM ETaligns

4:47:43 PM ETwith

4:47:44 PM ETour

4:47:44 PM ETfrom reach web campaigns to app campaigns

4:47:45 PM ETstrategy of putting our campaigns to the

4:47:46 PM ETpotentially

4:47:46 PM ETtrading

4:47:46 PM ETsome

4:47:47 PM ETreach

4:47:47 PM ETfor

4:47:47 PM ETa

4:47:47 PM EThigher

4:47:47 PM ETthis aligns with our strategy of potentially trading some reach

4:47:48 PM ETvalue in

4:47:48 PM ETengaged

4:47:49 PM ETfor higher value engaged users

4:47:50 PM ETusers.

4:47:50 PM ETIt's

4:47:51 PM ETearly, but in

4:47:51 PM ETour experience, we're using the

4:47:51 PM ETa lot of

4:47:51 PM ETwe have people who are not

4:47:51 PM ETso that can use the same

4:47:51 PM ETfar, we're going to be able to do

4:47:52 PM ETwe're

4:47:52 PM ETfar,

4:47:52 PM ETour users are using the

4:47:53 PM ETU.S. applications are

4:47:53 PM ETis a very important

4:47:53 PM ETinstall

4:47:54 PM ETcampaigns

4:47:54 PM ETcan

4:47:54 PM ETit's early but in our experience so far our u s app install campaigns

4:47:54 PM ETretain

4:47:55 PM ETnew

4:47:55 PM ETusers at

4:47:56 PM ETrates compared to the

4:47:57 PM ETorganic

4:47:57 PM ETapp

4:47:58 PM ETcan retain new users at rates comparable to organic app users

4:47:58 PM ETusers.

4:47:59 PM ETOutside the

4:48:00 PM ETU.S.,

4:48:00 PM ETReach-based user markets, and the

4:48:01 PM ETmarketing is

4:48:01 PM ETmore of

4:48:01 PM ETa

4:48:02 PM ETlever

4:48:02 PM ETgiven

4:48:02 PM ETthe

4:48:02 PM EToutside the u s reach based user marketing

4:48:03 PM ETlower

4:48:03 PM ETawareness

4:48:03 PM ETof

4:48:03 PM ETReddit

4:48:04 PM ETis more of a lever given the lower awareness of reddit's brand

4:48:05 PM ETbrand.

4:48:05 PM ETIn the quarter,

4:48:05 PM ETwe increased the

4:48:06 PM ETbrand new

4:48:06 PM ETuser

4:48:07 PM ETmarketing

4:48:07 PM ETspend in the middle of the

4:48:08 PM ETinternationally in

4:48:08 PM ETpart

4:48:08 PM ETto come

4:48:08 PM ETcompensate for the

4:48:09 PM ETloss of

4:48:09 PM ETthe

4:48:09 PM ETin the quarter we increased user marketing spend internationally

4:48:10 PM ETreached from the

4:48:10 PM ETdeclines of the

4:48:10 PM ETsocial

4:48:11 PM ETsearch

4:48:11 PM ETreferral traffic.

4:48:12 PM ETin part to compensate for the loss reached from the declines of search referral traffic

4:48:12 PM ETI think that's a good idea.

4:48:12 PM ETThis enables the same

4:48:13 PM ETus to be able to do

4:48:13 PM ETcontinue

4:48:14 PM ETincrease the search for the search for the

4:48:14 PM ETnew

4:48:14 PM ETusers to the

4:48:16 PM ETplatform.

4:48:16 PM ETWe will evaluate

4:48:17 PM ETthe effects of the

4:48:17 PM ETthis enabled us to continue to introduce new users to the platform

4:48:17 PM ETthat

4:48:18 PM ETspend over the

4:48:18 PM ETnext few

4:48:19 PM ETquarters.

4:48:20 PM ETAnd we're also exploring ways

4:48:20 PM ETto

4:48:20 PM ETwe will evaluate the effectiveness of that spend over the next few quarters

4:48:21 PM ETre-engage with the

4:48:21 PM ETlogged

4:48:22 PM ETin

4:48:22 PM ETand apply to the

4:48:23 PM ETusers

4:48:23 PM ETto sustain the

4:48:24 PM ETcore

4:48:24 PM ETwe're also exploring ways to reengage logged in and app users

4:48:24 PM ETusage

4:48:24 PM ETand

4:48:24 PM EToffset the

4:48:25 PM ETpressure

4:48:25 PM ETfrom

4:48:25 PM ETsearch

4:48:26 PM ETreferrals

4:48:26 PM ETtraffic.

4:48:26 PM ETto sustain core usage and offset pressure from search referral traffic

4:48:28 PM ETOverall this was

4:48:28 PM ETa

4:48:28 PM ETanother

4:48:29 PM ETstrong

4:48:29 PM ETquarter

4:48:29 PM ETfor

4:48:30 PM ETReddit.

4:48:30 PM ETOur results

4:48:31 PM ETreflect

4:48:31 PM ETstrong

4:48:31 PM ETexecution by

4:48:31 PM EToverall this was another strong quarter for reddit

4:48:32 PM ETour

4:48:32 PM ETteams and the

4:48:33 PM ETvalue of

4:48:33 PM ETthe

4:48:33 PM ETReddit

4:48:34 PM ETdelivers

4:48:34 PM ETto

4:48:34 PM ETusers

4:48:34 PM ETand

4:48:35 PM ETour results reflect strong execution by our teams and the value reddit delivers

4:48:35 PM ETto users and customers

4:48:36 PM ETcustomers.

4:48:36 PM ETWe're well positioned to use the

4:48:37 PM ETbe able

4:48:37 PM ETon

4:48:37 PM ETthis

4:48:38 PM ETprogress in the

4:48:38 PM ETfourth

4:48:39 PM ETquarter

4:48:39 PM ETand

4:48:39 PM ETinto

4:48:40 PM ETwe're well positioned to build on this progress in the fourth quarter

4:48:40 PM ETand into twenty twenty seven

4:48:41 PM ET2027. Thank

4:48:41 PM ETyou

4:48:41 PM ETfor joining

4:48:42 PM ETus and for

4:48:42 PM ETyour

4:48:42 PM ETcontinued

4:48:43 PM ETsupport.

4:48:43 PM ETNow I'll turn the call to the next

4:48:44 PM ETover

4:48:45 PM ETDrew.

4:48:45 PM ETThank

4:48:45 PM ETyou,

4:48:46 PM ETthank you for joining us and for your continued support now i'll turn the call over to drew

4:48:46 PM ETJen, and good

4:48:46 PM ETafternoon,

4:48:47 PM ETeveryone.

4:48:48 PM ETQ3 demonstrated

4:48:49 PM ETagain this

4:48:49 PM ETof the state of the

4:48:50 PM ETthank you jim and good afternoon everyone q3 demonstrated again the strength of reddit

4:48:50 PM ETReddit's

4:48:50 PM ETone of the most

4:48:51 PM ETfinancial

4:48:52 PM ETone of one financial model

4:48:52 PM ETmodel.

4:48:52 PM ETSimply

4:48:53 PM ETput,

4:48:53 PM ETwe should be able to do

4:48:54 PM ETshowcased

4:48:55 PM ETcash

4:48:55 PM ETgeneration,

4:48:56 PM ETearnings

4:48:56 PM ETpower,

4:48:57 PM ETsimply put we showcased cash generation earnings power

4:48:57 PM ETinvest in

4:48:57 PM ETclass

4:48:58 PM ETmargins

4:48:58 PM ETto

4:48:59 PM ETand best in class margins to scale

4:48:59 PM ETscale.

4:49:00 PM ETOn cash

4:49:01 PM ETgeneration,

4:49:01 PM ETour first

4:49:01 PM ETcash is a general

4:49:01 PM ETgeneration very important

4:49:01 PM ETflow

4:49:01 PM ETmargins are

4:49:02 PM ETmargin reaches the

4:49:02 PM ET$4

4:49:03 PM ET41 percent in

4:49:03 PM ETcash

4:49:04 PM ETon cash generation our free cash flow margin reached forty one percent

4:49:04 PM ETQ3

4:49:04 PM ETwhile free cash flow markets are

4:49:05 PM ETwas a very good

4:49:06 PM ET360

4:49:08 PM ETmillion.

4:49:08 PM ETup $9

4:49:08 PM ETin q3 while free cash flow was three sixty three million

4:49:08 PM ET$90

4:49:09 PM ETyear over

4:49:10 PM ETup ninety eight percent year over year

4:49:10 PM ETyear.

4:49:11 PM ETReddit's

4:49:11 PM ETcash and

4:49:12 PM ETinvestments top

4:49:12 PM ETthree

4:49:13 PM ET$3

4:49:14 PM ETbillion for

4:49:14 PM ETthe first

4:49:15 PM ETreddit's cash and investments topped three billion dollars for the first time

4:49:15 PM ETfirst

4:49:15 PM ETtime.

4:49:16 PM ETOn earnings

4:49:17 PM ETpower,

4:49:18 PM ETQ3 gapped

4:49:18 PM ETthe

4:49:18 PM ETdiluted

4:49:19 PM ETEPS and

4:49:19 PM ETthe

4:49:19 PM ETadjusted

4:49:20 PM ETon earnings power q3 gaap diluted eps

4:49:20 PM ETEBITDA

4:49:20 PM ETboth

4:49:21 PM ETgrew

4:49:21 PM ETover

4:49:22 PM ET70%

4:49:22 PM ETyear over

4:49:23 PM ETyear.

4:49:24 PM ETand adjusted ebitda both grew over seventy percent year over year

4:49:24 PM ETYear to

4:49:24 PM ETdate, adjusted

4:49:25 PM ETEBITDA

4:49:25 PM ETsurpassed the

4:49:25 PM ET$1.5

4:49:25 PM ET$1

4:49:26 PM ETbillion.

4:49:27 PM ETnearly $1

4:49:27 PM ETdouble a

4:49:27 PM ETyear

4:49:28 PM ETyear to date adjusted ebitda surpassed one billion dollars

4:49:29 PM ETago.

4:49:29 PM ETand for

4:49:30 PM ETbest and close to the

4:49:30 PM ETclass, I'm not sure if I can

4:49:31 PM ETmargins,

4:49:31 PM ETReddit

4:49:31 PM ETshined against the

4:49:31 PM ETnearly double a year ago and for best in class

4:49:32 PM ETagain.

4:49:33 PM ETNet income

4:49:33 PM ETmargin

4:49:33 PM ETwas

4:49:34 PM ET32

4:49:34 PM ETtwo

4:49:35 PM ETpercent.

4:49:35 PM ETclass margins reddit shined again net income margin was thirty two percent

4:49:35 PM ETadjusted

4:49:35 PM ETEBITDA

4:49:35 PM ETmargin was

4:49:36 PM ET45

4:49:37 PM ETpercent.

4:49:37 PM ETgross

4:49:37 PM ETmargin was

4:49:38 PM ETwere

4:49:39 PM ETninety-one point five

4:49:39 PM ETadjusted ebitda margin was forty five percent gross margins were ninety one point five percent

4:49:41 PM ETI'll now provide a number of

4:49:41 PM ETan

4:49:41 PM ETmore

4:49:41 PM ETcolor on the

4:49:42 PM ETour QR

4:49:43 PM ETnow provide more color on our q3 results

4:49:43 PM ETQ3

4:49:44 PM ETresults.

4:49:44 PM ETQ3 revenue

4:49:45 PM ETwas

4:49:45 PM ET$895

4:49:46 PM ETmillion up to

4:49:46 PM ET$50

4:49:46 PM ETq3 revenue was eight ninety five million dollars up

4:49:47 PM ETpercent you

4:49:47 PM ETyear over

4:49:48 PM ETyear.

4:49:49 PM ETAdvertising

4:49:49 PM ETrevenue

4:49:49 PM ETwas 80% of the

4:49:50 PM EThundred and forty

4:49:51 PM ETmillion

4:49:51 PM ETfifty three percent year over year advertising revenue was eight forty seven million dollars

4:49:51 PM ETup $5

4:49:51 PM ET$54

4:49:52 PM ETyear

4:49:52 PM ETover

4:49:53 PM ETyear.

4:49:53 PM ETand other

4:49:54 PM ETrevenue

4:49:54 PM ETwas 40

4:49:54 PM ET$48

4:49:55 PM ETmillion up to

4:49:55 PM ET$35

4:49:55 PM ETper

4:49:56 PM ETpercent year over

4:49:56 PM ETup fifty four percent year over year and other revenue was forty eight million dollars up thirty five percent

4:49:57 PM ETyear over year

4:49:57 PM ETyear.

4:49:58 PM ETU.S. revenues

4:49:58 PM ETgrew

4:49:58 PM ET50% of the

4:49:59 PM ETpercent

4:49:59 PM ETof the

4:49:59 PM ETin

4:49:59 PM ETand

4:50:00 PM ETinternational

4:50:00 PM ETrevenues

4:50:00 PM ETgrew

4:50:02 PM ET67%.

4:50:02 PM ETu s revenues grew fifty percent and international revenues grew sixty seven percent

4:50:02 PM ETpercent.

4:50:02 PM ETAverage revenue green green green

4:50:03 PM ETpercentage of the 20% of the

4:50:03 PM ETper

4:50:03 PM ETunit is a very important period

4:50:04 PM ETuser grew

4:50:05 PM ET36%.

4:50:05 PM ETyear over

4:50:06 PM ETyear to

4:50:07 PM ETaverage revenue per unique user grew thirty six percent year over year

4:50:08 PM ET$6.87.

4:50:08 PM ETto six point eight seven dollars

4:50:09 PM ETMoving to the extent to expanding extraction.

4:50:10 PM ETMoving to

4:50:10 PM ETexpenses, we can't do

4:50:10 PM ETto

4:50:11 PM ETin

4:50:11 PM ETinvest the

4:50:12 PM ETbusiness that

4:50:12 PM ETit

4:50:12 PM EThealthy

4:50:13 PM ETrate.

4:50:14 PM ETTotal

4:50:14 PM ETadjusted costs are a good

4:50:14 PM ETmoving to expenses we continue to invest in the business at a healthy rate

4:50:14 PM ETcost and

4:50:15 PM ETexpenses

4:50:15 PM ETwere 40% of the

4:50:17 PM ETmillion, up

4:50:18 PM ET$49

4:50:18 PM ETtotal adjusted cost and expenses were four ninety three million

4:50:18 PM ET41%.

4:50:19 PM ETpercent year over

4:50:19 PM ETvery

4:50:20 PM ETconsistent with

4:50:21 PM ETour

4:50:21 PM ETexpense

4:50:21 PM ETgrowth

4:50:21 PM ETrate over the

4:50:22 PM ETlast

4:50:22 PM ETfour

4:50:22 PM ETup forty one percent year over year very consistent with our expense growth rate over the last

4:50:24 PM ETquarters.

4:50:24 PM ETWe continue to be

4:50:25 PM ETthoughtful

4:50:25 PM ETabout

4:50:25 PM ETthe balance of the

4:50:26 PM ETbetween the

4:50:26 PM ETgrowth and

4:50:27 PM ETfour quarters we continue to be thoughtful about the balance

4:50:27 PM ETinvestment

4:50:28 PM ETas

4:50:28 PM ETrevenue

4:50:28 PM ETgrew a lot of the

4:50:29 PM ETone percent of the

4:50:29 PM ETbase, base is

4:50:30 PM ETtimes 10% of the

4:50:30 PM ETrate

4:50:30 PM ETbetween growth and investment as revenue grew approximately one point three times the rate

4:50:31 PM ETtotal

4:50:31 PM ETadjusted

4:50:32 PM ETcost.

4:50:32 PM ETAnd our

4:50:33 PM ETincremental

4:50:33 PM ETeven though we have to do

4:50:33 PM ETis a very good

4:50:33 PM ETmarket

4:50:33 PM ETare

4:50:34 PM ETadjusted

4:50:34 PM ETEBITDA

4:50:35 PM ETmargin

4:50:35 PM ETwas 50% of the

4:50:35 PM ETtotal adjusted cost and our incremental ebitda margin adjusted ebitda margin was

4:50:36 PM ETfifty four

4:50:36 PM ETfour percent

4:50:37 PM ETGross margins were

4:50:38 PM ETwas

4:50:38 PM ETnot

4:50:39 PM ET91.5% of the

4:50:39 PM ETup to

4:50:40 PM ET50% based on the

4:50:40 PM ETbasis

4:50:40 PM ETpoints

4:50:40 PM ETfrom last

4:50:41 PM ETgross margin was ninety one point five percent up fifty basis points from last year

4:50:42 PM ETyear.

4:50:42 PM ETCost of

4:50:42 PM ETrevenue

4:50:42 PM ETwas a very good

4:50:43 PM ETapproximately 60% of the

4:50:44 PM ET76% of the

4:50:45 PM ETmillion, up $40

4:50:45 PM ET44

4:50:45 PM ETpercent year per

4:50:45 PM ETover

4:50:46 PM ETcost of revenue was approximately seventy six million dollars up forty four percent year over year

4:50:46 PM ETyear.

4:50:47 PM ETreflecting

4:50:48 PM ETinvestments in

4:50:48 PM ETmachine

4:50:49 PM ETlearning, science, and

4:50:49 PM ETperformance, the

4:50:50 PM ETmethods,

4:50:50 PM ETthe site, and the

4:50:51 PM ETreflecting investments in machine learning site performance

4:50:51 PM ETmeasurement and safety

4:50:52 PM ETsafety.

4:50:53 PM ETThe benefit from

4:50:53 PM ETincremental risk is a very

4:50:54 PM ETrevenue and

4:50:54 PM ETongoing

4:50:54 PM ETinterest is

4:50:55 PM ETof 50% of the 50% of the

4:50:55 PM ETefficiency

4:50:56 PM ETprojects

4:50:56 PM ETthe benefit from incremental revenue and ongoing infrastructure efficiency projects

4:50:56 PM EThelped

4:50:57 PM ETus

4:50:57 PM ETdo

4:50:57 PM ETmore

4:50:57 PM ETthan

4:50:58 PM EToffset

4:50:58 PM ETthese

4:50:59 PM ETthese cost

4:51:00 PM ETincreases and

4:51:00 PM ETmaintain

4:51:01 PM ETgross

4:51:01 PM ETmargins

4:51:01 PM EThelped us to more than offset these cost increases

4:51:01 PM ETabove 90% of

4:51:02 PM ETninety

4:51:02 PM ETpercent

4:51:02 PM ETfor

4:51:02 PM ETthe next

4:51:03 PM ET90

4:51:03 PM ETconsecutive

4:51:04 PM ETand maintain gross margins above ninety percent for the ninth consecutive quarter

4:51:05 PM ETquarter.

4:51:06 PM ETAdjusted

4:51:07 PM EToperating

4:51:07 PM ETexpenses

4:51:08 PM ETwere

4:51:08 PM ET$417

4:51:09 PM ETmillion or $4

4:51:09 PM ET$46

4:51:10 PM ETof

4:51:11 PM ETrevenue compared to the

4:51:11 PM ETadjusted operating expenses were four seventeen million dollars or forty seven

4:51:11 PM ET$50

4:51:11 PM ET51% of the

4:51:12 PM ETlast

4:51:12 PM ETpercent of revenue compared to fifty one percent last year

4:51:13 PM ETyear.

4:51:13 PM ETAs we continue

4:51:13 PM ETto

4:51:14 PM ETgain

4:51:14 PM EToperating

4:51:15 PM ETas we continue to gain operating leverage

4:51:16 PM ETleverage.

4:51:16 PM ETWithin

4:51:16 PM EToperating

4:51:17 PM ETexpenses,

4:51:17 PM ETthe

4:51:17 PM ETtwo

4:51:17 PM ETlargest investments are the most

4:51:17 PM ETsame as

4:51:18 PM ETin US is a very

4:51:18 PM ETareas

4:51:18 PM ETare

4:51:18 PM ETheaded by the

4:51:19 PM ETand

4:51:19 PM ETconsumer

4:51:20 PM ETwithin operating expenses the two largest investment areas are headcount and consumer marketing

4:51:20 PM ETmarketing.

4:51:21 PM ETWe continue to evaluate the

4:51:21 PM ETthese

4:51:22 PM ETspans

4:51:22 PM ETwith an

4:51:23 PM ETROI

4:51:24 PM ETwe continue to evaluate these spends with an roi mindset

4:51:24 PM ETmindset.

4:51:25 PM ETOn

4:51:25 PM ETon hiring

4:51:26 PM EThiring

4:51:26 PM ETthe

4:51:26 PM ETfocus

4:51:27 PM ETremains making a lot of

4:51:27 PM ETthe

4:51:27 PM ETproduct

4:51:28 PM ETbetter.

4:51:29 PM ETaccelerating

4:51:30 PM ETmonetization,

4:51:30 PM ETand strengthening

4:51:30 PM ETthe focus remains making the product better accelerating monetization

4:51:31 PM ETthe

4:51:31 PM ETquality of

4:51:31 PM ETthe

4:51:32 PM ETour

4:51:32 PM ETuser

4:51:33 PM ETand strengthening the quality of our user base

4:51:33 PM ETbase.

4:51:34 PM ETTotal

4:51:34 PM ETheadcount

4:51:34 PM ETgrew

4:51:35 PM ETapproximately

4:51:35 PM ET3% since the

4:51:36 PM ETsequentially

4:51:36 PM ETand

4:51:37 PM ET12%

4:51:37 PM ETyear

4:51:37 PM ETover

4:51:38 PM ETtotal headcount grew approximately three percent sequentially

4:51:38 PM ETand twelve percent year over year

4:51:39 PM ETyear.

4:51:39 PM ETWe continue to be able to do

4:51:39 PM ETsee greater

4:51:39 PM ETthan the

4:51:40 PM ETcost

4:51:40 PM ETleverage in

4:51:40 PM ETand

4:51:42 PM ETefficiency.

4:51:42 PM ETefficiency

4:51:42 PM ETgains in the

4:51:43 PM ETback

4:51:43 PM ETof house

4:51:43 PM ETwe continue to see great cost leverage and efficiency

4:51:43 PM ETareas

4:51:44 PM ETlike

4:51:44 PM ETG and

4:51:45 PM ETWe

4:51:45 PM ETended

4:51:46 PM ETQ3 with the

4:51:46 PM ETa very good

4:51:46 PM ETsame

4:51:46 PM ETefficiency gains in the back of house areas like g and a

4:51:47 PM EThead count as the

4:51:47 PM ETwe had

4:51:47 PM ETended

4:51:47 PM ETin

4:51:48 PM ETGNA two years

4:51:49 PM ETago.

4:51:49 PM ETwe ended q3 with the same headcount as we had in g and a two years ago

4:51:50 PM ETback

4:51:50 PM ETin

4:51:51 PM ET2024, we had a lot of

4:51:51 PM ETin

4:51:51 PM ETthe

4:51:51 PM ETthird

4:51:52 PM ETback in twenty twenty four in the third quarter

4:51:53 PM ETquarter.

4:51:54 PM ETIn Q3,

4:51:54 PM ETour total number of 2023 is a very

4:51:54 PM ETconsumption important

4:51:55 PM ETmarket is a very thing to

4:51:55 PM ETspending

4:51:56 PM ETwas

4:51:56 PM ETconsidered a

4:51:56 PM ETconsistent with

4:51:56 PM ETthe

4:51:57 PM ETprior

4:51:57 PM ETin q3 our total consumer marketing spend was consistent with the prior quarter

4:51:58 PM ETquarter.

4:51:58 PM ETTotal spend

4:51:59 PM ETwas

4:51:59 PM ETmid-single

4:52:00 PM ETdigits on the

4:52:00 PM ETa private

4:52:00 PM ETpercentage of

4:52:01 PM ETrevenue based on the

4:52:02 PM ETbasis.

4:52:02 PM ETconsistent

4:52:02 PM ETtotal spend was mid single digits on a percentage of revenue basis

4:52:02 PM ETwith

4:52:03 PM ETBut

4:52:03 PM ETthe spending is a very good

4:52:04 PM ETnext

4:52:04 PM ETshift is the

4:52:04 PM ETby Q

4:52:05 PM ETcategory and

4:52:06 PM ETregion.

4:52:06 PM ETconsistent with q2 but the spend mix shifted by category and region

4:52:07 PM ETIn the U.S., as a

4:52:07 PM ETthe US, the US,

4:52:07 PM ETis very important

4:52:08 PM ETnoted, we have a lot of the

4:52:08 PM ETshould be able to do

4:52:08 PM ETshifted

4:52:08 PM ETthe

4:52:08 PM ETa portion of

4:52:09 PM ETdollars to the

4:52:09 PM ETaway from

4:52:10 PM ETweb

4:52:10 PM ETuser

4:52:11 PM ETmarketing

4:52:11 PM ETin the u s as jen noted we shifted a portion of dollars away from web user marketing into

4:52:11 PM ETinto

4:52:11 PM ETapp

4:52:12 PM ETinstalls and

4:52:12 PM ETour

4:52:13 PM ETbrand

4:52:14 PM ETcampaign.

4:52:14 PM ETTo

4:52:15 PM ETdate, domestic, and we have to do a lot of

4:52:15 PM ETmarkets are

4:52:15 PM ETwork is very good

4:52:16 PM ETuser

4:52:16 PM ETapp installs and our brand campaign to date

4:52:16 PM ETmarketing space is a very important

4:52:17 PM EThas proved to be lot of the

4:52:17 PM ETa

4:52:17 PM ETproven

4:52:18 PM ETeffective

4:52:18 PM ETat

4:52:19 PM ETbringing

4:52:19 PM ETusers

4:52:19 PM ETto reduce

4:52:20 PM ETdomestic web user marketing spend has proven effective

4:52:20 PM ETbut

4:52:20 PM ETlow return to the

4:52:21 PM ETrates are not

4:52:21 PM EThave

4:52:22 PM EThurt

4:52:23 PM ETat bringing users to reddit but low retention rates have hurt roi

4:52:23 PM ETROI.

4:52:24 PM ETInternationally, we

4:52:24 PM ETspent more than 10

4:52:25 PM ETdollars

4:52:26 PM ETon

4:52:26 PM ETuser

4:52:26 PM ETweb

4:52:26 PM ETmarketing

4:52:26 PM ETto

4:52:27 PM ETgrow

4:52:28 PM ETreach,

4:52:28 PM ETinternationally we spent more dollars on user web marketing to grow reach

4:52:28 PM ETdriving user

4:52:28 PM ETusers

4:52:28 PM ETto the

4:52:29 PM ETplatform where

4:52:30 PM ETthey're

4:52:30 PM ETthe

4:52:30 PM ETbrand

4:52:30 PM ETis

4:52:30 PM ETless

4:52:30 PM ETwell

4:52:31 PM ETknown.

4:52:31 PM ETwhich

4:52:31 PM ETall of

4:52:32 PM EToffer the same

4:52:32 PM EToffset

4:52:32 PM ETdriving users to the platform where the brand is less well known

4:52:32 PM ETdecline

4:52:33 PM ETin

4:52:34 PM ETinternational

4:52:34 PM ETsearch

4:52:35 PM ETreferral

4:52:35 PM ETtraffic.

4:52:36 PM ETwhich helped offset the declines in international search referral traffic

4:52:37 PM ETWe'll continue to monitor

4:52:38 PM ETboth the dimensions of the

4:52:38 PM ETand

4:52:39 PM ETinternational

4:52:39 PM ETmarketing

4:52:41 PM ETwe'll continue to monitor both the domestic and international marketing performances

4:52:41 PM ETperformances.

4:52:41 PM ETAnd

4:52:41 PM ETwill

4:52:41 PM ETwe adjust

4:52:41 PM ETour

4:52:42 PM ETspend

4:52:42 PM ETaccording to the

4:52:43 PM ETand we'll adjust our spend accordingly

4:52:43 PM ETaccordingly.

4:52:44 PM ETTurning now to

4:52:45 PM ETstock-based

4:52:45 PM ETcompensation

4:52:45 PM ETand

4:52:46 PM ETturning now to stock based compensation and dilution

4:52:47 PM ETdilution.

4:52:47 PM ETin

4:52:48 PM ETQ3,

4:52:48 PM ETin q3

4:52:48 PM ETstock-based compensation is a good

4:52:49 PM ETa very good

4:52:49 PM ETis

4:52:49 PM ETand relationships are lot of the

4:52:49 PM ETto

4:52:50 PM ETtaxes

4:52:50 PM ETwere

4:52:51 PM ET$136

4:52:51 PM ETmillion

4:52:52 PM ETor $5

4:52:52 PM ET$50

4:52:52 PM ET15%

4:52:52 PM ETof

4:52:53 PM ETstock based compensation and related taxes were one hundred and thirty six million dollars or fifteen percent of revenue

4:52:53 PM ETrevenue.

4:52:54 PM ETdown 80% of the

4:52:54 PM ETbips year over the

4:52:56 PM ETyear.

4:52:56 PM ETTotal fully divided by the

4:52:57 PM ETshares

4:52:58 PM ETdown eighty bps year over year total fully diluted shares outstanding

4:52:58 PM EToutstanding were

4:52:58 PM ETdown

4:52:59 PM ETsequentially,

4:52:59 PM ETlanding

4:52:59 PM ETat

4:53:00 PM ET$206.3

4:53:02 PM ETmillion.

4:53:02 PM ETYear to

4:53:02 PM ETgross

4:53:03 PM ETdilution is a very important

4:53:03 PM ETdown sequentially landing at two hundred and six point three million

4:53:03 PM ETexcludes the

4:53:04 PM ETimpact of the

4:53:05 PM ETbuybacks,

4:53:05 PM ETis one of the most important

4:53:06 PM ETyear to date gross dilution excluding the impact of buybacks

4:53:07 PM ET1.2%.

4:53:07 PM ETSo, we have to do that.

4:53:07 PM ETwe're tracking what we're

4:53:07 PM ETso

4:53:08 PM ETfar

4:53:09 PM ETagainst

4:53:09 PM ETour

4:53:09 PM ETlong-term

4:53:10 PM ETguide

4:53:10 PM ETis one point two percent so we're tracking well so far

4:53:10 PM ETof

4:53:10 PM ETone to

4:53:11 PM ET3%

4:53:11 PM ETannual

4:53:12 PM ETagainst our long term guide of one percent to three percent annual dilution

4:53:13 PM ETdilution.

4:53:14 PM ETAfter buybacks year

4:53:14 PM ETto

4:53:14 PM ETdate

4:53:14 PM ETfully

4:53:15 PM ETdiluted

4:53:15 PM ETshare

4:53:15 PM ETcount is up to the

4:53:17 PM ETpoint one

4:53:17 PM ETafter buybacks year to date fully diluted share count is up zero point one percent

4:53:17 PM ETI think that's the only thing that's going to be a very important

4:53:18 PM ETIn

4:53:18 PM ETQ3, we

4:53:18 PM ETare

4:53:18 PM ETpurchase the

4:53:18 PM ETabout

4:53:19 PM ETa hundred

4:53:19 PM ET$100

4:53:19 PM ETmillion worth

4:53:20 PM ETof

4:53:20 PM ETstock at

4:53:20 PM ETan

4:53:20 PM ETaverage

4:53:21 PM ETprice

4:53:21 PM ETslightly

4:53:21 PM ETbelow $100

4:53:22 PM ETin q3 we repurchased about one hundred million dollars worth of stock at an average

4:53:22 PM ET$150 a

4:53:23 PM ETprice slightly below one hundred and fifty dollars a share

4:53:24 PM ETshare.

4:53:24 PM ETWe have about

4:53:24 PM ET$600 to

4:53:25 PM ETmillion for a

4:53:26 PM ETremaining on

4:53:26 PM ETour

4:53:27 PM ETcurrent

4:53:27 PM ETbuyback

4:53:28 PM ETwe have about six sixty million dollars remaining on our current buyback authorization

4:53:29 PM ETauthorization.

4:53:30 PM ETA few more

4:53:31 PM ETpoints of

4:53:31 PM ETinterest on the

4:53:33 PM ETQ3

4:53:33 PM ETnet

4:53:33 PM ETa few more points of interest on q3

4:53:33 PM ETincome

4:53:34 PM ETwas

4:53:34 PM ET$283

4:53:35 PM ETmillion

4:53:35 PM ETor a

4:53:35 PM ET$1.5

4:53:36 PM ETper

4:53:36 PM ETbasic

4:53:37 PM ETshare and

4:53:37 PM ET$1.4

4:53:38 PM ETnet income was two eighty three million dollars or one point four seven dollars per basic share and one point

4:53:38 PM ETper

4:53:39 PM ETdiluted

4:53:40 PM ETshare compared

4:53:40 PM ETto

4:53:41 PM ET$160 per

4:53:42 PM ETmillion

4:53:42 PM ETor

4:53:42 PM ET$80

4:53:42 PM ETfour zero dollars per diluted share compared to one hundred and sixty three million

4:53:43 PM ET$87

4:53:43 PM ETper

4:53:43 PM ETfor

4:53:44 PM ETbasic

4:53:44 PM ETshare

4:53:44 PM ETand $8

4:53:44 PM ET$87

4:53:45 PM ETcents per

4:53:45 PM ETbasic

4:53:45 PM ETdiluted

4:53:46 PM ETshare a

4:53:46 PM ETyear

4:53:46 PM ETor zero eight seven dollars per basic share and zero eight zero dollars per diluted share a year ago

4:53:47 PM ETago.

4:53:48 PM ETCapital

4:53:48 PM ETexpenditures

4:53:49 PM ETwere

4:53:49 PM ET1.2

4:53:50 PM ETmillion to the

4:53:50 PM ETbusiness

4:53:50 PM ETremained

4:53:51 PM ETcapital

4:53:51 PM ETcapital expenditures were one point two million dollars so the business remained capital light

4:53:52 PM ETlight.

4:53:53 PM ETWe ended

4:53:53 PM ETQ3 with the

4:53:54 PM ET3.03

4:53:55 PM ETbillion in the

4:53:56 PM ETcash, cash

4:53:56 PM ETequivalents in

4:53:56 PM ETand

4:53:56 PM ETwe ended q3 with three point zero three billion dollars in cash

4:53:57 PM ETmarketing

4:53:57 PM ETmarketable

4:53:58 PM ETsecurities,

4:53:58 PM ETwhich

4:53:59 PM ETgives flexibility to the

4:54:00 PM ETexit the

4:54:00 PM ETa lot

4:54:00 PM ETon

4:54:00 PM ETour

4:54:00 PM ETcash equivalents and marketable securities which gives flexibility to

4:54:00 PM ETthree

4:54:01 PM ETcapital

4:54:01 PM ETpriorities

4:54:01 PM ETwhere it

4:54:02 PM ETmakes

4:54:03 PM ETsense.

4:54:03 PM ETInvesting in the

4:54:04 PM ETbusiness,

4:54:04 PM ETM

4:54:05 PM ETA,

4:54:05 PM ETexecute on our three capital priorities where it makes sense investing in the business

4:54:05 PM ETand

4:54:05 PM ETshare

4:54:06 PM ETm and a and share repurchase

4:54:07 PM ETrepurchase.

4:54:08 PM ETI'd like to share with

4:54:08 PM ETa

4:54:08 PM ETquick

4:54:08 PM ETpoint on the

4:54:10 PM ETtaxes.

4:54:11 PM ETOur Q3 taxes are

4:54:11 PM ETexpense

4:54:11 PM ETwas

4:54:11 PM ETa

4:54:11 PM ETapproximately

4:54:12 PM ETi'd like to share a quick point on taxes our q3 tax

4:54:12 PM ET$5.8

4:54:13 PM ETmillion with

4:54:13 PM ETan

4:54:13 PM ETeffective

4:54:14 PM ETtax

4:54:14 PM ETrate

4:54:14 PM ETof

4:54:14 PM ETabout $2

4:54:15 PM ETtwo

4:54:15 PM ETexpense was approximately five point eight million dollars with an effective tax rate of about two percent

4:54:16 PM ETpercent.

4:54:16 PM ETSo book tax

4:54:17 PM ETexpense

4:54:17 PM ETremains

4:54:18 PM ETso book tax expense remains modest

4:54:19 PM ETmodest.

4:54:19 PM ETWe also continue

4:54:19 PM ETto

4:54:20 PM ETmaintain

4:54:20 PM ETour

4:54:20 PM ETfull

4:54:21 PM ETvaluation

4:54:22 PM ETallowances

4:54:22 PM ETon

4:54:22 PM ETU.S. Federal

4:54:23 PM ETand

4:54:23 PM ETwe also continue to maintain our full valuation allowances

4:54:23 PM ETstate

4:54:24 PM ETdeferred

4:54:24 PM ETtax

4:54:25 PM ETon u s federal and state deferred tax assets

4:54:25 PM ETassets.

4:54:26 PM ETReddit has now

4:54:27 PM ETbecome

4:54:27 PM ETgap

4:54:27 PM ETprofitable

4:54:28 PM ETsince

4:54:28 PM ETtwo thousand

4:54:29 PM ETin the third

4:54:30 PM ETreddit has now become gaap profitable since twenty twenty four in the third

4:54:31 PM ETquarter.

4:54:31 PM ETWe're up to the next

4:54:32 PM ETour

4:54:32 PM ETinternal

4:54:33 PM ETforecast as part of the

4:54:33 PM ETan

4:54:34 PM ETongoing

4:54:34 PM ETassessment

4:54:34 PM ETto evaluate

4:54:35 PM ETquarter we're updating our internal forecast as part of

4:54:35 PM ETwhether

4:54:35 PM ETthose

4:54:36 PM ETfull

4:54:36 PM ETvalues

4:54:36 PM ETallows

4:54:37 PM ETallowances remain

4:54:38 PM ETappropriate over the

4:54:38 PM ETan ongoing assessment to evaluate whether those full valuation allowances remain appropriate

4:54:38 PM ETnear

4:54:39 PM ETover the near term

4:54:40 PM ETterm.

4:54:41 PM ETTurning now to

4:54:41 PM ETthe

4:54:42 PM EToutlook.

4:54:42 PM ETwe'll

4:54:42 PM ETshare

4:54:42 PM ETour

4:54:43 PM ETinternal

4:54:44 PM ETexpectations

4:54:44 PM ETfor

4:54:45 PM ETrevenue and adjust the rest of the

4:54:45 PM ETturning now to the outlook we'll share our internal expectations for revenue

4:54:45 PM ETEBITDA for

4:54:46 PM ETthe full

4:54:46 PM ETfourth

4:54:46 PM ETquarter of

4:54:48 PM ET2026.

4:54:48 PM ETas well

4:54:48 PM ETa

4:54:48 PM ETfew

4:54:49 PM ETadditional

4:54:49 PM ETand adjusted ebitda for the fourth quarter of twenty twenty six

4:54:50 PM ETas well as a few additional considerations

4:54:51 PM ETconsiderations.

4:54:51 PM ETIn the fourth

4:54:51 PM ETof

4:54:52 PM ETquarter 2026,

4:54:52 PM ETwe

4:54:52 PM ETasked the

4:54:53 PM ETthat we had a very important

4:54:54 PM ETrevenue in

4:54:54 PM ETthe

4:54:54 PM ETrange of the

4:54:54 PM ET$1

4:54:55 PM ETone

4:54:55 PM ETin the fourth quarter of twenty twenty six we estimate revenue in the range of one billion

4:54:55 PM ETbillion to $1

4:54:56 PM ET$1.5

4:54:57 PM ETbillion.

4:54:58 PM ETrepresenting $30

4:54:59 PM ET38

4:54:59 PM ETbillion to $40

4:54:59 PM ETpercent of the

4:55:00 PM ETbillion

4:55:00 PM ETyear over

4:55:00 PM ETdollars to one point zero three billion dollars representing thirty eight

4:55:00 PM ETyear-over-year

4:55:01 PM ETgrowth with

4:55:01 PM ETa mid-year

4:55:02 PM ETof

4:55:02 PM ETa

4:55:02 PM ETapproximately

4:55:03 PM ETforty

4:55:04 PM ETpercent to forty two percent year over year growth with a midpoint of approximately forty percent

4:55:05 PM ETAdjusted

4:55:05 PM ETEBITDA in

4:55:06 PM ETthe range of

4:55:07 PM ET480

4:55:07 PM ETmillion

4:55:08 PM ETto $5

4:55:08 PM ETfive hundred

4:55:09 PM ETadjusted ebitda in the range of four eighty million dollars to five

4:55:09 PM ETand ten

4:55:09 PM ETmillion

4:55:10 PM ETrepresenting four

4:55:10 PM ET$46

4:55:11 PM ETto

4:55:11 PM ET200

4:55:11 PM ET50

4:55:12 PM ET56

4:55:12 PM ETpercent of the million

4:55:12 PM ETyear-over-year

4:55:13 PM ETyear

4:55:13 PM ETten million dollars representing forty seven to fifty six percent year over year growth

4:55:13 PM ETgrowth.

4:55:14 PM ETAnd it adjusts to the

4:55:14 PM ETEVERY

4:55:15 PM ETmargin

4:55:15 PM ETof approximately

4:55:16 PM ET49

4:55:16 PM ETpercent at the middle of

4:55:17 PM ETand an adjusted ebitda margin of approximately forty nine percent at the midpoint

4:55:18 PM ETmidpoint.

4:55:19 PM ETAdditionally, at

4:55:19 PM ETlike

4:55:20 PM ETto provide a lot of the

4:55:20 PM ETan

4:55:20 PM ETupdate

4:55:21 PM ETon

4:55:21 PM ETour

4:55:21 PM ETuser

4:55:22 PM ETadditionally i'd like to provide an update on our user disclosures

4:55:23 PM ETdisclosures.

4:55:24 PM ETAs the broad as the broadcast is

4:55:25 PM ETbroader internet

4:55:25 PM ETlandscape is a very important

4:55:25 PM ETcontinues to be

4:55:25 PM ETable

4:55:27 PM ETevolve,

4:55:27 PM ETReddit can be

4:55:27 PM ETcontinues to

4:55:27 PM ETas the broader internet landscape continues to evolve

4:55:28 PM ETiterate in

4:55:28 PM ETand

4:55:28 PM ETreddit continues to iterate and learn

4:55:29 PM ETlearn

4:55:29 PM ETon

4:55:29 PM ETmany

4:55:29 PM ETproduct

4:55:30 PM ETchanges.

4:55:31 PM ETincluding

4:55:31 PM ETan

4:55:32 PM ETupcoming

4:55:32 PM ETtest to

4:55:33 PM ETmove

4:55:33 PM ETthe

4:55:33 PM ETplatform

4:55:33 PM ETto lock

4:55:33 PM ETon many product changes including in

4:55:34 PM ETin

4:55:34 PM ETonly

4:55:35 PM ETusers.

4:55:36 PM ETWhich Steve

4:55:36 PM ETdescribed

4:55:36 PM ETbriefly in

4:55:37 PM ETupcoming test to move the platform to logged in only users which

4:55:37 PM EThis remote

4:55:38 PM ETsteve described briefly in his remarks

4:55:38 PM ETremarks.

4:55:39 PM ETIt follows that we have to do

4:55:39 PM ETwe'll continue

4:55:40 PM ETreport that we're going to be able to

4:55:40 PM ETreport

4:55:41 PM ETlogged

4:55:41 PM ETin

4:55:41 PM ETand logged

4:55:42 PM ETout

4:55:42 PM ETDAUQ

4:55:43 PM ETit follows that we'll continue to report logged in and

4:55:43 PM ETby

4:55:44 PM ETgeography.

4:55:44 PM ETas

4:55:44 PM ETthey

4:55:44 PM ETremain

4:55:45 PM ETuseful for the

4:55:45 PM ETunderstanding

4:55:46 PM ETuse of

4:55:46 PM ETuser

4:55:46 PM ETlogged out dauq by geography as they remain useful for understanding user trends

4:55:46 PM ETtrends can be

4:55:47 PM ETwith the

4:55:47 PM ETour

4:55:48 PM EThistorical

4:55:49 PM ETconsistent with our historical reporting

4:55:49 PM ETreporting.

4:55:50 PM ETAs we move forward with the history of the history of

4:55:50 PM ETbe able to do

4:55:51 PM ETwill continue evaluate the current

4:55:51 PM ETour use of the

4:55:52 PM ETuser

4:55:52 PM ETreporting

4:55:52 PM ETto ensure that we are using the

4:55:53 PM ETit

4:55:53 PM ETreflects

4:55:53 PM EThow

4:55:54 PM ETas we move forward we'll continue to evaluate our user reporting

4:55:54 PM ETwe manage

4:55:54 PM ETand

4:55:54 PM ETmeasure

4:55:55 PM ETour

4:55:55 PM ETto ensure it reflects how we manage and measure our business

4:55:56 PM ETbusiness.

4:55:56 PM ETTo close

4:55:57 PM ETmy comments, I'm going to go ahead

4:55:57 PM ETbe able do

4:55:57 PM ETI'm going make a lot of

4:55:57 PM ETI'd like to have time to do

4:55:57 PM ETmake sure that we're going be

4:55:58 PM ETto highlight the

4:55:58 PM ETthat it

4:55:59 PM ETwas

4:55:59 PM ETgreat

4:55:59 PM ETto

4:55:59 PM ETsee

4:55:59 PM ETReddit

4:56:00 PM ETadded to

4:56:00 PM ETthe

4:56:00 PM ETS

4:56:00 PM ETP

4:56:00 PM ETto close my commentary i'd like to highlight that it was great to see reddit added to the s

4:56:01 PM ET500

4:56:01 PM ETearlier

4:56:01 PM ETin the

4:56:02 PM ETquarter.

4:56:03 PM ETIt's a terrific

4:56:04 PM ETtestimony to the

4:56:04 PM ETprogress in

4:56:04 PM ETand

4:56:04 PM ETthe

4:56:04 PM ETpotential of the

4:56:05 PM ETand p five hundred earlier in the quarter it's a terrific testimony of the progress in

4:56:05 PM ETpotential of the brand

4:56:06 PM ETbrand.

4:56:07 PM ETIt was also great to

4:56:07 PM ETsee the

4:56:07 PM ETReddit

4:56:08 PM ETcross an

4:56:08 PM ETimportant

4:56:08 PM ETmile

4:56:09 PM ETof

4:56:09 PM ETthree

4:56:09 PM ET$3

4:56:09 PM ETbillion

4:56:10 PM ETin the

4:56:10 PM ETa

4:56:10 PM ETit was also great to see reddit cross an important milepost of three billion dollars in the

4:56:11 PM ETtrailing

4:56:11 PM ET$12

4:56:11 PM ET12-month

4:56:11 PM ETrevenue

4:56:13 PM ETbasis.

4:56:13 PM ETWe have made a lot

4:56:13 PM ETof

4:56:14 PM ETprogress

4:56:14 PM ETsince

4:56:14 PM ETwe've

4:56:14 PM ETcrossed

4:56:14 PM ETa billion

4:56:15 PM ETdollars

4:56:15 PM ETtrailing twelve month revenue basis we've made a lot of progress

4:56:15 PM ETback in the

4:56:16 PM ETtwenty twenty

4:56:17 PM ETsince we crossed one billion dollars back in twenty twenty four

4:56:18 PM ETOur next

4:56:18 PM ETinternal

4:56:18 PM ETNorth

4:56:19 PM ETStar is a very good

4:56:19 PM ETfive

4:56:19 PM ET$5

4:56:19 PM ETbillion in the

4:56:21 PM ETrevenue,

4:56:21 PM ETwhich

4:56:21 PM ETwill

4:56:21 PM ETrequire

4:56:22 PM ETa

4:56:22 PM ETstrong

4:56:22 PM ETour next internal north star is five billion dollars in revenue

4:56:23 PM ETexecution

4:56:23 PM ETto

4:56:24 PM ETcapitalize

4:56:24 PM ETon

4:56:24 PM ETthe

4:56:24 PM ETunique

4:56:24 PM ETraw

4:56:25 PM ETmaterials

4:56:25 PM ETwhich will require strong execution to capitalize on the unique raw materials

4:56:25 PM ETReddit

4:56:26 PM ETreddit has

4:56:27 PM EThas.

4:56:27 PM ETThat concludes

4:56:27 PM ETmy

4:56:28 PM ETthat concludes my comment

4:56:29 PM ETcomment.

4:56:29 PM ETLet me turn the link to the next

4:56:29 PM ETcall

4:56:29 PM ETover