Earnings call · Reddit Thu Oct 29, Saidwire live coverage archive https://saidwire.com/archive/earnings-rddt-oct29 STORY (final version) Reddit posts 53% revenue growth, guides to about 40% in Q4 as Google traffic slides and logged-in-only shift looms Executives said the company will test and then adopt a logged-in-only platform, while attributing falling search referrals to Google's AI mode. Reddit's third-quarter revenue rose 53% year over year to $895 million, with a 45% adjusted EBITDA margin, Chief Financial Officer Drew Vollero said Thursday on the company's earnings call, as executives said Reddit will move to a logged-in-only platform to offset declining referral traffic from Google. LOGGED-IN-ONLY SHIFT CEO Steve Huffman said the move to require logins is a test but also a commitment. "This is a test but we are going to make this transition," he said. He listed several reasons: personalized recommendations, better ad targeting, protecting Reddit's data from scraping, and adapting to emerging regulations. The test will run in "a few markets outside the us," he said. Huffman acknowledged a trade-off, saying Reddit will "likely be trading reach for engagement." Some version of Reddit will remain accessible before a login prompt, he said, and the test aims to find where to draw that boundary. Asked about content licensing, he said the shift "doesn't change" the company's perspective and that any deal must be "a fair exchange of value," which could include not doing a deal. GOOGLE TRAFFIC AND USER TRENDS Huffman said the biggest hypothesis for falling search referrals is Google's AI Overviews and AI mode, which he said "does not drive traffic." A second factor, he said, is that Reddit's machine-translated content appears to be ranked lower, mainly affecting markets outside the U.S. He said "reddit is still among the most searched words on google," so demand for the site has not changed. Total sessions are down because of the search decline, Huffman said, but logged-in and app engagement is growing. Reddit increased international user marketing spending partly to offset lost search reach, executives said. Huffman said new-user retention is up more than 50% year over year. FINANCIALS AND OUTLOOK Advertising revenue was $847 million, up 54%, and other revenue was $48 million, up 35%, Vollero said. U.S. revenue grew 50% and international revenue 67%. Average revenue per unique user rose 36% to $6.87. Free cash flow was $363 million, a 41% margin, and cash and investments topped $3 billion. Net income was $283 million, or $1.40 per diluted share. For the fourth quarter, Reddit guided to revenue of $1 billion to $1.03 billion, or 38% to 42% growth, and adjusted EBITDA of $480 million to $510 million. Vollero said Reddit's next internal revenue goal is $5 billion. On third-quarter upside that was smaller than in prior quarters, Vollero cited some September days on which Reddit could not deliver all bookings. BULLETINS 4:33:29 PM ET REDDIT CEO: Q3 REVENUE GROWTH 53% 4:34:09 PM ET REDDIT CEO: CROSSED $3 BILLION IN REVENUE OVER LAST TWELVE MONTHS 4:34:58 PM ET REDDIT CEO: OCT SEARCH TRAFFIC DOWN BY MORE THAN 1 MILLION REFERRALS ON AVERAGE PER WEEK 4:36:21 PM ET REDDIT CEO: Q4 TOTAL DAUQS COULD FALL LOW DOUBLE DIGITS FROM 130 MILLION IF TRENDS CONTINUE 4:37:46 PM ET REDDIT CEO: NEW-USER WEEK-ONE APP RETURN RATE UP OVER 50% YEAR OVER YEAR 4:39:10 PM ET REDDIT CEO: TO BEGIN TESTING LOGGED-IN-ONLY REDDIT IN SELECT MARKETS OUTSIDE U.S. IN Q4 4:39:52 PM ET REDDIT CEO: ONLY ABOUT 13% OF ELIGIBLE MOBILE WEB USERS SEEING APP CONVERSION PROMPT 4:41:11 PM ET REDDIT CFO: Q3 ADVERTISING REVENUE UP 54% YOY TO $847 MILLION 4:41:55 PM ET REDDIT CFO: Q3 CLICK VOLUME GREW OVER 50%, CONVERSION VOLUME MORE THAN TRIPLED YOY 4:42:36 PM ET REDDIT CFO: Q3 US AD REVENUE UP 51% YOY, INTERNATIONAL AD REVENUE UP 68% 4:43:23 PM ET REDDIT CFO: Q3 SCALED REVENUE GREW MORE THAN 80% YOY, MID-MARKET ACTIVE ADVERTISERS UP 50%+ 4:44:48 PM ET REDDIT CFO: Q3 REDDIT MAX ADVERTISER ADOPTION MORE THAN TRIPLED QUARTER OVER QUARTER 4:45:31 PM ET REDDIT CFO: Q3 VIDEO VIEWS FASTEST-GROWING OBJECTIVE, REVENUE MORE THAN DOUBLED YOY 4:46:23 PM ET REDDIT CFO: Q3 ADS API ECOSYSTEM REVENUE GREW MORE THAN 45% QUARTER OVER QUARTER 4:47:24 PM ET REDDIT CFO: B2B ADVERTISERS USING NEW AUDIENCES SAW ABOUT 7% AVERAGE CPA IMPROVEMENT 4:49:28 PM ET REDDIT CFO: Q3 FREE CASH FLOW $363 MILLION, UP 98% YOY; FCF MARGIN 41% 4:50:14 PM ET REDDIT CFO: Q3 REVENUE $895 MILLION, UP 53% YOY; GROSS MARGIN 91.5%, ADJ EBITDA MARGIN 45% 4:50:56 PM ET REDDIT CFO: Q3 CASH AND INVESTMENTS TOPPED $3 BILLION FOR FIRST TIME 4:51:38 PM ET REDDIT CFO: Q3 ADVERTISING REVENUE $847 MILLION, UP 54% YOY; OTHER REVENUE $48 MILLION, UP 35% 4:52:23 PM ET REDDIT CFO: Q3 ADJ COSTS AND EXPENSES $493 MILLION, UP 41% YOY; HEADCOUNT UP 12% YOY 4:54:30 PM ET REDDIT CFO: Q3 NET INCOME $283 MLN, $1.40/DILUTED SHR VS $163 MLN, $0.80 YR AGO 4:55:55 PM ET REDDIT CFO: Q4 REVENUE SEEN $1.00 BLN-$1.03 BLN, 38%-42% YOY GROWTH; ADJ EBITDA $480-$510 MLN 4:56:39 PM ET REDDIT CFO: Q3 TAX EXPENSE ABOUT $5.8 MILLION, EFFECTIVE TAX RATE ABOUT 2% 4:58:46 PM ET REDDIT CEO: MOVING TO LOGGED-IN ONLY EXPERIENCE; CITES BETTER AD TARGETING, DATA PROTECTION 5:00:11 PM ET REDDIT CEO: TO TEST LOGIN WALLS IN A FEW MARKETS OUTSIDE US; 80% OF MONETIZATION IS LOGGED-IN 5:02:58 PM ET REDDIT: Q3 AD CLICK VOLUME UP OVER 50% YOY, CONVERSION VOLUME TRIPLED 5:05:44 PM ET REDDIT CEO: GOOGLE AI MODE ROLLOUT, LOWER RANKING OF MACHINE-TRANSLATED CONTENT HURTING TRAFFIC 5:06:29 PM ET REDDIT EXEC: APP INSTALL CAMPAIGNS EARLY, RETENTION EQUIVALENT TO ORGANIC USERS 5:07:12 PM ET REDDIT CEO: LOGGED-IN ONLY IS A TEST BUT 'WE ARE GOING TO MAKE THIS TRANSITION' 5:08:40 PM ET REDDIT EXEC: CORPUS AT 27 BLN POSTS AND COMMENTS; TOTAL SESSIONS DOWN ON LOWER SEARCH REFERRAL 5:10:08 PM ET REDDIT CEO: NO UPDATE ON AI LICENSING DEALS, IN ACTIVE TALKS; NOT DOING A DEAL IS POSSIBLE 5:19:38 PM ET REDDIT CEO: GOOGLE AI MODE 'DOES NOT DRIVE TRAFFIC'; GOOGLE CRAWLING REDDIT 'AS HARD AS EVER' 5:20:21 PM ET REDDIT CEO: FEED MODEL SIGNAL GROWN BY AN ORDER OF MAGNITUDE; 'ANOTHER YEAR OF RUNWAY' 5:22:29 PM ET REDDIT EXEC: 'PRETTY SKEPTICAL' OF GEO; ADVERTISING FOR LLM VISIBILITY NOT PART OF PARTNERSHIPS 5:23:56 PM ET REDDIT CEO: NOT PURSUING SERIOUS ACQUISITION FOR USERS, 'NOT ON OUR RADAR RIGHT NOW' 5:24:36 PM ET REDDIT EXEC: NEW USER RETENTION UP OVER FIFTY PERCENT YOY; PLANS INCOGNITO MODE IN APP 5:26:26 PM ET REDDIT EXEC: SHOWED MOBILE WEB-TO-APP CONVERSION PROMPT TO ABOUT 13% OF ELIGIBLE AUDIENCE IN Q 5:30:04 PM ET REDDIT EXEC: EXPECTS APP, LOGGED-IN AND TOTAL DAO TO 'MORE OR LESS CONVERGE' OVER TIME 5:30:51 PM ET REDDIT EXEC: Q3 REVENUE GREW 53%; ENTERED QUARTER WITH ABOUT 50% OF BUSINESS BOOKED 5:31:35 PM ET REDDIT EXEC: SOME SEPTEMBER BOOKINGS 'WEREN'T ABLE TO DELIVER' ON A COUPLE OF PEAK DAYS IN Q3 POSTS (quotes verbatim; each shows when the words were said and when we drafted it) Reddit CEO Steve Huffman said third-quarter revenue grew 53%, "something few companies are doing," on top of nearly 70% growth last year. He spoke Thursday on the company's earnings call. said 4:33:28 PM ET · drafted 4:33:48 PM ET Reddit CEO Steve Huffman said on the company's earnings call that "our search referral traffic was down meaningfully in q3, with the decline accelerating later in the quarter." He said the declines continued into early Q4. said 4:34:20 PM ET · drafted 4:34:59 PM ET Reddit said that if search referral declines continue, "total dauqs could fall in q4 by a low double digit percentage from our current base of 130 million dauqs." Reddit reported the outlook Thursday. said 4:35:01 PM ET · drafted 4:36:57 PM ET Reddit CEO Steve Huffman said the percentage of new users who return the first week after installing the app is "up double digits quarter over quarter and over 50% year over year." said 4:36:15 PM ET · drafted 4:38:02 PM ET Reddit CEO Steve Huffman said shifting the platform to a logged-in-only experience is "a big one for us and it's a big one for me." He said it brings more signals for ads targeting and protects its data. said 4:38:31 PM ET · drafted 4:39:08 PM ET Reddit's chief financial officer said Thursday that "max advertiser adoption more than tripled quarter over quarter." Reddit Max entered public beta in the third quarter, he said on the earnings call. said 4:42:55 PM ET · drafted 4:43:14 PM ET Reddit's CFO said scaled revenue "grew more than 80% year over year in q3." The speaker also said mid-market active advertisers grew more than 50% year over year. said 4:41:32 PM ET · drafted 4:45:36 PM ET Reddit increased international user marketing spend in the third quarter, in part to compensate for "the loss reached from the declines of search referral traffic," a company executive said on its earnings call. said 4:48:09 PM ET · drafted 4:48:47 PM ET Reddit CFO Drew Vollero said free cash flow margin reached 41% in Q3, with free cash flow of $363 million, up 98% year over year: "Our free cash flow margin reached 41% in q3." said 4:49:03 PM ET · drafted 4:51:56 PM ET Reddit said domestic web user marketing spend "has proven effective at bringing users to reddit but low retention rates have hurt roi," CFO Drew Vollero told analysts on the third-quarter earnings call. said 4:52:19 PM ET · drafted 4:53:08 PM ET Reddit estimates fourth-quarter 2026 revenue of "$1 billion to $1.03 billion," CFO Drew Vollero said on the company's earnings call Thursday. said 4:54:55 PM ET · drafted 4:55:48 PM ET Reddit CEO Steve Huffman said one reason for moving to logged-in-only users is data protection: "The vast majority of the scraping and stealing of reddit happens in our logout user base." said 4:58:42 PM ET · drafted 4:58:59 PM ET Reddit CEO Steve Huffman said the company will "likely be trading reach for engagement" as it moves to logged-in-only access. He said "80% of the monetization of reddit happens within our app and logged in cohort." said 4:59:03 PM ET · drafted 5:00:07 PM ET Reddit executive Jen Wong said "we feel really good about our headroom here in terms of arpu" on an earnings call. She said there is "a lot of headroom" between Reddit's average revenue per user and Meta's. said 5:00:54 PM ET · drafted 5:01:25 PM ET Reddit CEO Steve Huffman said Google's AI Overviews and AI Mode have grown from "a feature" into "the full search experience" and push "everyone down the search page." said 5:03:09 PM ET · drafted 5:03:34 PM ET Reddit CEO Steve Huffman said Google is "teaching people that if you want to come to reddit you need to come to reddit," calling falling Google referrals in line with the company's direct-destination strategy. said 5:04:17 PM ET · drafted 5:04:37 PM ET A Reddit executive said early results from app install campaigns, mainly in the U.S., show retention "equivalent to our organic users." The executive said it is "early in terms of scale." said 5:04:37 PM ET · drafted 5:05:38 PM ET "This is a test but we are going to make this transition," Reddit CEO Steve Huffman said on the earnings call, referring to a shift to logged-in-only access. said 5:07:02 PM ET · drafted 5:09:29 PM ET A Reddit executive said total sessions are down, attributing the decline to search referral traffic. "We're growing where accounts," the executive said, adding that time on-site "has been solid." said 5:08:08 PM ET · drafted 5:10:32 PM ET A Reddit executive told a Piper Sandler analyst that "the arpu potential of reddit is as good as anybody," citing a more affluent user base with more purchasing power. said 5:12:57 PM ET · drafted 5:14:07 PM ET Reddit CEO Steve Huffman said the company plans to organize its feed by content type and mood: "We're gonna actually just label these things. Here's trending, here's news, here's some games, here's some memes." said 5:16:46 PM ET · drafted 5:17:10 PM ET "The AI Mode does not drive traffic, not for us and not to anybody as far as I know," Reddit CEO Steve Huffman said on an earnings call Thursday, referring to Google. He said it "used to be a traffic driver now it's not." said 5:18:43 PM ET · drafted 5:19:42 PM ET Reddit executive on advertisers seeking to appear in LLM training data: "We're pretty skeptical of GEO." It is "not a core piece of what we do with our advertising partners today," the executive said. said 5:22:01 PM ET · drafted 5:22:22 PM ET Reddit CEO Steve Huffman said the company has not made a serious acquisition for users and that one is "not on our radar right now." He said new user retention is "up over 50% year on year." said 5:23:25 PM ET · drafted 5:24:31 PM ET Reddit CEO Steve Huffman said an incognito mode, "basically a private browsing mode in our app," is expected to help with users who uninstall and reinstall the app, on the company's Oct. 29 earnings call. said 5:24:18 PM ET · drafted 5:25:30 PM ET "The reason we're doing the test is to learn the answers to these questions," a Reddit executive said when asked on an earnings call how to model logged-in-only access and whether it would block scraping. said 5:26:17 PM ET · drafted 5:26:29 PM ET A Reddit executive said on its Oct. 29 earnings call that "over 80% of our revenue comes from logged in users." He said a logged-in-only Reddit would "for sure" make scraping harder. said 5:26:29 PM ET · drafted 5:27:33 PM ET Reddit executive: "We would expect app and logged in and total DAO to probably more or less converge," adding that the gap would be "plus or minus some small percent" in the long term. said 5:29:11 PM ET · drafted 5:29:34 PM ET A Reddit executive said on the company's earnings call that third-quarter revenue grew 53%. "We still enter the quarter with about 50% of our business booked," he said. said 5:30:46 PM ET · drafted 5:30:54 PM ET A Reddit executive said strong September demand left some bookings undelivered on a couple of days. "There was some bookings that we weren't able to deliver on a couple of days," the executive said on the earnings call. said 5:31:10 PM ET · drafted 5:32:14 PM ET TRANSCRIPT (copy-edited; times Eastern) [4:05:18 PM ET] Welcome [4:05:18 PM ET] to [4:05:19 PM ET] Reddit [4:05:19 PM ET] Q3 [4:05:20 PM ET] Apostrophe [4:05:20 PM ET] 26 [4:05:21 PM ET] Earnings [4:05:21 PM ET] welcome to reddit q3 apostrophe twenty six earnings call [4:05:22 PM ET] Call. If you've [4:05:22 PM ET] registered [4:05:23 PM ET] in [4:05:23 PM ET] advance, [4:05:23 PM ET] if you've registered in advance [4:05:24 PM ET] please add yourself to the next [4:05:24 PM ET] your [4:05:25 PM ET] unique [4:05:25 PM ET] passcode [4:05:26 PM ET] please enter your unique passcode now [4:05:26 PM ET] now. [4:05:27 PM ET] Otherwise, please enter the [4:05:27 PM ET] otherwise [4:05:27 PM ET] hold your [4:05:27 PM ET] while you're in the [4:05:28 PM ET] we try to pass [4:05:28 PM ET] the [4:05:28 PM ET] you to [4:05:29 PM ET] an [4:05:29 PM ET] AI. [4:05:29 PM ET] agent for a [4:05:31 PM ET] please hold while we transfer you to an ai agent for registration [4:05:32 PM ET] registration. [4:05:36 PM ET] Please help [4:05:36 PM ET] hold while you're in the middle [4:05:36 PM ET] I'm [4:05:37 PM ET] you [4:05:37 PM ET] are [4:05:37 PM ET] trying to get [4:05:37 PM ET] transferred the [4:05:38 PM ET] an [4:05:38 PM ET] AI. [4:05:39 PM ET] agent [4:05:39 PM ET] for [4:05:39 PM ET] please hold while you are transferred [4:05:40 PM ET] to an ai agent for registration [4:05:41 PM ET] registration. [4:05:43 PM ET] Hello. [4:05:43 PM ET] I'll need to [4:05:43 PM ET] collect [4:05:43 PM ET] a [4:05:43 PM ET] few [4:05:44 PM ET] pieces [4:05:44 PM ET] of [4:05:44 PM ET] information [4:05:45 PM ET] to [4:05:45 PM ET] hello i'll need to collect a few [4:05:45 PM ET] register your [4:05:45 PM ET] you for the video. [4:05:47 PM ET] call. [4:05:47 PM ET] This will [4:05:47 PM ET] only [4:05:47 PM ET] take a [4:05:48 PM ET] pieces of information to register you for the call this will only take a moment [4:05:49 PM ET] moment. [4:06:01 PM ET] Thank [4:06:02 PM ET] you. [4:06:02 PM ET] I have [4:06:02 PM ET] Hudson [4:06:03 PM ET] Leach, [4:06:05 PM ET] H-U-D-S-O-N, [4:06:06 PM ET] thank you i have hudson leach h u d s o n l e a c h [4:06:06 PM ET] is [4:06:06 PM ET] that [4:06:07 PM ET] is that correct [4:06:08 PM ET] correct? [4:06:26 PM ET] Thank [4:06:27 PM ET] you. [4:06:27 PM ET] I have [4:06:27 PM ET] Hudson [4:06:28 PM ET] Leach, [4:06:29 PM ET] thank you i have hudson leach [4:06:29 PM ET] H-U-D-S-O-N, [4:06:30 PM ET] L-E-A-C [4:06:31 PM ET] Is [4:06:31 PM ET] that [4:06:32 PM ET] h u d s o n l e a c h is that correct [4:06:32 PM ET] correct? [4:06:35 PM ET] Correct. [4:06:51 PM ET] Thank [4:06:52 PM ET] you. [4:06:52 PM ET] I have your name [4:06:52 PM ET] as [4:06:52 PM ET] Hudson [4:06:53 PM ET] Leach. [4:06:54 PM ET] thank you i have your name as hudson leach [4:06:54 PM ET] H-U-D-S-O-N, [4:06:56 PM ET] L-E-A-C-H, [4:06:56 PM ET] and [4:06:56 PM ET] I'll [4:06:56 PM ET] note [4:06:56 PM ET] you as a [4:06:57 PM ET] private [4:06:58 PM ET] investor. Is [4:06:58 PM ET] that [4:06:58 PM ET] all [4:06:58 PM ET] h u d s o n l e a c h and i'll note you as a private investor [4:06:59 PM ET] is that all correct [4:07:00 PM ET] correct? [4:07:17 PM ET] Perfect. [4:07:17 PM ET] I'm transferring you to the next [4:07:18 PM ET] earnings [4:07:18 PM ET] call [4:07:19 PM ET] perfect i [4:07:19 PM ET] transferring you to the earnings call now [4:07:19 PM ET] now. [4:07:20 PM ET] Please stay [4:07:20 PM ET] on the [4:07:21 PM ET] line. You will be able to do [4:07:21 PM ET] connected the [4:07:22 PM ET] to [4:07:22 PM ET] the event [4:07:23 PM ET] please stay on the line you will be connected to the event shortly [4:07:24 PM ET] shortly. [4:07:24 PM ET] Welcome [4:07:24 PM ET] to [4:07:24 PM ET] Reddit [4:07:25 PM ET] Q3 of the [4:07:25 PM ET] Apostrophe [4:07:26 PM ET] 26 [4:07:26 PM ET] earnings [4:07:27 PM ET] welcome to reddit q three apostrophe twenty six earnings call [4:07:27 PM ET] Call. [4:07:28 PM ET] scheduled to be a very good [4:07:28 PM ET] start at [4:07:29 PM ET] 4.30 [4:07:29 PM ET] p.m. [4:07:30 PM ET] scheduled to start at four thirty pm edt [4:07:31 PM ET] EDT. [4:07:31 PM ET] You will [4:07:31 PM ET] remain [4:07:32 PM ET] muted [4:07:32 PM ET] until it [4:07:32 PM ET] is [4:07:32 PM ET] your [4:07:32 PM ET] turn [4:07:33 PM ET] to [4:07:33 PM ET] ask [4:07:33 PM ET] a [4:07:34 PM ET] you will remain muted until it is your turn to ask a question [4:07:34 PM ET] a [4:07:34 PM ET] question. [4:07:34 PM ET] For a list of [4:07:35 PM ET] participant [4:07:36 PM ET] controls [4:07:36 PM ET] press [4:07:36 PM ET] star [4:07:37 PM ET] for a list of participant controls press star nine [4:07:38 PM ET] 9. [4:07:38 PM ET] For [4:07:38 PM ET] operator [4:07:39 PM ET] assistance, [4:07:39 PM ET] for operator assistance [4:07:39 PM ET] press [4:07:39 PM ET] star [4:07:41 PM ET] 0. [4:07:44 PM ET] press star zero [4:07:44 PM ET] Reviewer's [4:10:52 PM ET] Reviewer's [4:14:00 PM ET] Reviewer's [4:17:08 PM ET] Reviewer's [4:20:16 PM ET] Reviewer's [4:23:24 PM ET] Reviewer's [4:26:32 PM ET] Reviewer's [4:29:40 PM ET] Reviewer's [4:30:16 PM ET] My name is [4:30:16 PM ET] Jonathan and I'm a little bit more than a [4:30:17 PM ET] I [4:30:17 PM ET] and will [4:30:17 PM ET] be [4:30:17 PM ET] your [4:30:17 PM ET] conference [4:30:18 PM ET] operator [4:30:18 PM ET] my name is jonathan and i will be your conference operator today [4:30:19 PM ET] today. [4:30:19 PM ET] At this [4:30:19 PM ET] time, I'm going to be able to do [4:30:20 PM ET] like [4:30:20 PM ET] welcome you to the next [4:30:21 PM ET] everyone to the [4:30:21 PM ET] Reddit's [4:30:22 PM ET] Q3 [4:30:22 PM ET] 2026 [4:30:23 PM ET] Earnings [4:30:23 PM ET] at this time i would like to welcome everyone to reddit's q3 twenty twenty six earnings call [4:30:24 PM ET] call. [4:30:24 PM ET] All [4:30:24 PM ET] lines [4:30:24 PM ET] have [4:30:24 PM ET] been [4:30:25 PM ET] placed [4:30:25 PM ET] on the edge of the [4:30:25 PM ET] to [4:30:26 PM ET] prevent [4:30:26 PM ET] any [4:30:26 PM ET] background [4:30:27 PM ET] all lines have been placed on mute to prevent any background noise [4:30:27 PM ET] noise. [4:30:28 PM ET] After the [4:30:28 PM ET] speaker's [4:30:28 PM ET] remark, [4:30:28 PM ET] there [4:30:29 PM ET] will be [4:30:29 PM ET] a [4:30:29 PM ET] question and a [4:30:30 PM ET] answer [4:30:30 PM ET] after the speakers' remark there will be a question and answer session [4:30:31 PM ET] session. [4:30:31 PM ET] If you would like [4:30:31 PM ET] to [4:30:32 PM ET] ask [4:30:32 PM ET] a [4:30:32 PM ET] question during [4:30:32 PM ET] that [4:30:33 PM ET] time, simply ask [4:30:33 PM ET] press the [4:30:34 PM ET] star, [4:30:34 PM ET] followed [4:30:35 PM ET] by [4:30:35 PM ET] the number of [4:30:35 PM ET] one on the [4:30:35 PM ET] session [4:30:35 PM ET] your [4:30:36 PM ET] telephone [4:30:36 PM ET] followed by the number one on your telephone keypad [4:30:37 PM ET] keypad. [4:30:37 PM ET] If you would like [4:30:38 PM ET] to [4:30:38 PM ET] withdraw [4:30:38 PM ET] your [4:30:39 PM ET] question, [4:30:39 PM ET] press [4:30:39 PM ET] star [4:30:40 PM ET] 1 [4:30:40 PM ET] if you would like to withdraw your question press star one again [4:30:40 PM ET] again. Thank [4:30:41 PM ET] thank you [4:30:42 PM ET] you [4:30:42 PM ET] I [4:30:42 PM ET] would [4:30:42 PM ET] now like [4:30:42 PM ET] to [4:30:43 PM ET] turn [4:30:43 PM ET] the [4:30:43 PM ET] call [4:30:43 PM ET] over to [4:30:44 PM ET] Jesse [4:30:44 PM ET] Rose, head [4:30:44 PM ET] of [4:30:44 PM ET] Investor [4:30:45 PM ET] i would now like to turn the call over to jesse rose head of investor relations [4:30:46 PM ET] Relations. [4:30:46 PM ET] You may begin [4:30:46 PM ET] your [4:30:47 PM ET] may begin your conference [4:30:48 PM ET] conference. [4:30:48 PM ET] Thanks, [4:30:49 PM ET] Jonathan. Hi, [4:30:50 PM ET] everyone. Welcome to the next [4:30:50 PM ET] Riots [4:30:51 PM ET] third [4:30:51 PM ET] quarter, [4:30:52 PM ET] thanks jonathan hi everyone welcome to reddit's [4:30:52 PM ET] 2026 [4:30:53 PM ET] Earnings [4:30:54 PM ET] call. [4:30:54 PM ET] Joining me [4:30:54 PM ET] are [4:30:54 PM ET] Steve [4:30:55 PM ET] Huffman, [4:30:55 PM ET] right [4:30:55 PM ET] Reddit's [4:30:55 PM ET] co-founder of the United [4:30:55 PM ET] third quarter twenty twenty six earnings call [4:30:56 PM ET] and CEO of the United [4:30:57 PM ET] Jen [4:30:58 PM ET] Wong, Reddit's [4:30:59 PM ET] joining me are steve hoffman reddit's co founder and ceo [4:30:59 PM ET] at [4:30:59 PM ET] COO, [4:30:59 PM ET] and [4:31:00 PM ET] Drew [4:31:00 PM ET] Valero [4:31:00 PM ET] Reddit [4:31:01 PM ET] at [4:31:01 PM ET] its [4:31:02 PM ET] jen wong reddit's coo and drew valero reddit's cfo [4:31:02 PM ET] CFO. [4:31:02 PM ET] I'd like to remind [4:31:02 PM ET] you [4:31:03 PM ET] that [4:31:03 PM ET] our report is a very important part of [4:31:03 PM ET] remarks today are the [4:31:03 PM ET] will be a very important part of [4:31:04 PM ET] include the rest the [4:31:04 PM ET] forward [4:31:05 PM ET] forward-looking [4:31:05 PM ET] statements. [4:31:06 PM ET] actual results, and the [4:31:06 PM ET] may [4:31:06 PM ET] i'd like to remind you that our remarks today will include forward looking statements [4:31:07 PM ET] vary. [4:31:08 PM ET] Information [4:31:08 PM ET] concerning [4:31:08 PM ET] risks [4:31:08 PM ET] and [4:31:09 PM ET] other factors are not [4:31:09 PM ET] may be [4:31:09 PM ET] that [4:31:09 PM ET] could cause a risk of the risk [4:31:10 PM ET] these [4:31:10 PM ET] results may be [4:31:10 PM ET] actual results may vary information concerning risks [4:31:10 PM ET] to [4:31:11 PM ET] vary [4:31:11 PM ET] is [4:31:12 PM ET] included in the [4:31:12 PM ET] our [4:31:12 PM ET] SEC [4:31:13 PM ET] and other factors that could cause these results to vary is included in our sec filings [4:31:14 PM ET] filings. [4:31:14 PM ET] These folders are not [4:31:14 PM ET] statements the [4:31:15 PM ET] represent [4:31:16 PM ET] our [4:31:16 PM ET] outlook on the state of the [4:31:16 PM ET] only for first [4:31:16 PM ET] as a [4:31:17 PM ET] of the [4:31:17 PM ET] date [4:31:17 PM ET] of this [4:31:18 PM ET] call and [4:31:18 PM ET] these forward looking statements represent our outlook only as of the date of this call [4:31:18 PM ET] we understand that we have to do [4:31:19 PM ET] no [4:31:19 PM ET] obligation to be able to [4:31:19 PM ET] do [4:31:20 PM ET] update [4:31:20 PM ET] any [4:31:20 PM ET] forward [4:31:21 PM ET] forward-looking [4:31:21 PM ET] and we undertake no obligation to update any forward looking statements [4:31:22 PM ET] statements. [4:31:22 PM ET] During this call, [4:31:22 PM ET] we [4:31:23 PM ET] will discuss the [4:31:23 PM ET] both [4:31:24 PM ET] GAAP [4:31:24 PM ET] and [4:31:24 PM ET] non-GAP [4:31:26 PM ET] financials. [4:31:26 PM ET] Reconciliation of GAAP and [4:31:27 PM ET] during this call we will discuss both gaap and non gaap financials [4:31:27 PM ET] to [4:31:27 PM ET] non-GAP [4:31:28 PM ET] financials can be available to the [4:31:28 PM ET] found in [4:31:28 PM ET] our [4:31:28 PM ET] letter to the [4:31:30 PM ET] reconciliation of gaap to non gaap financials can be found in our letter to shareholders [4:31:30 PM ET] shareholders. [4:31:30 PM ET] Our [4:31:31 PM ET] third quarter [4:31:31 PM ET] letter to the [4:31:31 PM ET] shareholders are a good idea [4:31:32 PM ET] and [4:31:32 PM ET] earnings [4:31:32 PM ET] press [4:31:33 PM ET] release [4:31:33 PM ET] are [4:31:33 PM ET] available [4:31:34 PM ET] on [4:31:34 PM ET] our [4:31:34 PM ET] investor [4:31:34 PM ET] relations [4:31:35 PM ET] our third quarter letter to shareholders and earnings press release are available [4:31:36 PM ET] website. [4:31:36 PM ET] and investor [4:31:36 PM ET] relations [4:31:38 PM ET] subreddit. [4:31:38 PM ET] I'm going to go to the next slide. [4:31:38 PM ET] And now I'll turn [4:31:38 PM ET] the call over to the next [4:31:38 PM ET] on our investor relations website and investor relations subreddit [4:31:39 PM ET] and now i'll turn the call over to steve [4:31:40 PM ET] Steve. [4:31:40 PM ET] Thanks, [4:31:41 PM ET] Jesse. Hi, [4:31:42 PM ET] everyone. [4:31:42 PM ET] Thank you for your [4:31:42 PM ET] joining [4:31:43 PM ET] us. [4:31:43 PM ET] And welcome to our [4:31:44 PM ET] quarterly [4:31:44 PM ET] earnings [4:31:44 PM ET] thanks jesse hi everyone thank you for joining us [4:31:45 PM ET] call. [4:31:46 PM ET] In Reddit's 21 [4:31:47 PM ET] years, [4:31:47 PM ET] the [4:31:47 PM ET] Internet has been a lot of the [4:31:48 PM ET] changed in the United [4:31:48 PM ET] welcome to our quarterly earnings call in reddit's [4:31:48 PM ET] that we have been able to do [4:31:48 PM ET] ways [4:31:48 PM ET] that [4:31:48 PM ET] would [4:31:48 PM ET] have [4:31:48 PM ET] been [4:31:49 PM ET] impossible to [4:31:50 PM ET] to [4:31:50 PM ET] twenty one years the internet has changed in ways that would have been impossible to predict [4:31:50 PM ET] predict. [4:31:51 PM ET] We've gone from [4:31:51 PM ET] flip [4:31:51 PM ET] phones to the [4:31:52 PM ET] smart [4:31:52 PM ET] phones [4:31:53 PM ET] to personal [4:31:53 PM ET] AI. [4:31:54 PM ET] we've gone from flip phones to smartphones to personal ai agents [4:31:55 PM ET] agents. [4:31:55 PM ET] And through [4:31:55 PM ET] it [4:31:56 PM ET] all, [4:31:56 PM ET] Reddit has a lot of different [4:31:56 PM ET] also been very important [4:31:57 PM ET] always [4:31:57 PM ET] owned the [4:31:58 PM ET] own [4:31:58 PM ET] corner of the [4:31:59 PM ET] and through it all reddit has always owned our own corner of the internet [4:31:59 PM ET] Internet, [4:31:59 PM ET] offering [4:32:00 PM ET] people [4:32:00 PM ET] something [4:32:00 PM ET] that [4:32:00 PM ET] no one else [4:32:00 PM ET] can [4:32:01 PM ET] offering people something that no one else does [4:32:02 PM ET] does. [4:32:03 PM ET] Social media has a lot of people who are not going to be [4:32:04 PM ET] has [4:32:04 PM ET] evolved from the [4:32:04 PM ET] friends to be able to have a lot of people who [4:32:04 PM ET] to [4:32:04 PM ET] the [4:32:05 PM ET] and family to [4:32:06 PM ET] followers and [4:32:06 PM ET] famous [4:32:07 PM ET] social media has evolved from friends and families to followers and famous people [4:32:07 PM ET] people. [4:32:07 PM ET] I think that's a good idea. [4:32:08 PM ET] And from status [4:32:08 PM ET] updates to the [4:32:09 PM ET] mind less than the [4:32:09 PM ET] screen, links are going to be [4:32:10 PM ET] scroll. [4:32:11 PM ET] Web search is a [4:32:11 PM ET] evolving [4:32:12 PM ET] from [4:32:12 PM ET] a [4:32:12 PM ET] and from status updates to the mindless scroll [4:32:12 PM ET] gateway to the [4:32:13 PM ET] web [4:32:13 PM ET] to become a web [4:32:14 PM ET] an [4:32:14 PM ET] AI. [4:32:15 PM ET] AI-powered [4:32:15 PM ET] web search is evolving from a gateway to the web [4:32:15 PM ET] destination [4:32:16 PM ET] to becoming an ai powered destination itself [4:32:17 PM ET] itself. [4:32:18 PM ET] While extraordinarily useful, it's a very important thing to [4:32:18 PM ET] it is [4:32:19 PM ET] and [4:32:20 PM ET] powerful. [4:32:20 PM ET] AI [4:32:20 PM ET] search [4:32:20 PM ET] solves [4:32:21 PM ET] a [4:32:21 PM ET] different [4:32:21 PM ET] while extraordinarily useful and powerful [4:32:21 PM ET] problem [4:32:22 PM ET] than [4:32:23 PM ET] Reddit. [4:32:23 PM ET] AI does not [4:32:24 PM ET] fulfill people's [4:32:24 PM ET] ai search solves a different problem than reddit ai does not fulfill people's [4:32:24 PM ET] fundamental [4:32:25 PM ET] need [4:32:25 PM ET] for [4:32:26 PM ET] community [4:32:26 PM ET] connection [4:32:26 PM ET] and [4:32:27 PM ET] belonging [4:32:27 PM ET] with [4:32:27 PM ET] other [4:32:28 PM ET] people. [4:32:28 PM ET] And it lets you know [4:32:29 PM ET] lacks [4:32:29 PM ET] fundamental need for community connection and belonging with other people [4:32:29 PM ET] context and needs to be a very important [4:32:30 PM ET] and it lacks context and nuance [4:32:31 PM ET] and [4:32:31 PM ET] nuance. [4:32:32 PM ET] The Reddit [4:32:32 PM ET] experience [4:32:32 PM ET] captures [4:32:33 PM ET] the [4:32:33 PM ET] human [4:32:34 PM ET] experience in a way that's [4:32:34 PM ET] not good [4:32:34 PM ET] that [4:32:35 PM ET] no [4:32:35 PM ET] other platform is able to do [4:32:35 PM ET] can be [4:32:35 PM ET] the reddit experience captures the human experience [4:32:36 PM ET] in a way that no other platform can replicate [4:32:37 PM ET] replicate. [4:32:38 PM ET] Only [4:32:38 PM ET] Reddit [4:32:38 PM ET] can help [4:32:39 PM ET] people [4:32:39 PM ET] navigate the [4:32:40 PM ET] life [4:32:40 PM ET] life's [4:32:40 PM ET] journey through [4:32:41 PM ET] the [4:32:41 PM ET] lens [4:32:41 PM ET] of other [4:32:41 PM ET] only reddit can help people navigate life's journey [4:32:42 PM ET] people's living [4:32:42 PM ET] lived [4:32:43 PM ET] through the lens of other people's lived experiences [4:32:44 PM ET] experiences. [4:32:44 PM ET] Only [4:32:44 PM ET] Reddit [4:32:44 PM ET] can have a lot of [4:32:45 PM ET] help [4:32:45 PM ET] you feel [4:32:46 PM ET] both [4:32:46 PM ET] like [4:32:46 PM ET] a [4:32:47 PM ET] multifaceted [4:32:47 PM ET] unique [4:32:48 PM ET] only reddit can help you feel both like a multifaceted [4:32:48 PM ET] individual in the [4:32:49 PM ET] and [4:32:49 PM ET] a part of the [4:32:49 PM ET] a [4:32:50 PM ET] greater [4:32:51 PM ET] whole. [4:32:52 PM ET] And do so without [4:32:52 PM ET] needing [4:32:52 PM ET] unique individual and a part of a greater whole [4:32:52 PM ET] to [4:32:53 PM ET] reveal [4:32:53 PM ET] your [4:32:53 PM ET] real [4:32:54 PM ET] world [4:32:54 PM ET] and do so without needing to reveal your real world identity [4:32:55 PM ET] identity. [4:32:55 PM ET] That's [4:32:56 PM ET] why [4:32:56 PM ET] Reddit is a very good [4:32:56 PM ET] an [4:32:57 PM ET] older [4:32:57 PM ET] has a lot of [4:32:57 PM ET] been [4:32:58 PM ET] a development of [4:32:58 PM ET] distinct [4:32:59 PM ET] and [4:32:59 PM ET] that's why reddit is and always has been [4:32:59 PM ET] direct [4:33:00 PM ET] a distinct and direct destination [4:33:01 PM ET] destination. [4:33:01 PM ET] People seek [4:33:02 PM ET] out [4:33:02 PM ET] Reddit because it's a very important thing to [4:33:02 PM ET] because [4:33:02 PM ET] we [4:33:03 PM ET] meet [4:33:03 PM ET] a [4:33:03 PM ET] universal need for the need for the need for the need for [4:33:04 PM ET] They [4:33:04 PM ET] simply can't do [4:33:05 PM ET] get [4:33:05 PM ET] people seek out reddit because we meet a universal need [4:33:05 PM ET] anywhere [4:33:06 PM ET] else on the [4:33:07 PM ET] Our work is a very important thing to [4:33:08 PM ET] work [4:33:08 PM ET] now [4:33:08 PM ET] is [4:33:08 PM ET] about the same [4:33:09 PM ET] down the [4:33:09 PM ET] they simply can't get anywhere else online our work now [4:33:09 PM ET] on what we're [4:33:10 PM ET] makes [4:33:10 PM ET] Reddit rather than a lot of the [4:33:11 PM ET] Reddit [4:33:11 PM ET] and [4:33:11 PM ET] making [4:33:12 PM ET] Reddit [4:33:12 PM ET] more of [4:33:12 PM ET] daily [4:33:13 PM ET] about doubling down on what makes reddit reddit and making reddit more of a daily habit [4:33:13 PM ET] a [4:33:14 PM ET] habit. [4:33:15 PM ET] We can come into the middle of the media. [4:33:15 PM ET] We come into that [4:33:16 PM ET] work [4:33:16 PM ET] with clearly the work that we have [4:33:17 PM ET] clear advantages [4:33:17 PM ET] and [4:33:18 PM ET] revenue [4:33:18 PM ET] we come into that work with [4:33:18 PM ET] momentum in the [4:33:19 PM ET] business. [4:33:20 PM ET] And you can see [4:33:20 PM ET] that in the [4:33:21 PM ET] exceptional [4:33:21 PM ET] clear advantages and revenue momentum in the business [4:33:22 PM ET] commercial [4:33:22 PM ET] results [4:33:22 PM ET] we deliver the [4:33:22 PM ET] in [4:33:23 PM ET] first [4:33:23 PM ET] third [4:33:23 PM ET] the [4:33:24 PM ET] quarter. [4:33:24 PM ET] and you can see that in the exceptional commercial results we delivered in the third quarter [4:33:25 PM ET] We generated 50% of the [4:33:25 PM ET] of the [4:33:26 PM ET] revenue from the [4:33:27 PM ET] growth, something like [4:33:27 PM ET] fewer than [4:33:27 PM ET] companies have been able to [4:33:28 PM ET] are [4:33:29 PM ET] doing. [4:33:29 PM ET] And it's [4:33:29 PM ET] we generated fifty three percent revenue growth something few companies are doing [4:33:29 PM ET] even more [4:33:30 PM ET] significant when [4:33:30 PM ET] you [4:33:30 PM ET] can [4:33:31 PM ET] consider [4:33:31 PM ET] that's [4:33:31 PM ET] on [4:33:31 PM ET] top of the [4:33:32 PM ET] nearly [4:33:32 PM ET] 60% of the [4:33:32 PM ET] millions [4:33:33 PM ET] the [4:33:33 PM ET] revenue [4:33:33 PM ET] and it's even more significant when you consider that's on top of nearly seventy [4:33:33 PM ET] growth [4:33:34 PM ET] last [4:33:35 PM ET] year. [4:33:35 PM ET] percent revenue growth last year [4:33:36 PM ET] Those [4:33:36 PM ET] results [4:33:36 PM ET] included the rest of the [4:33:37 PM ET] Q3 helped us to get a lot of the [4:33:37 PM ET] us create new version QR [4:33:38 PM ET] cross [4:33:38 PM ET] 3 [4:33:38 PM ET] billion [4:33:38 PM ET] in the United [4:33:39 PM ET] revenue over the [4:33:39 PM ET] last [4:33:40 PM ET] 12 [4:33:40 PM ET] those results in q3 helped us cross three billion dollars in revenue [4:33:41 PM ET] twelve [4:33:41 PM ET] months. [4:33:41 PM ET] Our [4:33:42 PM ET] margins, [4:33:42 PM ET] which [4:33:42 PM ET] are [4:33:43 PM ET] already [4:33:43 PM ET] in the middle of the [4:33:44 PM ET] extended the [4:33:44 PM ET] a few [4:33:44 PM ET] the [4:33:44 PM ET] the last twelve months our margins which are already industry leading [4:33:45 PM ET] across [4:33:46 PM ET] expanded across the board [4:33:46 PM ET] the [4:33:46 PM ET] board. [4:33:47 PM ET] Reddit's continued to be a very important thing to [4:33:48 PM ET] growth [4:33:48 PM ET] at [4:33:48 PM ET] scale [4:33:49 PM ET] is proof of the scale of the scale [4:33:50 PM ET] the [4:33:50 PM ET] strength of the [4:33:50 PM ET] our [4:33:51 PM ET] reddit's continued growth at scale is proof of [4:33:51 PM ET] business, [4:33:51 PM ET] the demand for the [4:33:52 PM ET] our [4:33:52 PM ET] platform, and [4:33:53 PM ET] and [4:33:53 PM ET] the value of [4:33:53 PM ET] our [4:33:53 PM ET] we [4:33:54 PM ET] put in the [4:33:54 PM ET] as [4:33:54 PM ET] the strength of our business the demand for our platform [4:33:55 PM ET] and the value we provide advertisers [4:33:55 PM ET] advertisers. [4:33:56 PM ET] And it's that [4:33:57 PM ET] consistent [4:33:57 PM ET] delivery [4:33:57 PM ET] of [4:33:58 PM ET] growth [4:33:58 PM ET] and [4:33:59 PM ET] profitability [4:33:59 PM ET] that earns the [4:33:59 PM ET] us [4:34:00 PM ET] a place in the [4:34:00 PM ET] and it's that consistent delivery of growth and profitability [4:34:00 PM ET] S [4:34:01 PM ET] P [4:34:01 PM ET] 500 [4:34:01 PM ET] index [4:34:02 PM ET] earlier this [4:34:03 PM ET] that earned us a place in the s and p five hundred index earlier this year [4:34:03 PM ET] this [4:34:03 PM ET] year. [4:34:04 PM ET] Earlier this [4:34:04 PM ET] quarter excuse [4:34:05 PM ET] earlier this quarter excuse me [4:34:06 PM ET] me. [4:34:06 PM ET] Yeah, [4:34:06 PM ET] while [4:34:07 PM ET] our [4:34:07 PM ET] business continues to be a lot of the same [4:34:08 PM ET] to grow [4:34:09 PM ET] while our business continues to grow significantly [4:34:09 PM ET] significantly, Internet is a [4:34:09 PM ET] services [4:34:10 PM ET] search [4:34:10 PM ET] and how to do [4:34:10 PM ET] people decide do [4:34:11 PM ET] the [4:34:11 PM ET] things [4:34:12 PM ET] online [4:34:12 PM ET] continues to be a lot of [4:34:13 PM ET] change [4:34:13 PM ET] rapidly [4:34:14 PM ET] internet search and how people discover things online [4:34:14 PM ET] and [4:34:15 PM ET] continues to change rapidly and significantly [4:34:15 PM ET] significantly. [4:34:16 PM ET] Our search referral to the first [4:34:16 PM ET] are not [4:34:17 PM ET] traffic was the first time that we [4:34:17 PM ET] to [4:34:17 PM ET] done [4:34:18 PM ET] meaningfully in the middle of the [4:34:19 PM ET] Q3. [4:34:19 PM ET] with the [4:34:19 PM ET] decline in the US, the QR code is a very important [4:34:20 PM ET] except the [4:34:20 PM ET] Q [4:34:20 PM ET] 2013, 2023 is a very important [4:34:20 PM ET] the the [4:34:20 PM ET] our search referral traffic was down meaningfully in q3 [4:34:20 PM ET] later [4:34:20 PM ET] in [4:34:21 PM ET] course of [4:34:21 PM ET] the [4:34:21 PM ET] with the decline accelerating later in the quarter [4:34:22 PM ET] quarter. [4:34:23 PM ET] The biggest [4:34:23 PM ET] impact of the market is the most [4:34:23 PM ET] was [4:34:23 PM ET] on [4:34:24 PM ET] logged [4:34:24 PM ET] out [4:34:24 PM ET] and logged [4:34:24 PM ET] went [4:34:24 PM ET] web [4:34:24 PM ET] traffic. [4:34:25 PM ET] the biggest impact was on logged out and web traffic [4:34:26 PM ET] but some of the impacts were not a lot of the [4:34:26 PM ET] was on [4:34:26 PM ET] not [4:34:26 PM ET] were a same [4:34:27 PM ET] flows through the [4:34:28 PM ET] to [4:34:28 PM ET] logged [4:34:28 PM ET] in [4:34:28 PM ET] and [4:34:28 PM ET] applied to the [4:34:28 PM ET] traffic. [4:34:29 PM ET] but some of the impact flows through to logged in and app traffic [4:34:29 PM ET] since [4:34:30 PM ET] search referral [4:34:30 PM ET] is [4:34:30 PM ET] a [4:34:31 PM ET] common source of the [4:34:32 PM ET] re-engagement [4:34:32 PM ET] for [4:34:33 PM ET] users. [4:34:34 PM ET] since search referral is a common source of reengagement for users [4:34:34 PM ET] The company [4:34:34 PM ET] helped us to use the [4:34:35 PM ET] offer [4:34:35 PM ET] offset [4:34:35 PM ET] the [4:34:35 PM ET] decline in [4:34:36 PM ET] by [4:34:37 PM ET] both [4:34:37 PM ET] driving [4:34:38 PM ET] reach [4:34:38 PM ET] the company helped to offset the declines by both driving reach [4:34:38 PM ET] primarily [4:34:39 PM ET] through [4:34:39 PM ET] user [4:34:40 PM ET] marketing [4:34:40 PM ET] and [4:34:40 PM ET] also [4:34:40 PM ET] by [4:34:41 PM ET] continuing [4:34:41 PM ET] to [4:34:41 PM ET] improve [4:34:42 PM ET] the [4:34:42 PM ET] primarily through user marketing and also by continuing to improve the product [4:34:43 PM ET] product. [4:34:44 PM ET] These declines have been [4:34:44 PM ET] continued to produce [4:34:44 PM ET] the [4:34:44 PM ET] to [4:34:45 PM ET] in the production of the production of [4:34:45 PM ET] early [4:34:45 PM ET] part of the [4:34:47 PM ET] Q4. [4:34:47 PM ET] During October 2012, the Quran was a very important part [4:34:47 PM ET] these declines have continued into the early part of q4 [4:34:47 PM ET] 2014, the Q is thing to [4:34:48 PM ET] we [4:34:49 PM ET] have [4:34:49 PM ET] seen [4:34:49 PM ET] that [4:34:49 PM ET] search traffic. [4:34:50 PM ET] has [4:34:50 PM ET] dropped [4:34:51 PM ET] by more [4:34:51 PM ET] than [4:34:51 PM ET] 1 [4:34:51 PM ET] during october we have seen that search traffic has dropped [4:34:52 PM ET] million refers to the [4:34:52 PM ET] on [4:34:52 PM ET] and [4:34:53 PM ET] average per [4:34:54 PM ET] week. [4:34:55 PM ET] If this [4:34:55 PM ET] rate is a rate of [4:34:55 PM ET] the referral [4:34:55 PM ET] cost [4:34:55 PM ET] by more than one million referrals on average per week [4:34:55 PM ET] is a very important rate of [4:34:56 PM ET] continues to be [4:34:56 PM ET] a very [4:34:56 PM ET] important [4:34:57 PM ET] current trends are not [4:34:58 PM ET] would suggest that the market is not a very important [4:34:58 PM ET] suggest [4:34:58 PM ET] if this rate of decline continues [4:34:59 PM ET] that [4:34:59 PM ET] total [4:35:00 PM ET] DAUQs could be [4:35:00 PM ET] fall in [4:35:01 PM ET] current trends would suggest that total dauqs could fall in q4 [4:35:01 PM ET] Q4 [4:35:02 PM ET] by [4:35:02 PM ET] a [4:35:02 PM ET] low [4:35:02 PM ET] double [4:35:03 PM ET] digit [4:35:03 PM ET] percentage for the QR [4:35:03 PM ET] a [4:35:04 PM ET] current [4:35:04 PM ET] base [4:35:04 PM ET] of a hundred [4:35:05 PM ET] $130 [4:35:05 PM ET] million [4:35:06 PM ET] by a low double digit percentage from our current base of one hundred and thirty million dauqs [4:35:07 PM ET] DAUQs. [4:35:08 PM ET] however [4:35:08 PM ET] However, [4:35:09 PM ET] search for the [4:35:10 PM ET] referral traffic. [4:35:10 PM ET] trends do not have a lot of reference [4:35:10 PM ET] search for search for search for [4:35:11 PM ET] determine the [4:35:11 PM ET] our [4:35:12 PM ET] relevancy [4:35:13 PM ET] and [4:35:13 PM ET] they do not release the relevant [4:35:13 PM ET] determine relevance of our [4:35:14 PM ET] search referral trends do not determine our relevancy [4:35:14 PM ET] define [4:35:15 PM ET] our [4:35:15 PM ET] future. [4:35:16 PM ET] Logged in and [4:35:16 PM ET] app [4:35:17 PM ET] DAO [4:35:17 PM ET] are [4:35:17 PM ET] a lot of [4:35:17 PM ET] most [4:35:17 PM ET] and they do not define our future logged in [4:35:18 PM ET] valuable [4:35:18 PM ET] users [4:35:18 PM ET] and [4:35:19 PM ET] they [4:35:19 PM ET] are [4:35:19 PM ET] our primary [4:35:20 PM ET] and app dial are our most valuable users and they are our primary focus [4:35:21 PM ET] focus. [4:35:21 PM ET] And [4:35:22 PM ET] we grew up with the [4:35:22 PM ET] logged [4:35:23 PM ET] in [4:35:23 PM ET] and asked for [4:35:23 PM ET] to the [4:35:23 PM ET] dial [4:35:25 PM ET] sequentially. [4:35:25 PM ET] and we grew logged in and app dial sequentially [4:35:25 PM ET] Together, these [4:35:26 PM ET] make [4:35:26 PM ET] up [4:35:26 PM ET] the [4:35:26 PM ET] vast majority of the [4:35:27 PM ET] power power [4:35:28 PM ET] engagement. [4:35:29 PM ET] and over 80% of the [4:35:29 PM ET] together these make up the vast majority of engagement [4:35:30 PM ET] monetization [4:35:30 PM ET] on [4:35:30 PM ET] and over eighty percent of the monetization on reddit [4:35:31 PM ET] Reddit. [4:35:32 PM ET] Growing this [4:35:32 PM ET] high value is a very good [4:35:32 PM ET] audience a lot of the production of the [4:35:33 PM ET] spending a [4:35:33 PM ET] to the [4:35:33 PM ET] story of [4:35:34 PM ET] the [4:35:34 PM ET] Reddit as [4:35:35 PM ET] a [4:35:36 PM ET] growing this high value audience speaks to the strength of reddit as a destination [4:35:36 PM ET] destination. [4:35:36 PM ET] And this is the first [4:35:36 PM ET] what [4:35:37 PM ET] matters for the [4:35:37 PM ET] last [4:35:37 PM ET] longest [4:35:38 PM ET] long-term health of the [4:35:38 PM ET] United [4:35:38 PM ET] our [4:35:39 PM ET] platform [4:35:39 PM ET] and [4:35:39 PM ET] our [4:35:40 PM ET] and this is what matters for the long term health of our platform and our business [4:35:41 PM ET] business. [4:35:42 PM ET] So as we look at the business, we have [4:35:42 PM ET] a [4:35:42 PM ET] we're going to lot of [4:35:43 PM ET] our threat is a very important [4:35:43 PM ET] lot [4:35:44 PM ET] to [4:35:44 PM ET] make [4:35:44 PM ET] Reddit [4:35:44 PM ET] a [4:35:45 PM ET] so as we look ahead [4:35:45 PM ET] direct [4:35:45 PM ET] daily [4:35:46 PM ET] habit [4:35:46 PM ET] for [4:35:46 PM ET] more [4:35:46 PM ET] people [4:35:47 PM ET] is [4:35:48 PM ET] our strategy to make reddit a direct daily habit for more people is simple [4:35:48 PM ET] simple. [4:35:48 PM ET] Make Red [4:35:48 PM ET] Reddit [4:35:49 PM ET] awesome. [4:35:49 PM ET] Grow [4:35:50 PM ET] community [4:35:50 PM ET] and [4:35:51 PM ET] make reddit awesome grow community and belonging [4:35:51 PM ET] belonging. [4:35:51 PM ET] and [4:35:51 PM ET] bring [4:35:51 PM ET] in [4:35:52 PM ET] new [4:35:53 PM ET] and bring in new audiences [4:35:54 PM ET] audiences. [4:35:55 PM ET] Making Reddit [4:35:55 PM ET] awesome [4:35:55 PM ET] means making a lot of [4:35:55 PM ET] it [4:35:56 PM ET] more [4:35:56 PM ET] relevant to the [4:35:57 PM ET] and easier to [4:35:58 PM ET] making reddit awesome means making it more relevant [4:35:58 PM ET] and easier to navigate [4:35:58 PM ET] navigate. [4:35:59 PM ET] Getting to [4:35:59 PM ET] personalization [4:36:00 PM ET] faster [4:36:00 PM ET] and creates a lot of [4:36:01 PM ET] fun [4:36:01 PM ET] new [4:36:02 PM ET] experiences [4:36:02 PM ET] on [4:36:03 PM ET] getting to personalization faster and creating fun new experiences on reddit [4:36:03 PM ET] Reddit. [4:36:03 PM ET] This will both [4:36:04 PM ET] improve the rest of the rest of the [4:36:04 PM ET] retention [4:36:04 PM ET] of new [4:36:05 PM ET] users and the [4:36:05 PM ET] use [4:36:06 PM ET] and [4:36:06 PM ET] deepen [4:36:07 PM ET] engagement [4:36:07 PM ET] of [4:36:07 PM ET] our [4:36:07 PM ET] core [4:36:08 PM ET] this will both improve retention of new users and [4:36:09 PM ET] users. [4:36:09 PM ET] Our work in MLC is a very important thing to [4:36:10 PM ET] feeds and [4:36:10 PM ET] app [4:36:11 PM ET] performance is a very important [4:36:11 PM ET] delivered to the [4:36:11 PM ET] deepen engagement of our core users our work in ml feeds and app [4:36:12 PM ET] delivering [4:36:13 PM ET] results. [4:36:13 PM ET] The percentage of the results are the most [4:36:13 PM ET] new [4:36:14 PM ET] users who receive a new [4:36:14 PM ET] to the [4:36:15 PM ET] first [4:36:15 PM ET] week after the user is using the [4:36:15 PM ET] performance is delivering results the percentage of new users who return [4:36:15 PM ET] installing [4:36:16 PM ET] the [4:36:16 PM ET] Reddit [4:36:17 PM ET] app [4:36:17 PM ET] is [4:36:17 PM ET] up [4:36:18 PM ET] double [4:36:18 PM ET] digits [4:36:18 PM ET] quarter [4:36:18 PM ET] over [4:36:19 PM ET] quarter and [4:36:19 PM ET] over 50% of the [4:36:20 PM ET] the first week after installing the reddit app is up double digits quarter over quarter [4:36:20 PM ET] percent [4:36:20 PM ET] you [4:36:20 PM ET] over [4:36:21 PM ET] and over fifty percent year over year [4:36:22 PM ET] year. [4:36:23 PM ET] Video creation [4:36:23 PM ET] and [4:36:23 PM ET] consumption are a very good [4:36:24 PM ET] both [4:36:24 PM ET] up to the [4:36:25 PM ET] and [4:36:25 PM ET] as [4:36:25 PM ET] are [4:36:25 PM ET] chained [4:36:25 PM ET] video [4:36:26 PM ET] video creation and consumption are both up [4:36:26 PM ET] as our chain video views [4:36:27 PM ET] views. [4:36:27 PM ET] We'll continue our [4:36:28 PM ET] work in the [4:36:28 PM ET] these [4:36:28 PM ET] areas in the next [4:36:28 PM ET] coming [4:36:30 PM ET] quarters and [4:36:30 PM ET] I'm particularly [4:36:31 PM ET] excited to be able to do [4:36:31 PM ET] about the [4:36:31 PM ET] we'll continue our work in these areas in the coming quarters [4:36:31 PM ET] some [4:36:31 PM ET] of [4:36:32 PM ET] the [4:36:32 PM ET] areas [4:36:32 PM ET] we'll [4:36:32 PM ET] be [4:36:33 PM ET] testing [4:36:33 PM ET] to make sure that we're going to be able to [4:36:33 PM ET] the [4:36:33 PM ET] core [4:36:34 PM ET] feed [4:36:34 PM ET] experience more [4:36:34 PM ET] and i'm particularly excited about some of the areas we'll be testing to make the core feed experience [4:36:35 PM ET] consistent [4:36:36 PM ET] and [4:36:37 PM ET] predictable. [4:36:37 PM ET] And [4:36:37 PM ET] to [4:36:37 PM ET] grow [4:36:38 PM ET] some [4:36:38 PM ET] of [4:36:38 PM ET] our new [4:36:39 PM ET] experiences [4:36:39 PM ET] like games. [4:36:39 PM ET] and video. [4:36:39 PM ET] more consistent and predictable and to grow some of our new experiences [4:36:40 PM ET] visual [4:36:40 PM ET] like games and visual podcasts [4:36:42 PM ET] podcasts. [4:36:42 PM ET] To grow [4:36:42 PM ET] community [4:36:43 PM ET] and belong to the [4:36:44 PM ET] we [4:36:44 PM ET] been [4:36:44 PM ET] making [4:36:44 PM ET] it easier to [4:36:44 PM ET] for the [4:36:45 PM ET] create [4:36:46 PM ET] grow, and [4:36:46 PM ET] to grow community and belonging we've been making it easier to [4:36:46 PM ET] create a new creative [4:36:46 PM ET] contribute to the [4:36:47 PM ET] communities [4:36:47 PM ET] on [4:36:49 PM ET] Reddit. [4:36:49 PM ET] This [4:36:49 PM ET] quarter, [4:36:50 PM ET] we've continued to [4:36:50 PM ET] do a lot of the rest of the [4:36:50 PM ET] create grow and contribute to communities on reddit [4:36:50 PM ET] to [4:36:50 PM ET] grow [4:36:50 PM ET] number of [4:36:51 PM ET] communities on the [4:36:52 PM ET] Reddit [4:36:52 PM ET] and [4:36:53 PM ET] increase the [4:36:53 PM ET] number of [4:36:53 PM ET] this quarter we've continued to grow the number of communities on reddit [4:36:53 PM ET] contribution [4:36:54 PM ET] from [4:36:54 PM ET] our [4:36:55 PM ET] users. [4:36:55 PM ET] We [4:36:55 PM ET] added [4:36:56 PM ET] another [4:36:56 PM ET] billion [4:36:56 PM ET] posts and [4:36:57 PM ET] comments to [4:36:57 PM ET] and increase the contribution from our users we added another billion posts and comments [4:36:57 PM ET] our [4:36:58 PM ET] to our corpus [4:36:58 PM ET] corpus. [4:36:59 PM ET] Looking [4:36:59 PM ET] forward, [4:37:00 PM ET] our work is a good thing to [4:37:00 PM ET] will be a good [4:37:01 PM ET] to make sure that we [4:37:01 PM ET] subreddits [4:37:02 PM ET] more [4:37:02 PM ET] distinct [4:37:03 PM ET] to [4:37:03 PM ET] deepen [4:37:03 PM ET] looking forward our work will be to make subreddits more distinct [4:37:03 PM ET] the [4:37:03 PM ET] sense of [4:37:04 PM ET] belonging [4:37:04 PM ET] by [4:37:04 PM ET] making [4:37:05 PM ET] joining [4:37:06 PM ET] subreddits [4:37:06 PM ET] more [4:37:06 PM ET] intentional [4:37:07 PM ET] and [4:37:07 PM ET] to deepen the sense of belonging by making joining subreddits [4:37:08 PM ET] significant. [4:37:08 PM ET] and to [4:37:08 PM ET] make [4:37:09 PM ET] moderation much [4:37:10 PM ET] easier [4:37:10 PM ET] and [4:37:10 PM ET] more [4:37:10 PM ET] consistent with the [4:37:10 PM ET] more intentional and significant and to make moderation much [4:37:11 PM ET] by [4:37:11 PM ET] giving [4:37:12 PM ET] moderators [4:37:12 PM ET] AI [4:37:12 PM ET] power [4:37:13 PM ET] easier and more consistent by giving moderators ai powered tools [4:37:14 PM ET] tools. [4:37:15 PM ET] This approach is a very important thing to [4:37:15 PM ET] has [4:37:15 PM ET] helped us to be able to do [4:37:16 PM ET] our [4:37:16 PM ET] own [4:37:16 PM ET] enforcement [4:37:17 PM ET] team reduce the [4:37:18 PM ET] median [4:37:18 PM ET] time [4:37:18 PM ET] to [4:37:18 PM ET] this approach has helped our own enforcement [4:37:19 PM ET] action [4:37:19 PM ET] on [4:37:19 PM ET] violating [4:37:20 PM ET] content [4:37:20 PM ET] from 50% of the [4:37:21 PM ET] hours to [4:37:21 PM ET] enforcement team reduce the median time to action on violating content [4:37:21 PM ET] 58 [4:37:22 PM ET] 5 [4:37:23 PM ET] from fifty eight hours to five seconds [4:37:23 PM ET] seconds this [4:37:24 PM ET] this year [4:37:24 PM ET] year. [4:37:25 PM ET] We have to do that. [4:37:25 PM ET] Our [4:37:25 PM ET] current option is a very important thing to [4:37:26 PM ET] opportunity [4:37:26 PM ET] is [4:37:26 PM ET] to [4:37:26 PM ET] better return to the [4:37:27 PM ET] retain [4:37:27 PM ET] the [4:37:28 PM ET] large [4:37:28 PM ET] cohort [4:37:28 PM ET] of [4:37:29 PM ET] users [4:37:29 PM ET] who [4:37:29 PM ET] our current opportunity is to better retain [4:37:29 PM ET] try to use the [4:37:29 PM ET] Reddit for the first [4:37:30 PM ET] time [4:37:31 PM ET] every [4:37:32 PM ET] day [4:37:32 PM ET] by executing the rest of the [4:37:32 PM ET] the large cohort of users who try reddit for the first time every day [4:37:32 PM ET] on [4:37:33 PM ET] by executing on the above [4:37:33 PM ET] the above. [4:37:34 PM ET] I think that's a good idea. [4:37:34 PM ET] We see a lot of the ability to do a lot of the [4:37:34 PM ET] number [4:37:34 PM ET] the ability to do the [4:37:35 PM ET] of [4:37:36 PM ET] unattributed [4:37:36 PM ET] aka [4:37:37 PM ET] word [4:37:37 PM ET] of [4:37:37 PM ET] mouth [4:37:38 PM ET] we see a large number of unattributed aka word-of-mouth installs [4:37:38 PM ET] installs [4:37:38 PM ET] every [4:37:39 PM ET] day. [4:37:40 PM ET] We also have a lot [4:37:40 PM ET] number of [4:37:41 PM ET] large [4:37:41 PM ET] of [4:37:42 PM ET] reinstalls [4:37:42 PM ET] which [4:37:42 PM ET] we [4:37:42 PM ET] can [4:37:43 PM ET] mitigate [4:37:43 PM ET] every day we also have a large number of reinstalls [4:37:43 PM ET] through [4:37:43 PM ET] things [4:37:43 PM ET] like [4:37:43 PM ET] an [4:37:44 PM ET] improved [4:37:45 PM ET] improved [4:37:45 PM ET] incognito [4:37:46 PM ET] mode [4:37:46 PM ET] in [4:37:46 PM ET] the [4:37:46 PM ET] which we can mitigate through things like an improved incognito mode in the app [4:37:47 PM ET] app. [4:37:47 PM ET] And of [4:37:48 PM ET] course, we've got a lot of [4:37:48 PM ET] continue to do [4:37:48 PM ET] use the [4:37:48 PM ET] control [4:37:49 PM ET] convert [4:37:49 PM ET] our [4:37:49 PM ET] still [4:37:50 PM ET] significant number [4:37:51 PM ET] of [4:37:51 PM ET] search [4:37:51 PM ET] refers to the [4:37:51 PM ET] and of course we will continue to convert our still significant number [4:37:52 PM ET] users [4:37:52 PM ET] from [4:37:52 PM ET] mobile [4:37:52 PM ET] web [4:37:52 PM ET] to [4:37:54 PM ET] app. [4:37:54 PM ET] Currently, we have a lot of [4:37:54 PM ET] only about the web [4:37:55 PM ET] 30% of [4:37:55 PM ET] the [4:37:55 PM ET] people are using application [4:37:55 PM ET] web applications used to [4:37:55 PM ET] of the are [4:37:55 PM ET] web [4:37:55 PM ET] applications [4:37:56 PM ET] search referred users from mobile web to app currently only about thirteen [4:37:56 PM ET] eligible [4:37:56 PM ET] mobile [4:37:57 PM ET] web [4:37:57 PM ET] users [4:37:58 PM ET] are [4:37:58 PM ET] seeing [4:37:58 PM ET] the [4:37:58 PM ET] app [4:37:59 PM ET] conversion [4:38:00 PM ET] prompt. [4:38:00 PM ET] So, we have a lot of different things that we have. [4:38:00 PM ET] percent of eligible mobile web users are seeing the app conversion prompt [4:38:00 PM ET] So this has room to [4:38:01 PM ET] so this has room to scale [4:38:02 PM ET] scale. [4:38:02 PM ET] While [4:38:04 PM ET] early, so far we have [4:38:04 PM ET] seen that we have a lot [4:38:05 PM ET] app users are [4:38:05 PM ET] that come to [4:38:06 PM ET] Reddit [4:38:06 PM ET] through [4:38:06 PM ET] while early so far we have seen that app users that [4:38:07 PM ET] marketing [4:38:07 PM ET] retain [4:38:07 PM ET] at [4:38:08 PM ET] rates similar to the rest of the [4:38:08 PM ET] app [4:38:09 PM ET] users that come to the [4:38:10 PM ET] come to reddit through marketing retain at rates similar to app users that come organically so [4:38:10 PM ET] organically. [4:38:11 PM ET] So we will continue to use the same [4:38:11 PM ET] invest in [4:38:13 PM ET] here. [4:38:13 PM ET] Together, [4:38:14 PM ET] these [4:38:14 PM ET] efforts are not going to be able to do [4:38:14 PM ET] will help us [4:38:15 PM ET] reach [4:38:15 PM ET] more than a few [4:38:15 PM ET] we will continue to invest here together [4:38:15 PM ET] people [4:38:16 PM ET] and [4:38:16 PM ET] convert more [4:38:17 PM ET] first-time [4:38:17 PM ET] users [4:38:17 PM ET] into regular [4:38:18 PM ET] Reddit [4:38:18 PM ET] these efforts will help us reach more people and convert more first time users [4:38:19 PM ET] into regular reddit users [4:38:19 PM ET] users. [4:38:21 PM ET] And a [4:38:22 PM ET] key piece of the microphone is a [4:38:22 PM ET] work very important thing to [4:38:23 PM ET] retain [4:38:23 PM ET] new [4:38:24 PM ET] audiences [4:38:24 PM ET] is [4:38:24 PM ET] shifting [4:38:25 PM ET] Reddit [4:38:25 PM ET] to [4:38:25 PM ET] a [4:38:25 PM ET] logged [4:38:25 PM ET] and a key piece of work to retain new audiences [4:38:25 PM ET] in [4:38:26 PM ET] only [4:38:27 PM ET] experience. [4:38:28 PM ET] It's a big [4:38:28 PM ET] one for [4:38:29 PM ET] is shifting reddit to a logged in only experience [4:38:29 PM ET] us. [4:38:29 PM ET] and it's a big one for [4:38:30 PM ET] me. [4:38:31 PM ET] I want to take a minute to get a little bit more of a [4:38:31 PM ET] make sure that I'm going to be [4:38:31 PM ET] outline [4:38:31 PM ET] why [4:38:32 PM ET] we're making a lot of [4:38:32 PM ET] it'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 ET] this [4:38:33 PM ET] why we're making this change [4:38:34 PM ET] change. [4:38:34 PM ET] Moving to [4:38:35 PM ET] primarily logged [4:38:35 PM ET] in [4:38:36 PM ET] will ensure that we [4:38:36 PM ET] we're going to be able to do [4:38:36 PM ET] our users can be able to use [4:38:37 PM ET] have [4:38:37 PM ET] the [4:38:37 PM ET] best [4:38:37 PM ET] Reddit [4:38:38 PM ET] moving to primarily logged in will ensure our users have the best [4:38:38 PM ET] experience [4:38:39 PM ET] possible. [4:38:39 PM ET] and can [4:38:39 PM ET] find [4:38:40 PM ET] the [4:38:40 PM ET] content [4:38:40 PM ET] and [4:38:41 PM ET] communities [4:38:41 PM ET] most [4:38:41 PM ET] relevant to [4:38:42 PM ET] reddit experience possible and can find the content and communities most relevant to them [4:38:43 PM ET] to [4:38:43 PM ET] them. [4:38:43 PM ET] It's better for a [4:38:44 PM ET] our business [4:38:44 PM ET] because we have a lot of [4:38:44 PM ET] more [4:38:45 PM ET] signals [4:38:45 PM ET] for [4:38:45 PM ET] ads [4:38:46 PM ET] targeting [4:38:47 PM ET] and [4:38:47 PM ET] being [4:38:47 PM ET] logged [4:38:47 PM ET] it's better for our business because we have more signals for ads targeting [4:38:47 PM ET] in leads to the [4:38:48 PM ET] high-level [4:38:48 PM ET] higher [4:38:49 PM ET] engagement [4:38:49 PM ET] and being logged in leads to higher engagement generally [4:38:50 PM ET] generally. [4:38:51 PM ET] It also [4:38:51 PM ET] allows us [4:38:51 PM ET] to perceive the [4:38:51 PM ET] in [4:38:51 PM ET] access to the [4:38:51 PM ET] power of power of [4:38:52 PM ET] the [4:38:53 PM ET] extremely [4:38:53 PM ET] valuable [4:38:54 PM ET] corpus [4:38:54 PM ET] of [4:38:54 PM ET] it also allows us to protect access to reddit's [4:38:55 PM ET] data [4:38:55 PM ET] and [4:38:55 PM ET] helps [4:38:55 PM ET] us [4:38:56 PM ET] better adapt to the [4:38:57 PM ET] emerging [4:38:57 PM ET] regulations over [4:38:57 PM ET] extremely valuable corpus of data and helps us better [4:38:58 PM ET] around the [4:38:58 PM ET] adapt to emerging regulations around the world [4:38:59 PM ET] world. [4:39:00 PM ET] In [4:39:00 PM ET] Q4, we'll be able to do [4:39:01 PM ET] begin [4:39:01 PM ET] with the first [4:39:01 PM ET] fully testing [4:39:02 PM ET] the [4:39:02 PM ET] this [4:39:02 PM ET] in selecting [4:39:02 PM ET] the [4:39:03 PM ET] markets out [4:39:03 PM ET] outside of the [4:39:04 PM ET] in q4 we'll begin fully testing this in select markets outside the u s [4:39:04 PM ET] U.S. [4:39:05 PM ET] The results of [4:39:05 PM ET] those [4:39:05 PM ET] tests will be used to be used to be used to be [4:39:06 PM ET] inform the [4:39:06 PM ET] an option to be able to do [4:39:07 PM ET] version of the [4:39:08 PM ET] logged [4:39:08 PM ET] in [4:39:09 PM ET] Reddit [4:39:09 PM ET] the results of those tests will inform an optimized version of logged in only reddit [4:39:10 PM ET] globally [4:39:10 PM ET] globally. [4:39:12 PM ET] Pretty much all [4:39:13 PM ET] the [4:39:13 PM ET] major [4:39:13 PM ET] ad [4:39:14 PM ET] platforms [4:39:14 PM ET] have [4:39:14 PM ET] gone [4:39:14 PM ET] through [4:39:14 PM ET] this [4:39:15 PM ET] transition. [4:39:16 PM ET] So we are [4:39:16 PM ET] excited and [4:39:16 PM ET] pretty much all the major ad platforms have gone through this transition [4:39:17 PM ET] are [4:39:17 PM ET] moving [4:39:18 PM ET] so we are excited and are moving quickly [4:39:18 PM ET] quickly. [4:39:19 PM ET] With the above [4:39:19 PM ET] work, we will make a lot of [4:39:20 PM ET] ready to be able to [4:39:20 PM ET] a [4:39:21 PM ET] fun, fulfilling [4:39:22 PM ET] direct [4:39:22 PM ET] daily [4:39:22 PM ET] habit [4:39:23 PM ET] for [4:39:23 PM ET] with the above work we will make reddit a fun [4:39:23 PM ET] every [4:39:23 PM ET] Internet [4:39:24 PM ET] fulfilling direct daily habit for every internet user [4:39:24 PM ET] user. Thank [4:39:25 PM ET] you and [4:39:25 PM ET] now over [4:39:25 PM ET] to [4:39:26 PM ET] thank you and now over to jen [4:39:26 PM ET] Jen. [4:39:27 PM ET] Missy Steve. Hello, [4:39:28 PM ET] this is steve hello everyone [4:39:29 PM ET] Q3 was a very good [4:39:30 PM ET] strong [4:39:30 PM ET] quarter [4:39:30 PM ET] for [4:39:31 PM ET] Reddit. [4:39:31 PM ET] revenue [4:39:31 PM ET] grew [4:39:32 PM ET] 53% [4:39:33 PM ET] percent [4:39:33 PM ET] year over [4:39:33 PM ET] q3 was a strong quarter for reddit revenue grew fifty three [4:39:34 PM ET] year. [4:39:34 PM ET] and [4:39:34 PM ET] trailing [4:39:34 PM ET] 12 [4:39:35 PM ET] month [4:39:35 PM ET] revenue [4:39:35 PM ET] across the [4:39:35 PM ET] 30% of [4:39:36 PM ET] $3 [4:39:37 PM ET] billion. [4:39:37 PM ET] percent year over year and trailing twelve month revenue crossed three billion dollars [4:39:38 PM ET] This milestone reflects the best of the [4:39:38 PM ET] our ability [4:39:38 PM ET] to do [4:39:39 PM ET] grow [4:39:39 PM ET] and [4:39:40 PM ET] at [4:39:40 PM ET] scale. [4:39:41 PM ET] That growth is [4:39:41 PM ET] happening at the end of the [4:39:42 PM ET] this milestone reflects our ability to grow at scale [4:39:42 PM ET] internet [4:39:42 PM ET] changes [4:39:44 PM ET] quickly. [4:39:44 PM ET] AI is [4:39:44 PM ET] reshaping how it's going to [4:39:45 PM ET] people [4:39:45 PM ET] think about the [4:39:45 PM ET] that growth is happening as the internet changes quickly [4:39:45 PM ET] find [4:39:46 PM ET] information [4:39:46 PM ET] and [4:39:46 PM ET] get [4:39:46 PM ET] things [4:39:47 PM ET] ai is reshaping how people find information and get things done [4:39:47 PM ET] done. [4:39:48 PM ET] At the same [4:39:49 PM ET] time, lived [4:39:50 PM ET] experience can be [4:39:50 PM ET] to able to do [4:39:50 PM ET] a good [4:39:51 PM ET] increase [4:39:51 PM ET] in [4:39:52 PM ET] at the same time lived experience continues to increase in value [4:39:52 PM ET] value as [4:39:52 PM ET] a [4:39:52 PM ET] an [4:39:53 PM ET] essential [4:39:53 PM ET] source of the value of the value [4:39:53 PM ET] for [4:39:54 PM ET] advice [4:39:55 PM ET] and as [4:39:55 PM ET] a [4:39:55 PM ET] knowledge [4:39:56 PM ET] source [4:39:56 PM ET] for [4:39:56 PM ET] AI. [4:39:57 PM ET] as an essential source for advice and as a knowledge source for ai assistance [4:39:57 PM ET] assistance. [4:39:58 PM ET] people turn to [4:39:58 PM ET] other [4:39:59 PM ET] people [4:39:59 PM ET] when [4:39:59 PM ET] they [4:39:59 PM ET] need to be able to do [4:40:00 PM ET] second [4:40:00 PM ET] opinion [4:40:00 PM ET] from [4:40:00 PM ET] someone [4:40:01 PM ET] who [4:40:01 PM ET] actually [4:40:01 PM ET] bought [4:40:02 PM ET] insurance for [4:40:02 PM ET] the first [4:40:02 PM ET] people turn to other people when they need a second opinion from someone who actually bought insurance for [4:40:03 PM ET] time. [4:40:03 PM ET] or who has [4:40:03 PM ET] was [4:40:04 PM ET] navigating millions of [4:40:05 PM ET] mid-forties [4:40:05 PM ET] the first time or who is navigating mid forties fitness [4:40:06 PM ET] fitness. [4:40:06 PM ET] And to [4:40:07 PM ET] savor the sense of the [4:40:08 PM ET] belonging [4:40:08 PM ET] from people who are not afraid of [4:40:08 PM ET] able to do [4:40:09 PM ET] coming [4:40:09 PM ET] together [4:40:10 PM ET] to [4:40:10 PM ET] share [4:40:10 PM ET] and to savor the sense of belonging from people coming together [4:40:10 PM ET] fun, [4:40:11 PM ET] hard work, [4:40:11 PM ET] and [4:40:12 PM ET] to share fun hardships and wins [4:40:13 PM ET] wins. [4:40:14 PM ET] As synthetic content [4:40:14 PM ET] and [4:40:14 PM ET] automated [4:40:15 PM ET] summaries become a very important [4:40:15 PM ET] more [4:40:16 PM ET] common, [4:40:16 PM ET] Reddit's content is a very important thing to [4:40:17 PM ET] conversation [4:40:17 PM ET] is [4:40:17 PM ET] a [4:40:17 PM ET] as synthetic content and automated summaries become more common [4:40:17 PM ET] and [4:40:17 PM ET] communities are not [4:40:18 PM ET] an increase in the United [4:40:19 PM ET] increasingly [4:40:19 PM ET] valuable [4:40:20 PM ET] destination [4:40:20 PM ET] for [4:40:21 PM ET] reddit's conversations and communities are an increasingly valuable destination for people [4:40:21 PM ET] people and [4:40:21 PM ET] a [4:40:22 PM ET] high [4:40:22 PM ET] high-intent [4:40:22 PM ET] audience [4:40:23 PM ET] for [4:40:23 PM ET] and a high intent audience for advertisers [4:40:24 PM ET] advertisers. [4:40:25 PM ET] These are really expensive. [4:40:25 PM ET] experiences. [4:40:26 PM ET] These real [4:40:26 PM ET] experiences [4:40:26 PM ET] and perspectives are a lot of the same [4:40:27 PM ET] perspectives [4:40:27 PM ET] help [4:40:28 PM ET] people [4:40:28 PM ET] make [4:40:28 PM ET] big [4:40:28 PM ET] these real experiences and perspectives [4:40:29 PM ET] and [4:40:29 PM ET] small [4:40:30 PM ET] decisions every [4:40:31 PM ET] every [4:40:31 PM ET] help people make big and small decisions every day [4:40:31 PM ET] day. [4:40:31 PM ET] And that's [4:40:32 PM ET] why half of the market is a lot [4:40:32 PM ET] you [4:40:32 PM ET] U.S. shops [4:40:33 PM ET] shoppers say that they're not going to be able to do [4:40:33 PM ET] they can't [4:40:34 PM ET] come [4:40:34 PM ET] Reddit [4:40:34 PM ET] to [4:40:35 PM ET] verify [4:40:35 PM ET] AI. [4:40:36 PM ET] and that's why half of us shoppers say they come to reddit to verify ai recommendations [4:40:37 PM ET] recommendations. [4:40:38 PM ET] significance of the US. [4:40:38 PM ET] We see [4:40:38 PM ET] significant [4:40:39 PM ET] opportunities for the [4:40:39 PM ET] ahead of [4:40:40 PM ET] for [4:40:40 PM ET] our [4:40:41 PM ET] business. [4:40:41 PM ET] and we're making [4:40:41 PM ET] we see significant opportunity ahead for our business [4:40:42 PM ET] progress. [4:40:43 PM ET] reflected in [4:40:43 PM ET] strong [4:40:43 PM ET] customer [4:40:44 PM ET] and we're making progress reflected in strong customer retention [4:40:44 PM ET] retention, [4:40:45 PM ET] growing [4:40:45 PM ET] share [4:40:45 PM ET] of [4:40:46 PM ET] wallet, [4:40:46 PM ET] and [4:40:47 PM ET] more [4:40:47 PM ET] always [4:40:47 PM ET] on [4:40:48 PM ET] advertiser [4:40:49 PM ET] growing share of wallet and more always on advertiser relationships [4:40:49 PM ET] relationships. [4:40:50 PM ET] These trends give [4:40:50 PM ET] us [4:40:50 PM ET] confidence in the [4:40:51 PM ET] and [4:40:51 PM ET] ready to be able to do [4:40:51 PM ET] ability [4:40:52 PM ET] deliver the rest of the [4:40:52 PM ET] due to ability to do [4:40:52 PM ET] the [4:40:54 PM ET] differentiated [4:40:54 PM ET] these trends give us confidence in reddit's ability to deliver durable differentiated growth [4:40:55 PM ET] growth. [4:40:56 PM ET] Now moving to our [4:40:56 PM ET] results. [4:40:57 PM ET] In Q3, advertising results are a very good [4:40:58 PM ET] revenue grew 50% of the [4:40:59 PM ET] 54% [4:40:59 PM ET] year over [4:40:59 PM ET] now moving to our results in q3 advertising revenue grew [4:41:00 PM ET] year [4:41:00 PM ET] to [4:41:01 PM ET] $847 [4:41:02 PM ET] seven million [4:41:02 PM ET] fifty four percent year over year to eight forty seven million dollars [4:41:03 PM ET] Growth came from the [4:41:03 PM ET] both million [4:41:04 PM ET] price and [4:41:04 PM ET] improving the price of the [4:41:05 PM ET] impressions, [4:41:05 PM ET] with [4:41:06 PM ET] pricing [4:41:06 PM ET] outpacing [4:41:07 PM ET] impressions as well [4:41:07 PM ET] we [4:41:07 PM ET] growth came from both pricing and impressions with pricing outpacing impressions [4:41:07 PM ET] delivered [4:41:08 PM ET] on [4:41:08 PM ET] our [4:41:09 PM ET] strategy to make sure that we're going [4:41:09 PM ET] every [4:41:10 PM ET] impression [4:41:10 PM ET] more [4:41:11 PM ET] we delivered on our strategy to make every impression more valuable [4:41:11 PM ET] valuable. [4:41:12 PM ET] We saw [4:41:12 PM ET] that translation. [4:41:12 PM ET] into the [4:41:13 PM ET] reference [4:41:14 PM ET] results. [4:41:15 PM ET] In Q3, click [4:41:16 PM ET] volume [4:41:16 PM ET] grew up to the point of [4:41:16 PM ET] we saw that translate into results in q3 click volume [4:41:16 PM ET] 50% [4:41:16 PM ET] of the [4:41:18 PM ET] and [4:41:18 PM ET] converted to the [4:41:19 PM ET] volume more than [4:41:20 PM ET] tripled year after [4:41:20 PM ET] over [4:41:20 PM ET] grew over fifty percent and conversion volume more than tripled [4:41:21 PM ET] year over year [4:41:22 PM ET] year. [4:41:22 PM ET] We also saw [4:41:23 PM ET] strength across [4:41:23 PM ET] our [4:41:24 PM ET] primary [4:41:24 PM ET] sales [4:41:25 PM ET] channels, including the sales of the [4:41:25 PM ET] large [4:41:26 PM ET] customers [4:41:26 PM ET] and [4:41:26 PM ET] we also saw strength across our primary sales channels including large customers and scale [4:41:27 PM ET] scaled. [4:41:28 PM ET] Scaled [4:41:28 PM ET] revenue [4:41:28 PM ET] grew more than 100% of the [4:41:28 PM ET] $1.5 [4:41:29 PM ET] 80% [4:41:29 PM ET] of the [4:41:30 PM ET] each [4:41:30 PM ET] year over [4:41:30 PM ET] in [4:41:31 PM ET] Q [4:41:32 PM ET] driven [4:41:32 PM ET] by [4:41:32 PM ET] scaled revenue grew more than eighty percent year over year in q3 [4:41:32 PM ET] deeper [4:41:33 PM ET] relationships with the [4:41:34 PM ET] existing [4:41:34 PM ET] advertisers, high-definition of [4:41:35 PM ET] average [4:41:35 PM ET] spend, [4:41:36 PM ET] and [4:41:36 PM ET] new [4:41:36 PM ET] driven by deeper relationships with existing advertisers [4:41:36 PM ET] advertiser [4:41:37 PM ET] higher average spend and new advertiser acquisition [4:41:38 PM ET] acquisition. [4:41:39 PM ET] Mid-market [4:41:39 PM ET] active [4:41:40 PM ET] advertisers grew [4:41:40 PM ET] more than [4:41:40 PM ET] 50% of the [4:41:41 PM ET] each [4:41:41 PM ET] year [4:41:41 PM ET] over [4:41:42 PM ET] year, [4:41:42 PM ET] with [4:41:42 PM ET] growth [4:41:42 PM ET] across [4:41:43 PM ET] both North [4:41:43 PM ET] mid market active advertisers grew more than fifty percent year over year [4:41:43 PM ET] America and the United [4:41:44 PM ET] with growth across both north america and emea [4:41:45 PM ET] EMEA. [4:41:46 PM ET] In the mid-market channel, the market is a very important part [4:41:46 PM ET] the [4:41:46 PM ET] our suite of the USA is a very important [4:41:47 PM ET] of [4:41:47 PM ET] shopping products are a very good [4:41:48 PM ET] is controlled by the production of the [4:41:48 PM ET] to [4:41:48 PM ET] reaching the [4:41:49 PM ET] advertiser [4:41:50 PM ET] the mid market channel our suite of shopping products is contributing to retail advertiser demand [4:41:50 PM ET] demand [4:41:50 PM ET] while [4:41:51 PM ET] our [4:41:51 PM ET] B2B [4:41:52 PM ET] offering [4:41:52 PM ET] is [4:41:52 PM ET] driving [4:41:52 PM ET] demand for the [4:41:53 PM ET] from [4:41:53 PM ET] mid-market [4:41:54 PM ET] service [4:41:55 PM ET] while our b2b offering is driving demand from mid market service advertisers [4:41:55 PM ET] advertisers. [4:41:56 PM ET] Revenue growth [4:41:57 PM ET] was [4:41:57 PM ET] broad based [4:41:57 PM ET] across the [4:41:58 PM ET] verticals [4:41:58 PM ET] and [4:41:59 PM ET] revenue growth was broad based across verticals and regions [4:42:00 PM ET] regions. [4:42:00 PM ET] Business and [4:42:01 PM ET] finance, pharma [4:42:01 PM ET] and travel, [4:42:01 PM ET] the business are the [4:42:02 PM ET] industries [4:42:02 PM ET] were shown to be a very important part of the [4:42:02 PM ET] were [4:42:03 PM ET] strong. [4:42:03 PM ET] and U.S. ad [4:42:04 PM ET] revenue [4:42:04 PM ET] grew from the [4:42:04 PM ET] fifty [4:42:04 PM ET] of [4:42:04 PM ET] business and finance pharma and travel industries were strong [4:42:05 PM ET] percent year [4:42:05 PM ET] over [4:42:06 PM ET] year [4:42:06 PM ET] while [4:42:07 PM ET] international ad [4:42:07 PM ET] revenue green green green [4:42:07 PM ET] grew 10% of the [4:42:08 PM ET] and u s ad revenue grew fifty one percent year over year [4:42:08 PM ET] 68 [4:42:09 PM ET] percent year over [4:42:10 PM ET] while international ad revenue grew sixty eight percent year over year [4:42:10 PM ET] year. [4:42:10 PM ET] Demand [4:42:11 PM ET] span, the banana, the [4:42:11 PM ET] full funnel, and the [4:42:12 PM ET] let's [4:42:12 PM ET] by [4:42:12 PM ET] led [4:42:13 PM ET] lower [4:42:13 PM ET] funnel [4:42:13 PM ET] performance [4:42:14 PM ET] revenue [4:42:15 PM ET] demand spanned the full funnel led by lower funnel performance revenue [4:42:15 PM ET] particularly [4:42:15 PM ET] shopping [4:42:15 PM ET] and [4:42:15 PM ET] app [4:42:16 PM ET] install [4:42:17 PM ET] objectives, [4:42:17 PM ET] which [4:42:17 PM ET] both [4:42:17 PM ET] grew over the [4:42:18 PM ET] nine [4:42:18 PM ET] of the [4:42:19 PM ET] particularly shopping and app install objectives which both grew over ninety five percent [4:42:19 PM ET] year [4:42:19 PM ET] over [4:42:20 PM ET] year over year [4:42:21 PM ET] year. [4:42:21 PM ET] Now, I'll just go ahead and get a little bit of a little bit of a green. [4:42:21 PM ET] Now I'll discuss our [4:42:22 PM ET] progress [4:42:22 PM ET] against the [4:42:23 PM ET] ad [4:42:23 PM ET] now i'll discuss our progress against the ad stack [4:42:24 PM ET] stack. [4:42:24 PM ET] Our investment in the [4:42:24 PM ET] ad [4:42:25 PM ET] stack [4:42:25 PM ET] are [4:42:25 PM ET] helping us to be able to do [4:42:26 PM ET] helping [4:42:26 PM ET] businesses [4:42:26 PM ET] achieve [4:42:27 PM ET] stronger [4:42:27 PM ET] performance [4:42:28 PM ET] and [4:42:28 PM ET] consistent [4:42:28 PM ET] our investments in the ad stack are helping businesses achieve [4:42:29 PM ET] returns. [4:42:30 PM ET] We're executing against the [4:42:31 PM ET] three [4:42:31 PM ET] stronger performance and consistent returns we're executing against three areas [4:42:32 PM ET] areas. [4:42:32 PM ET] scaling on a majority of the [4:42:33 PM ET] through [4:42:33 PM ET] our [4:42:33 PM ET] ads [4:42:34 PM ET] platform [4:42:34 PM ET] and Reddit [4:42:34 PM ET] Max [4:42:35 PM ET] campaigns, [4:42:36 PM ET] delivering ads [4:42:36 PM ET] advertising, and the [4:42:36 PM ET] scaling automation through our ads platform and reddit max campaigns [4:42:37 PM ET] value [4:42:37 PM ET] across [4:42:37 PM ET] the [4:42:37 PM ET] full [4:42:38 PM ET] funnel, [4:42:38 PM ET] and expanding the [4:42:39 PM ET] range of [4:42:39 PM ET] for [4:42:40 PM ET] business [4:42:40 PM ET] delivering advertiser value across the full funnel and expanding the reddit for business ecosystem [4:42:41 PM ET] ecosystem. [4:42:41 PM ET] So starting with [4:42:43 PM ET] automation. [4:42:43 PM ET] Reddit Max [4:42:43 PM ET] and [4:42:44 PM ET] entered [4:42:44 PM ET] public [4:42:44 PM ET] data [4:42:44 PM ET] in [4:42:45 PM ET] 2.3. [4:42:46 PM ET] and we expected to be able to do [4:42:46 PM ET] so starting with automation reddit max entered public beta in q3 [4:42:46 PM ET] the [4:42:46 PM ET] access [4:42:46 PM ET] to the [4:42:46 PM ET] in [4:42:47 PM ET] and [4:42:47 PM ET] integrated Max. [4:42:47 PM ET] MACs [4:42:48 PM ET] into [4:42:48 PM ET] the [4:42:48 PM ET] onboarding [4:42:49 PM ET] experience for [4:42:49 PM ET] new [4:42:50 PM ET] and we expanded access and integrated max into the onboarding experience for new advertisers [4:42:50 PM ET] advertisers. [4:42:52 PM ET] Max advertiser [4:42:52 PM ET] adoption more than a [4:42:53 PM ET] tripled [4:42:53 PM ET] quarter over [4:42:55 PM ET] quarter. [4:42:55 PM ET] max advertiser adoption more than tripled quarter over quarter [4:42:55 PM ET] We also [4:42:55 PM ET] launched [4:42:56 PM ET] asset [4:42:56 PM ET] groups, [4:42:57 PM ET] which let asset [4:42:57 PM ET] advertising and we have a lot of [4:42:58 PM ET] manage more than [4:42:58 PM ET] multiple [4:42:59 PM ET] product [4:42:59 PM ET] lines [4:42:59 PM ET] we also launched asset groups which let advertisers manage [4:42:59 PM ET] or [4:42:59 PM ET] creative [4:43:00 PM ET] themes [4:43:00 PM ET] within [4:43:00 PM ET] a [4:43:01 PM ET] single [4:43:01 PM ET] max [4:43:02 PM ET] multiple product lines or creative themes within a single max campaign [4:43:03 PM ET] campaign. [4:43:03 PM ET] Improvements to [4:43:03 PM ET] the [4:43:04 PM ET] machine [4:43:04 PM ET] learning [4:43:04 PM ET] models [4:43:04 PM ET] beneath [4:43:05 PM ET] MAX [4:43:05 PM ET] and [4:43:05 PM ET] our [4:43:06 PM ET] ad [4:43:06 PM ET] stack [4:43:06 PM ET] are helping [4:43:07 PM ET] us [4:43:07 PM ET] improvements to the machine learning models beneath max and our ad [4:43:07 PM ET] learn [4:43:07 PM ET] faster [4:43:07 PM ET] and improve the [4:43:09 PM ET] are helping us learn faster and improve performance [4:43:09 PM ET] performance. [4:43:10 PM ET] In [4:43:10 PM ET] Q3, we improve the [4:43:11 PM ET] improved [4:43:11 PM ET] model to the [4:43:12 PM ET] training, added more to the [4:43:12 PM ET] real-time [4:43:13 PM ET] sequencing [4:43:13 PM ET] and [4:43:14 PM ET] session [4:43:14 PM ET] in q3 we improved model training added more real time sequencing and session [4:43:15 PM ET] signals. [4:43:15 PM ET] and [4:43:15 PM ET] updated [4:43:15 PM ET] graph-based [4:43:16 PM ET] signals across the side of the [4:43:17 PM ET] our [4:43:17 PM ET] ranking [4:43:18 PM ET] models. [4:43:19 PM ET] These improvements can be used to make a lot of [4:43:19 PM ET] be be be [4:43:19 PM ET] signals and updated graph based signals across our ranking models [4:43:19 PM ET] to the [4:43:19 PM ET] same [4:43:20 PM ET] performance [4:43:20 PM ET] gains across [4:43:20 PM ET] the [4:43:21 PM ET] funnel [4:43:22 PM ET] from [4:43:22 PM ET] stronger [4:43:22 PM ET] view [4:43:23 PM ET] these improvements contributed to performance gains across the funnel [4:43:23 PM ET] view-through [4:43:23 PM ET] rates in the middle of the [4:43:23 PM ET] upper [4:43:24 PM ET] funnel [4:43:24 PM ET] to lower [4:43:25 PM ET] cost [4:43:25 PM ET] per [4:43:26 PM ET] action in the upper [4:43:26 PM ET] lower [4:43:26 PM ET] from stronger view through rates in the upper funnel to lower cost [4:43:27 PM ET] per action in the lower funnel [4:43:27 PM ET] funnel. [4:43:28 PM ET] Our roadmap of [4:43:28 PM ET] models are a very good [4:43:28 PM ET] the [4:43:29 PM ET] improvements same [4:43:29 PM ET] the [4:43:30 PM ET] consistent [4:43:31 PM ET] performance [4:43:31 PM ET] gains [4:43:31 PM ET] for [4:43:32 PM ET] our roadmap of model improvements delivers consistent performance gains for advertisers [4:43:32 PM ET] advertisers [4:43:33 PM ET] into [4:43:33 PM ET] ad [4:43:33 PM ET] spend [4:43:34 PM ET] efficiency [4:43:34 PM ET] and [4:43:34 PM ET] higher [4:43:35 PM ET] into ad spend efficiency and higher returns [4:43:36 PM ET] returns. [4:43:37 PM ET] Now moving to the next [4:43:37 PM ET] our [4:43:38 PM ET] progress [4:43:38 PM ET] across [4:43:38 PM ET] marketing, we're going to be able to [4:43:38 PM ET] objectives, we have do [4:43:39 PM ET] for [4:43:39 PM ET] advertisers on [4:43:40 PM ET] our [4:43:40 PM ET] now moving to our progress across marketing objectives for advertisers on our [4:43:41 PM ET] platform. [4:43:42 PM ET] Reddit users [4:43:42 PM ET] bring [4:43:42 PM ET] high [4:43:43 PM ET] intent [4:43:43 PM ET] to [4:43:43 PM ET] every [4:43:43 PM ET] interaction with the [4:43:44 PM ET] whether [4:43:45 PM ET] engaging in the [4:43:45 PM ET] reddit users bring high intent to every interaction [4:43:45 PM ET] with [4:43:45 PM ET] text in the [4:43:45 PM ET] and [4:43:46 PM ET] or [4:43:46 PM ET] videos. [4:43:46 PM ET] video. [4:43:47 PM ET] In the upper fold, the image is a very important [4:43:48 PM ET] funnel, video a very funny [4:43:48 PM ET] views are [4:43:49 PM ET] would be [4:43:49 PM ET] a [4:43:49 PM ET] our first [4:43:49 PM ET] whether engaging with text images or video in the upper funnel video views was our [4:43:50 PM ET] fastest [4:43:52 PM ET] growing objective with red [4:43:53 PM ET] revenue more [4:43:53 PM ET] than doubling year over [4:43:53 PM ET] fastest growing objective with revenue more than doubling year over year [4:43:55 PM ET] We [4:43:56 PM ET] brought in our video offerings with the video. [4:43:56 PM ET] a [4:43:57 PM ET] new [4:43:57 PM ET] 15-second [4:43:57 PM ET] engage [4:43:57 PM ET] video. [4:43:58 PM ET] game. [4:43:58 PM ET] view [4:43:58 PM ET] we brought in our video offerings with a new fifteen second [4:43:59 PM ET] objective which [4:43:59 PM ET] ends [4:44:00 PM ET] entered public video [4:44:00 PM ET] in [4:44:01 PM ET] Q3. [4:44:01 PM ET] engaged video view objective which entered public beta in q3 [4:44:02 PM ET] And this objective is a very good [4:44:02 PM ET] has simple [4:44:02 PM ET] you [4:44:02 PM ET] add to the [4:44:03 PM ET] advertisers [4:44:03 PM ET] opt to be able to do [4:44:03 PM ET] the [4:44:03 PM ET] for [4:44:04 PM ET] people more than [4:44:04 PM ET] likely to be able to do [4:44:05 PM ET] more [4:44:05 PM ET] likely [4:44:05 PM ET] engage [4:44:05 PM ET] with [4:44:05 PM ET] longer [4:44:06 PM ET] form [4:44:06 PM ET] and this objective helps advertisers optimize for people more likely to engage with longer [4:44:06 PM ET] video. [4:44:07 PM ET] form video [4:44:08 PM ET] Now in the last [4:44:09 PM ET] lower [4:44:09 PM ET] frame, I'm going to show you how [4:44:10 PM ET] funnel. [4:44:10 PM ET] shopping [4:44:10 PM ET] was [4:44:10 PM ET] our first [4:44:11 PM ET] fastest [4:44:11 PM ET] growing [4:44:12 PM ET] objective and [4:44:12 PM ET] we explained that [4:44:13 PM ET] the [4:44:13 PM ET] now in the lower funnel shopping was our fastest growing objective and we expanded the [4:44:13 PM ET] product [4:44:13 PM ET] to [4:44:13 PM ET] support [4:44:14 PM ET] up [4:44:14 PM ET] to [4:44:14 PM ET] 20 [4:44:15 PM ET] million [4:44:15 PM ET] products. [4:44:16 PM ET] making [4:44:16 PM ET] it easier to [4:44:16 PM ET] for the [4:44:16 PM ET] local [4:44:17 PM ET] and [4:44:17 PM ET] more [4:44:17 PM ET] complex [4:44:18 PM ET] product to support up to twenty million products making it easier [4:44:18 PM ET] advertisers [4:44:18 PM ET] to [4:44:18 PM ET] run [4:44:19 PM ET] shopping [4:44:20 PM ET] for larger and more complex advertisers to run shopping campaigns [4:44:20 PM ET] campaigns. [4:44:21 PM ET] People come to Red [4:44:21 PM ET] Reddit [4:44:21 PM ET] ask [4:44:21 PM ET] to [4:44:22 PM ET] questions, learn [4:44:22 PM ET] from [4:44:22 PM ET] real [4:44:23 PM ET] experiences, [4:44:23 PM ET] and [4:44:23 PM ET] make [4:44:24 PM ET] personal [4:44:24 PM ET] decisions based on the idea of the idea of the [4:44:25 PM ET] on [4:44:25 PM ET] people come to reddit to ask questions learn from real experiences and make [4:44:25 PM ET] communities they [4:44:26 PM ET] trust. [4:44:27 PM ET] The same is true [4:44:27 PM ET] for [4:44:27 PM ET] people [4:44:27 PM ET] making [4:44:28 PM ET] decisions for their own [4:44:29 PM ET] personal decisions based on the communities they trust the same is true for people making [4:44:30 PM ET] business. [4:44:30 PM ET] More than 20 [4:44:31 PM ET] million [4:44:31 PM ET] business [4:44:31 PM ET] decision [4:44:32 PM ET] makers come to the [4:44:32 PM ET] Reddit [4:44:33 PM ET] decisions for their business more than twenty million business [4:44:33 PM ET] globally. [4:44:34 PM ET] and nine in [4:44:35 PM ET] ten, [4:44:35 PM ET] use [4:44:36 PM ET] Reddit in the United [4:44:36 PM ET] past [4:44:36 PM ET] decision makers come to reddit globally and nine in ten [4:44:37 PM ET] year [4:44:37 PM ET] to [4:44:37 PM ET] research [4:44:38 PM ET] business [4:44:38 PM ET] products [4:44:38 PM ET] or [4:44:39 PM ET] used reddit in the past year to research business products or services [4:44:40 PM ET] services. [4:44:40 PM ET] We [4:44:40 PM ET] enhanced [4:44:41 PM ET] our [4:44:41 PM ET] lead [4:44:42 PM ET] generation [4:44:42 PM ET] capabilities to help [4:44:44 PM ET] businesses [4:44:44 PM ET] turn [4:44:44 PM ET] we enhanced our lead generation capabilities to help businesses [4:44:44 PM ET] high [4:44:45 PM ET] intent [4:44:45 PM ET] engagement [4:44:45 PM ET] into [4:44:46 PM ET] measurable [4:44:47 PM ET] leads. [4:44:48 PM ET] Our in-market audience is a very important thing to [4:44:48 PM ET] turn high intent engagement into measurable leads [4:44:48 PM ET] audience [4:44:49 PM ET] is [4:44:49 PM ET] targeting [4:44:49 PM ET] tools [4:44:50 PM ET] help beat [4:44:51 PM ET] B2B [4:44:51 PM ET] advertisers reach out to the [4:44:51 PM ET] our in market audiences targeting tools help b2b advertisers reach [4:44:52 PM ET] people [4:44:52 PM ET] actively reaching out to [4:44:53 PM ET] or connecting to [4:44:53 PM ET] the [4:44:54 PM ET] a [4:44:55 PM ET] purchase. [4:44:55 PM ET] including [4:44:55 PM ET] in [4:44:55 PM ET] the [4:44:56 PM ET] enterprise [4:44:56 PM ET] people actively researching or considering a purchase [4:44:56 PM ET] and [4:44:57 PM ET] business [4:44:57 PM ET] AI. [4:44:57 PM ET] and [4:44:58 PM ET] cybersecurity [4:44:59 PM ET] including in the enterprise and business ai and cybersecurity industries [4:45:00 PM ET] industries. [4:45:00 PM ET] B2B [4:45:01 PM ET] advertisers using these [4:45:02 PM ET] audiences so that we can use the same [4:45:02 PM ET] an [4:45:03 PM ET] average [4:45:03 PM ET] cost [4:45:03 PM ET] per [4:45:03 PM ET] action [4:45:04 PM ET] improvement [4:45:04 PM ET] of [4:45:04 PM ET] b2b advertisers using these audiences saw an average cost per action improvement [4:45:05 PM ET] about [4:45:05 PM ET] 70% of the millions of [4:45:05 PM ET] percent compared to the [4:45:06 PM ET] other [4:45:06 PM ET] first [4:45:07 PM ET] first-party [4:45:07 PM ET] targeting on [4:45:08 PM ET] of about seven percent compared to other first party targeting options [4:45:08 PM ET] options. [4:45:09 PM ET] We're also [4:45:09 PM ET] adding [4:45:09 PM ET] audience [4:45:09 PM ET] and [4:45:10 PM ET] measurement [4:45:11 PM ET] partners [4:45:11 PM ET] and [4:45:11 PM ET] testing [4:45:12 PM ET] CRM [4:45:13 PM ET] we're also adding audience and measurement partners and testing crm integrations [4:45:13 PM ET] integrations. [4:45:13 PM ET] helping [4:45:14 PM ET] advertisers [4:45:14 PM ET] connect [4:45:15 PM ET] Reddit [4:45:15 PM ET] campaigns [4:45:15 PM ET] to [4:45:15 PM ET] their [4:45:16 PM ET] sales [4:45:16 PM ET] workflows [4:45:16 PM ET] and [4:45:17 PM ET] assess [4:45:17 PM ET] performance [4:45:18 PM ET] across [4:45:18 PM ET] the [4:45:18 PM ET] helping advertisers connect reddit campaigns to their sales workflows and assess [4:45:18 PM ET] performance across the funnel [4:45:19 PM ET] funnel. [4:45:20 PM ET] Next, I'll discuss the [4:45:20 PM ET] how to do [4:45:20 PM ET] we're going [4:45:20 PM ET] be able [4:45:21 PM ET] expanding [4:45:21 PM ET] the [4:45:21 PM ET] Reddit for the [4:45:21 PM ET] Business [4:45:23 PM ET] ecosystem. [4:45:23 PM ET] next i'll discuss how we're expanding the reddit for business ecosystem [4:45:23 PM ET] We continue to [4:45:24 PM ET] expand [4:45:24 PM ET] our [4:45:24 PM ET] ecosystem [4:45:24 PM ET] by adding a [4:45:25 PM ET] part of the [4:45:25 PM ET] that [4:45:26 PM ET] extending our [4:45:26 PM ET] products [4:45:27 PM ET] through [4:45:27 PM ET] existing [4:45:27 PM ET] we continue to expand our ecosystem by adding partners and extending our products [4:45:29 PM ET] integrations. [4:45:29 PM ET] In [4:45:30 PM ET] Q3, [4:45:30 PM ET] revenue from [4:45:30 PM ET] our [4:45:30 PM ET] ads [4:45:31 PM ET] API is a very good [4:45:31 PM ET] equals [4:45:31 PM ET] through existing integrations in q3 revenue from our ads api ecosystem [4:45:32 PM ET] ecosystem [4:45:32 PM ET] grew [4:45:32 PM ET] more [4:45:32 PM ET] than [4:45:33 PM ET] 40% of the [4:45:33 PM ET] of the [4:45:34 PM ET] quarter over [4:45:35 PM ET] quarter. [4:45:35 PM ET] We [4:45:35 PM ET] added [4:45:36 PM ET] Innovid [4:45:36 PM ET] and [4:45:36 PM ET] Sky to our [4:45:36 PM ET] ecosystem grew more than forty five percent quarter over quarter [4:45:37 PM ET] advertising [4:45:37 PM ET] and [4:45:38 PM ET] customer [4:45:38 PM ET] management [4:45:39 PM ET] partnerships and [4:45:39 PM ET] began [4:45:40 PM ET] a [4:45:40 PM ET] we added innovate and sky to our advertising and customer management partnerships [4:45:40 PM ET] beta [4:45:40 PM ET] integration [4:45:40 PM ET] with [4:45:42 PM ET] HubSpot. [4:45:42 PM ET] We also launched a new publication of the [4:45:43 PM ET] Smartly's. [4:45:43 PM ET] Max [4:45:43 PM ET] API [4:45:44 PM ET] and began a beta integration with hubspot we also launched smartly's max [4:45:44 PM ET] integration, the [4:45:44 PM ET] first 13 [4:45:44 PM ET] of the [4:45:45 PM ET] integration [4:45:45 PM ET] for [4:45:46 PM ET] Max [4:45:46 PM ET] Campaign [4:45:47 PM ET] management. [4:45:48 PM ET] api integration the first third party integration for max campaign management [4:45:48 PM ET] Our Shopify integration is a very important thing to do with the [4:45:48 PM ET] is a very [4:45:48 PM ET] important thing to [4:45:49 PM ET] also [4:45:49 PM ET] continues to be a major [4:45:49 PM ET] available the [4:45:49 PM ET] very important [4:45:50 PM ET] to [4:45:50 PM ET] scale [4:45:50 PM ET] following [4:45:51 PM ET] its [4:45:51 PM ET] general [4:45:51 PM ET] availability [4:45:52 PM ET] launch [4:45:52 PM ET] in [4:45:52 PM ET] our shopify integration also continued to scale following [4:45:53 PM ET] May. [4:45:53 PM ET] Using [4:45:54 PM ET] Reddit's DPS, the USB is a very good [4:45:54 PM ET] process, [4:45:55 PM ET] product and [4:45:55 PM ET] Shopify, the product is a product of [4:45:55 PM ET] its general availability launch in may using reddit [4:45:56 PM ET] integration, back to the [4:45:57 PM ET] and [4:45:57 PM ET] accessories [4:45:58 PM ET] company, and the production of the [4:45:58 PM ET] dpa product and shopify integration backpack and accessories [4:45:59 PM ET] Ethnotech [4:46:00 PM ET] connected [4:46:00 PM ET] its [4:46:00 PM ET] catalog [4:46:00 PM ET] to serve as a [4:46:01 PM ET] service the [4:46:01 PM ET] most [4:46:02 PM ET] relevant [4:46:02 PM ET] products to high-level [4:46:02 PM ET] company ethnotech connected its catalog to [4:46:02 PM ET] high [4:46:03 PM ET] intense [4:46:04 PM ET] service the most relevant products to high intent shoppers [4:46:04 PM ET] shoppers. [4:46:05 PM ET] They campaigned over the fourth [4:46:05 PM ET] a four [4:46:05 PM ET] 4x [4:46:06 PM ET] return on the [4:46:07 PM ET] advertising [4:46:07 PM ET] spend and a [4:46:08 PM ET] 40 [4:46:08 PM ET] more [4:46:09 PM ET] they campaigned over the 4x return on advertising spend [4:46:09 PM ET] efficient [4:46:10 PM ET] CPA, [4:46:10 PM ET] helping [4:46:10 PM ET] ethnotech [4:46:11 PM ET] scale [4:46:11 PM ET] while [4:46:11 PM ET] keeping [4:46:12 PM ET] the [4:46:12 PM ET] ads [4:46:12 PM ET] and a forty percent more efficient cpa helping ethnotech scale [4:46:12 PM ET] relevant to each [4:46:13 PM ET] while keeping the ads relevant to each user [4:46:14 PM ET] user. [4:46:14 PM ET] On measurement, the user is a very good [4:46:15 PM ET] third party, and the [4:46:15 PM ET] research is a very important thing to [4:46:16 PM ET] value, and the research [4:46:16 PM ET] our [4:46:17 PM ET] impact according to the [4:46:17 PM ET] verticals [4:46:18 PM ET] and [4:46:18 PM ET] on measurement third party research validates our impact across verticals and categories [4:46:19 PM ET] categories. [4:46:19 PM ET] Research from [4:46:20 PM ET] a [4:46:20 PM ET] team of the United [4:46:20 PM ET] that technology is a very [4:46:20 PM ET] the team important [4:46:20 PM ET] that current [4:46:20 PM ET] audio is a very important thing to [4:46:21 PM ET] audiences [4:46:22 PM ET] generated [4:46:22 PM ET] higher levels of the [4:46:22 PM ET] lifetime [4:46:23 PM ET] value across the [4:46:23 PM ET] research from a team found that reddit audiences generate higher lifetime value across [4:46:24 PM ET] CPG. [4:46:25 PM ET] Quick serve [4:46:26 PM ET] restaurants, [4:46:26 PM ET] USR, [4:46:26 PM ET] and [4:46:27 PM ET] retail [4:46:28 PM ET] categories. [4:46:28 PM ET] cpg quick serve restaurant qsr and retail categories [4:46:29 PM ET] Reddit shoppers [4:46:29 PM ET] delivered [4:46:29 PM ET] 70% of the [4:46:30 PM ET] percent [4:46:30 PM ET] higher than the city of the [4:46:31 PM ET] LTV [4:46:31 PM ET] and [4:46:32 PM ET] personal [4:46:32 PM ET] care and [4:46:33 PM ET] reddit shoppers delivered seventeen percent higher ltv in personal care and beauty [4:46:33 PM ET] beauty. [4:46:33 PM ET] 19% of the lower levels of the [4:46:34 PM ET] higher [4:46:34 PM ET] value in [4:46:34 PM ET] QSR [4:46:35 PM ET] beverage and [4:46:36 PM ET] snacks. [4:46:36 PM ET] and [4:46:37 PM ET] 11% higher [4:46:37 PM ET] value [4:46:37 PM ET] nineteen percent higher value in qsr beverage and snacks [4:46:37 PM ET] in [4:46:38 PM ET] retail [4:46:38 PM ET] beauty [4:46:38 PM ET] and [4:46:39 PM ET] personal [4:46:40 PM ET] care. [4:46:40 PM ET] Assamba [4:46:40 PM ET] and eleven percent higher value in retail beauty and personal care [4:46:41 PM ET] meta-analysis of the city of the United [4:46:41 PM ET] colour [4:46:41 PM ET] 20% the city of the United [4:46:42 PM ET] of the city of the [4:46:42 PM ET] tune-in [4:46:43 PM ET] campaigns [4:46:43 PM ET] found [4:46:43 PM ET] Reddit [4:46:44 PM ET] ads [4:46:44 PM ET] drove [4:46:44 PM ET] an average [4:46:44 PM ET] a samba meta analysis of twenty five tune in campaigns [4:46:44 PM ET] 80% of the [4:46:45 PM ET] 18% of the [4:46:46 PM ET] percent [4:46:46 PM ET] incremental [4:46:46 PM ET] lift [4:46:46 PM ET] in [4:46:46 PM ET] two [4:46:47 PM ET] tune [4:46:47 PM ET] in across the [4:46:48 PM ET] on reddit ads drove an average eighteen percent incremental lift in tunein [4:46:48 PM ET] linear [4:46:48 PM ET] and [4:46:49 PM ET] across linear and streaming [4:46:49 PM ET] streaming [4:46:49 PM ET] with [4:46:50 PM ET] exposed [4:46:50 PM ET] households watching the [4:46:51 PM ET] 15% of the [4:46:52 PM ET] more [4:46:52 PM ET] minutes [4:46:52 PM ET] than [4:46:52 PM ET] the [4:46:53 PM ET] competitive [4:46:54 PM ET] with exposed households watching fifteen percent more minutes than the competitive benchmark [4:46:54 PM ET] benchmark. [4:46:55 PM ET] Demonstrating [4:46:55 PM ET] that [4:46:55 PM ET] Reddit drew a lot of the [4:46:56 PM ET] drove [4:46:56 PM ET] both [4:46:56 PM ET] more [4:46:56 PM ET] tune [4:46:57 PM ET] and [4:46:58 PM ET] deeper [4:46:59 PM ET] demonstrating that reddit drove both more tune in and deeper viewing [4:46:59 PM ET] viewing. [4:47:00 PM ET] Lastly, I'll [4:47:00 PM ET] share [4:47:00 PM ET] an [4:47:00 PM ET] update on the [4:47:01 PM ET] our [4:47:01 PM ET] consumer [4:47:01 PM ET] marketing [4:47:02 PM ET] lastly i'll share an update on our consumer marketing efforts [4:47:02 PM ET] efforts. [4:47:03 PM ET] Our marketing [4:47:03 PM ET] strategy [4:47:03 PM ET] is [4:47:03 PM ET] to broaden the [4:47:04 PM ET] awareness of [4:47:04 PM ET] the [4:47:05 PM ET] Reddit [4:47:05 PM ET] and increase [4:47:05 PM ET] our [4:47:06 PM ET] top [4:47:06 PM ET] of [4:47:06 PM ET] funnel [4:47:06 PM ET] for [4:47:06 PM ET] logged [4:47:07 PM ET] in [4:47:07 PM ET] our marketing strategy is to broaden awareness of reddit and increase our [4:47:07 PM ET] and [4:47:07 PM ET] app [4:47:08 PM ET] users. [4:47:08 PM ET] To [4:47:09 PM ET] build awareness, we're going to be able to do a lot [4:47:09 PM ET] going use the [4:47:09 PM ET] to [4:47:09 PM ET] be able do [4:47:10 PM ET] use the [4:47:10 PM ET] our [4:47:10 PM ET] brand new [4:47:10 PM ET] top of funnel for logged in and app users to build awareness we're [4:47:12 PM ET] strategy. [4:47:12 PM ET] our brand [4:47:13 PM ET] campaign, [4:47:13 PM ET] people are [4:47:13 PM ET] the Best [4:47:14 PM ET] is a very important thing to [4:47:14 PM ET] continuing to evaluate our brand strategy our brand campaign people are the best [4:47:14 PM ET] showing early on the [4:47:16 PM ET] promise. [4:47:16 PM ET] with [4:47:16 PM ET] gains in [4:47:17 PM ET] and [4:47:17 PM ET] reddits [4:47:17 PM ET] relevance [4:47:17 PM ET] and [4:47:18 PM ET] strong [4:47:18 PM ET] ad [4:47:19 PM ET] is showing early promise with gains in reddit's relevance and strong ad recall [4:47:19 PM ET] recall. [4:47:20 PM ET] We also brought Reddit's [4:47:20 PM ET] community to the United [4:47:21 PM ET] life [4:47:21 PM ET] through our [4:47:22 PM ET] r [4:47:22 PM ET] slash [4:47:23 PM ET] Bodega, [4:47:23 PM ET] our [4:47:23 PM ET] first [4:47:23 PM ET] ever [4:47:24 PM ET] we also brought reddit communities to life through rbodega [4:47:24 PM ET] community [4:47:24 PM ET] pop-up [4:47:24 PM ET] in New [4:47:24 PM ET] York [4:47:25 PM ET] our first ever community pop up in new york city [4:47:26 PM ET] City. [4:47:26 PM ET] The Bodega [4:47:27 PM ET] represented 75% of the country's [4:47:27 PM ET] Reddit [4:47:28 PM ET] communities [4:47:28 PM ET] and reached the United [4:47:28 PM ET] hundreds of [4:47:29 PM ET] thousands of [4:47:30 PM ET] people in [4:47:30 PM ET] the bodega represented seventy five reddit communities and reached hundreds of thousands of people [4:47:31 PM ET] person [4:47:31 PM ET] and [4:47:32 PM ET] online. [4:47:32 PM ET] driving [4:47:33 PM ET] engagement [4:47:33 PM ET] both at the end of the [4:47:33 PM ET] event [4:47:34 PM ET] and across the [4:47:34 PM ET] Reddit [4:47:35 PM ET] in person and online driving engagement both at the event and across reddit communities [4:47:36 PM ET] communities. [4:47:36 PM ET] For our payment, we have a lot of people who are [4:47:37 PM ET] marketing, we have [4:47:37 PM ET] strength, to be able to do [4:47:37 PM ET] we have a lot of [4:47:38 PM ET] are starting to do [4:47:38 PM ET] share the [4:47:39 PM ET] shift [4:47:39 PM ET] focus [4:47:40 PM ET] from [4:47:40 PM ET] for our paid marketing strategy we are starting to shift focus [4:47:40 PM ET] reach [4:47:41 PM ET] web [4:47:41 PM ET] campaigns [4:47:41 PM ET] to [4:47:42 PM ET] app [4:47:43 PM ET] campaigns. [4:47:43 PM ET] This [4:47:43 PM ET] aligns [4:47:43 PM ET] with [4:47:44 PM ET] our [4:47:44 PM ET] from reach web campaigns to app campaigns [4:47:45 PM ET] strategy of putting our campaigns to the [4:47:46 PM ET] potentially [4:47:46 PM ET] trading [4:47:46 PM ET] some [4:47:47 PM ET] reach [4:47:47 PM ET] for [4:47:47 PM ET] a [4:47:47 PM ET] higher [4:47:47 PM ET] this aligns with our strategy of potentially trading some reach [4:47:48 PM ET] value in [4:47:48 PM ET] engaged [4:47:49 PM ET] for higher value engaged users [4:47:50 PM ET] users. [4:47:50 PM ET] It's [4:47:51 PM ET] early, but in [4:47:51 PM ET] our experience, we're using the [4:47:51 PM ET] a lot of [4:47:51 PM ET] we have people who are not [4:47:51 PM ET] so that can use the same [4:47:51 PM ET] far, we're going to be able to do [4:47:52 PM ET] we're [4:47:52 PM ET] far, [4:47:52 PM ET] our users are using the [4:47:53 PM ET] U.S. applications are [4:47:53 PM ET] is a very important [4:47:53 PM ET] install [4:47:54 PM ET] campaigns [4:47:54 PM ET] can [4:47:54 PM ET] it's early but in our experience so far our u s app install campaigns [4:47:54 PM ET] retain [4:47:55 PM ET] new [4:47:55 PM ET] users at [4:47:56 PM ET] rates compared to the [4:47:57 PM ET] organic [4:47:57 PM ET] app [4:47:58 PM ET] can retain new users at rates comparable to organic app users [4:47:58 PM ET] users. [4:47:59 PM ET] Outside the [4:48:00 PM ET] U.S., [4:48:00 PM ET] Reach-based user markets, and the [4:48:01 PM ET] marketing is [4:48:01 PM ET] more of [4:48:01 PM ET] a [4:48:02 PM ET] lever [4:48:02 PM ET] given [4:48:02 PM ET] the [4:48:02 PM ET] outside the u s reach based user marketing [4:48:03 PM ET] lower [4:48:03 PM ET] awareness [4:48:03 PM ET] of [4:48:03 PM ET] Reddit [4:48:04 PM ET] is more of a lever given the lower awareness of reddit's brand [4:48:05 PM ET] brand. [4:48:05 PM ET] In the quarter, [4:48:05 PM ET] we increased the [4:48:06 PM ET] brand new [4:48:06 PM ET] user [4:48:07 PM ET] marketing [4:48:07 PM ET] spend in the middle of the [4:48:08 PM ET] internationally in [4:48:08 PM ET] part [4:48:08 PM ET] to come [4:48:08 PM ET] compensate for the [4:48:09 PM ET] loss of [4:48:09 PM ET] the [4:48:09 PM ET] in the quarter we increased user marketing spend internationally [4:48:10 PM ET] reached from the [4:48:10 PM ET] declines of the [4:48:10 PM ET] social [4:48:11 PM ET] search [4:48:11 PM ET] referral traffic. [4:48:12 PM ET] in part to compensate for the loss reached from the declines of search referral traffic [4:48:12 PM ET] I think that's a good idea. [4:48:12 PM ET] This enables the same [4:48:13 PM ET] us to be able to do [4:48:13 PM ET] continue [4:48:14 PM ET] increase the search for the search for the [4:48:14 PM ET] new [4:48:14 PM ET] users to the [4:48:16 PM ET] platform. [4:48:16 PM ET] We will evaluate [4:48:17 PM ET] the effects of the [4:48:17 PM ET] this enabled us to continue to introduce new users to the platform [4:48:17 PM ET] that [4:48:18 PM ET] spend over the [4:48:18 PM ET] next few [4:48:19 PM ET] quarters. [4:48:20 PM ET] And we're also exploring ways [4:48:20 PM ET] to [4:48:20 PM ET] we will evaluate the effectiveness of that spend over the next few quarters [4:48:21 PM ET] re-engage with the [4:48:21 PM ET] logged [4:48:22 PM ET] in [4:48:22 PM ET] and apply to the [4:48:23 PM ET] users [4:48:23 PM ET] to sustain the [4:48:24 PM ET] core [4:48:24 PM ET] we're also exploring ways to reengage logged in and app users [4:48:24 PM ET] usage [4:48:24 PM ET] and [4:48:24 PM ET] offset the [4:48:25 PM ET] pressure [4:48:25 PM ET] from [4:48:25 PM ET] search [4:48:26 PM ET] referrals [4:48:26 PM ET] traffic. [4:48:26 PM ET] to sustain core usage and offset pressure from search referral traffic [4:48:28 PM ET] Overall this was [4:48:28 PM ET] a [4:48:28 PM ET] another [4:48:29 PM ET] strong [4:48:29 PM ET] quarter [4:48:29 PM ET] for [4:48:30 PM ET] Reddit. [4:48:30 PM ET] Our results [4:48:31 PM ET] reflect [4:48:31 PM ET] strong [4:48:31 PM ET] execution by [4:48:31 PM ET] overall this was another strong quarter for reddit [4:48:32 PM ET] our [4:48:32 PM ET] teams and the [4:48:33 PM ET] value of [4:48:33 PM ET] the [4:48:33 PM ET] Reddit [4:48:34 PM ET] delivers [4:48:34 PM ET] to [4:48:34 PM ET] users [4:48:34 PM ET] and [4:48:35 PM ET] our results reflect strong execution by our teams and the value reddit delivers [4:48:35 PM ET] to users and customers [4:48:36 PM ET] customers. [4:48:36 PM ET] We're well positioned to use the [4:48:37 PM ET] be able [4:48:37 PM ET] on [4:48:37 PM ET] this [4:48:38 PM ET] progress in the [4:48:38 PM ET] fourth [4:48:39 PM ET] quarter [4:48:39 PM ET] and [4:48:39 PM ET] into [4:48:40 PM ET] we're well positioned to build on this progress in the fourth quarter [4:48:40 PM ET] and into twenty twenty seven [4:48:41 PM ET] 2027. Thank [4:48:41 PM ET] you [4:48:41 PM ET] for joining [4:48:42 PM ET] us and for [4:48:42 PM ET] your [4:48:42 PM ET] continued [4:48:43 PM ET] support. [4:48:43 PM ET] Now I'll turn the call to the next [4:48:44 PM ET] over [4:48:45 PM ET] Drew. [4:48:45 PM ET] Thank [4:48:45 PM ET] you, [4:48:46 PM ET] thank you for joining us and for your continued support now i'll turn the call over to drew [4:48:46 PM ET] Jen, and good [4:48:46 PM ET] afternoon, [4:48:47 PM ET] everyone. [4:48:48 PM ET] Q3 demonstrated [4:48:49 PM ET] again this [4:48:49 PM ET] of the state of the [4:48:50 PM ET] thank you jim and good afternoon everyone q3 demonstrated again the strength of reddit [4:48:50 PM ET] Reddit's [4:48:50 PM ET] one of the most [4:48:51 PM ET] financial [4:48:52 PM ET] one of one financial model [4:48:52 PM ET] model. [4:48:52 PM ET] Simply [4:48:53 PM ET] put, [4:48:53 PM ET] we should be able to do [4:48:54 PM ET] showcased [4:48:55 PM ET] cash [4:48:55 PM ET] generation, [4:48:56 PM ET] earnings [4:48:56 PM ET] power, [4:48:57 PM ET] simply put we showcased cash generation earnings power [4:48:57 PM ET] invest in [4:48:57 PM ET] class [4:48:58 PM ET] margins [4:48:58 PM ET] to [4:48:59 PM ET] and best in class margins to scale [4:48:59 PM ET] scale. [4:49:00 PM ET] On cash [4:49:01 PM ET] generation, [4:49:01 PM ET] our first [4:49:01 PM ET] cash is a general [4:49:01 PM ET] generation very important [4:49:01 PM ET] flow [4:49:01 PM ET] margins are [4:49:02 PM ET] margin reaches the [4:49:02 PM ET] $4 [4:49:03 PM ET] 41 percent in [4:49:03 PM ET] cash [4:49:04 PM ET] on cash generation our free cash flow margin reached forty one percent [4:49:04 PM ET] Q3 [4:49:04 PM ET] while free cash flow markets are [4:49:05 PM ET] was a very good [4:49:06 PM ET] 360 [4:49:08 PM ET] million. [4:49:08 PM ET] up $9 [4:49:08 PM ET] in q3 while free cash flow was three sixty three million [4:49:08 PM ET] $90 [4:49:09 PM ET] year over [4:49:10 PM ET] up ninety eight percent year over year [4:49:10 PM ET] year. [4:49:11 PM ET] Reddit's [4:49:11 PM ET] cash and [4:49:12 PM ET] investments top [4:49:12 PM ET] three [4:49:13 PM ET] $3 [4:49:14 PM ET] billion for [4:49:14 PM ET] the first [4:49:15 PM ET] reddit's cash and investments topped three billion dollars for the first time [4:49:15 PM ET] first [4:49:15 PM ET] time. [4:49:16 PM ET] On earnings [4:49:17 PM ET] power, [4:49:18 PM ET] Q3 gapped [4:49:18 PM ET] the [4:49:18 PM ET] diluted [4:49:19 PM ET] EPS and [4:49:19 PM ET] the [4:49:19 PM ET] adjusted [4:49:20 PM ET] on earnings power q3 gaap diluted eps [4:49:20 PM ET] EBITDA [4:49:20 PM ET] both [4:49:21 PM ET] grew [4:49:21 PM ET] over [4:49:22 PM ET] 70% [4:49:22 PM ET] year over [4:49:23 PM ET] year. [4:49:24 PM ET] and adjusted ebitda both grew over seventy percent year over year [4:49:24 PM ET] Year to [4:49:24 PM ET] date, adjusted [4:49:25 PM ET] EBITDA [4:49:25 PM ET] surpassed the [4:49:25 PM ET] $1.5 [4:49:25 PM ET] $1 [4:49:26 PM ET] billion. [4:49:27 PM ET] nearly $1 [4:49:27 PM ET] double a [4:49:27 PM ET] year [4:49:28 PM ET] year to date adjusted ebitda surpassed one billion dollars [4:49:29 PM ET] ago. [4:49:29 PM ET] and for [4:49:30 PM ET] best and close to the [4:49:30 PM ET] class, I'm not sure if I can [4:49:31 PM ET] margins, [4:49:31 PM ET] Reddit [4:49:31 PM ET] shined against the [4:49:31 PM ET] nearly double a year ago and for best in class [4:49:32 PM ET] again. [4:49:33 PM ET] Net income [4:49:33 PM ET] margin [4:49:33 PM ET] was [4:49:34 PM ET] 32 [4:49:34 PM ET] two [4:49:35 PM ET] percent. [4:49:35 PM ET] class margins reddit shined again net income margin was thirty two percent [4:49:35 PM ET] adjusted [4:49:35 PM ET] EBITDA [4:49:35 PM ET] margin was [4:49:36 PM ET] 45 [4:49:37 PM ET] percent. [4:49:37 PM ET] gross [4:49:37 PM ET] margin was [4:49:38 PM ET] were [4:49:39 PM ET] ninety-one point five [4:49:39 PM ET] adjusted ebitda margin was forty five percent gross margins were ninety one point five percent [4:49:41 PM ET] I'll now provide a number of [4:49:41 PM ET] an [4:49:41 PM ET] more [4:49:41 PM ET] color on the [4:49:42 PM ET] our QR [4:49:43 PM ET] now provide more color on our q3 results [4:49:43 PM ET] Q3 [4:49:44 PM ET] results. [4:49:44 PM ET] Q3 revenue [4:49:45 PM ET] was [4:49:45 PM ET] $895 [4:49:46 PM ET] million up to [4:49:46 PM ET] $50 [4:49:46 PM ET] q3 revenue was eight ninety five million dollars up [4:49:47 PM ET] percent you [4:49:47 PM ET] year over [4:49:48 PM ET] year. [4:49:49 PM ET] Advertising [4:49:49 PM ET] revenue [4:49:49 PM ET] was 80% of the [4:49:50 PM ET] hundred and forty [4:49:51 PM ET] million [4:49:51 PM ET] fifty three percent year over year advertising revenue was eight forty seven million dollars [4:49:51 PM ET] up $5 [4:49:51 PM ET] $54 [4:49:52 PM ET] year [4:49:52 PM ET] over [4:49:53 PM ET] year. [4:49:53 PM ET] and other [4:49:54 PM ET] revenue [4:49:54 PM ET] was 40 [4:49:54 PM ET] $48 [4:49:55 PM ET] million up to [4:49:55 PM ET] $35 [4:49:55 PM ET] per [4:49:56 PM ET] percent year over [4:49:56 PM ET] up fifty four percent year over year and other revenue was forty eight million dollars up thirty five percent [4:49:57 PM ET] year over year [4:49:57 PM ET] year. [4:49:58 PM ET] U.S. revenues [4:49:58 PM ET] grew [4:49:58 PM ET] 50% of the [4:49:59 PM ET] percent [4:49:59 PM ET] of the [4:49:59 PM ET] in [4:49:59 PM ET] and [4:50:00 PM ET] international [4:50:00 PM ET] revenues [4:50:00 PM ET] grew [4:50:02 PM ET] 67%. [4:50:02 PM ET] u s revenues grew fifty percent and international revenues grew sixty seven percent [4:50:02 PM ET] percent. [4:50:02 PM ET] Average revenue green green green [4:50:03 PM ET] percentage of the 20% of the [4:50:03 PM ET] per [4:50:03 PM ET] unit is a very important period [4:50:04 PM ET] user grew [4:50:05 PM ET] 36%. [4:50:05 PM ET] year over [4:50:06 PM ET] year to [4:50:07 PM ET] average revenue per unique user grew thirty six percent year over year [4:50:08 PM ET] $6.87. [4:50:08 PM ET] to six point eight seven dollars [4:50:09 PM ET] Moving to the extent to expanding extraction. [4:50:10 PM ET] Moving to [4:50:10 PM ET] expenses, we can't do [4:50:10 PM ET] to [4:50:11 PM ET] in [4:50:11 PM ET] invest the [4:50:12 PM ET] business that [4:50:12 PM ET] it [4:50:12 PM ET] healthy [4:50:13 PM ET] rate. [4:50:14 PM ET] Total [4:50:14 PM ET] adjusted costs are a good [4:50:14 PM ET] moving to expenses we continue to invest in the business at a healthy rate [4:50:14 PM ET] cost and [4:50:15 PM ET] expenses [4:50:15 PM ET] were 40% of the [4:50:17 PM ET] million, up [4:50:18 PM ET] $49 [4:50:18 PM ET] total adjusted cost and expenses were four ninety three million [4:50:18 PM ET] 41%. [4:50:19 PM ET] percent year over [4:50:19 PM ET] very [4:50:20 PM ET] consistent with [4:50:21 PM ET] our [4:50:21 PM ET] expense [4:50:21 PM ET] growth [4:50:21 PM ET] rate over the [4:50:22 PM ET] last [4:50:22 PM ET] four [4:50:22 PM ET] up forty one percent year over year very consistent with our expense growth rate over the last [4:50:24 PM ET] quarters. [4:50:24 PM ET] We continue to be [4:50:25 PM ET] thoughtful [4:50:25 PM ET] about [4:50:25 PM ET] the balance of the [4:50:26 PM ET] between the [4:50:26 PM ET] growth and [4:50:27 PM ET] four quarters we continue to be thoughtful about the balance [4:50:27 PM ET] investment [4:50:28 PM ET] as [4:50:28 PM ET] revenue [4:50:28 PM ET] grew a lot of the [4:50:29 PM ET] one percent of the [4:50:29 PM ET] base, base is [4:50:30 PM ET] times 10% of the [4:50:30 PM ET] rate [4:50:30 PM ET] between growth and investment as revenue grew approximately one point three times the rate [4:50:31 PM ET] total [4:50:31 PM ET] adjusted [4:50:32 PM ET] cost. [4:50:32 PM ET] And our [4:50:33 PM ET] incremental [4:50:33 PM ET] even though we have to do [4:50:33 PM ET] is a very good [4:50:33 PM ET] market [4:50:33 PM ET] are [4:50:34 PM ET] adjusted [4:50:34 PM ET] EBITDA [4:50:35 PM ET] margin [4:50:35 PM ET] was 50% of the [4:50:35 PM ET] total adjusted cost and our incremental ebitda margin adjusted ebitda margin was [4:50:36 PM ET] fifty four [4:50:36 PM ET] four percent [4:50:37 PM ET] Gross margins were [4:50:38 PM ET] was [4:50:38 PM ET] not [4:50:39 PM ET] 91.5% of the [4:50:39 PM ET] up to [4:50:40 PM ET] 50% based on the [4:50:40 PM ET] basis [4:50:40 PM ET] points [4:50:40 PM ET] from last [4:50:41 PM ET] gross margin was ninety one point five percent up fifty basis points from last year [4:50:42 PM ET] year. [4:50:42 PM ET] Cost of [4:50:42 PM ET] revenue [4:50:42 PM ET] was a very good [4:50:43 PM ET] approximately 60% of the [4:50:44 PM ET] 76% of the [4:50:45 PM ET] million, up $40 [4:50:45 PM ET] 44 [4:50:45 PM ET] percent year per [4:50:45 PM ET] over [4:50:46 PM ET] cost of revenue was approximately seventy six million dollars up forty four percent year over year [4:50:46 PM ET] year. [4:50:47 PM ET] reflecting [4:50:48 PM ET] investments in [4:50:48 PM ET] machine [4:50:49 PM ET] learning, science, and [4:50:49 PM ET] performance, the [4:50:50 PM ET] methods, [4:50:50 PM ET] the site, and the [4:50:51 PM ET] reflecting investments in machine learning site performance [4:50:51 PM ET] measurement and safety [4:50:52 PM ET] safety. [4:50:53 PM ET] The benefit from [4:50:53 PM ET] incremental risk is a very [4:50:54 PM ET] revenue and [4:50:54 PM ET] ongoing [4:50:54 PM ET] interest is [4:50:55 PM ET] of 50% of the 50% of the [4:50:55 PM ET] efficiency [4:50:56 PM ET] projects [4:50:56 PM ET] the benefit from incremental revenue and ongoing infrastructure efficiency projects [4:50:56 PM ET] helped [4:50:57 PM ET] us [4:50:57 PM ET] do [4:50:57 PM ET] more [4:50:57 PM ET] than [4:50:58 PM ET] offset [4:50:58 PM ET] these [4:50:59 PM ET] these cost [4:51:00 PM ET] increases and [4:51:00 PM ET] maintain [4:51:01 PM ET] gross [4:51:01 PM ET] margins [4:51:01 PM ET] helped us to more than offset these cost increases [4:51:01 PM ET] above 90% of [4:51:02 PM ET] ninety [4:51:02 PM ET] percent [4:51:02 PM ET] for [4:51:02 PM ET] the next [4:51:03 PM ET] 90 [4:51:03 PM ET] consecutive [4:51:04 PM ET] and maintain gross margins above ninety percent for the ninth consecutive quarter [4:51:05 PM ET] quarter. [4:51:06 PM ET] Adjusted [4:51:07 PM ET] operating [4:51:07 PM ET] expenses [4:51:08 PM ET] were [4:51:08 PM ET] $417 [4:51:09 PM ET] million or $4 [4:51:09 PM ET] $46 [4:51:10 PM ET] of [4:51:11 PM ET] revenue compared to the [4:51:11 PM ET] adjusted operating expenses were four seventeen million dollars or forty seven [4:51:11 PM ET] $50 [4:51:11 PM ET] 51% of the [4:51:12 PM ET] last [4:51:12 PM ET] percent of revenue compared to fifty one percent last year [4:51:13 PM ET] year. [4:51:13 PM ET] As we continue [4:51:13 PM ET] to [4:51:14 PM ET] gain [4:51:14 PM ET] operating [4:51:15 PM ET] as we continue to gain operating leverage [4:51:16 PM ET] leverage. [4:51:16 PM ET] Within [4:51:16 PM ET] operating [4:51:17 PM ET] expenses, [4:51:17 PM ET] the [4:51:17 PM ET] two [4:51:17 PM ET] largest investments are the most [4:51:17 PM ET] same as [4:51:18 PM ET] in US is a very [4:51:18 PM ET] areas [4:51:18 PM ET] are [4:51:18 PM ET] headed by the [4:51:19 PM ET] and [4:51:19 PM ET] consumer [4:51:20 PM ET] within operating expenses the two largest investment areas are headcount and consumer marketing [4:51:20 PM ET] marketing. [4:51:21 PM ET] We continue to evaluate the [4:51:21 PM ET] these [4:51:22 PM ET] spans [4:51:22 PM ET] with an [4:51:23 PM ET] ROI [4:51:24 PM ET] we continue to evaluate these spends with an roi mindset [4:51:24 PM ET] mindset. [4:51:25 PM ET] On [4:51:25 PM ET] on hiring [4:51:26 PM ET] hiring [4:51:26 PM ET] the [4:51:26 PM ET] focus [4:51:27 PM ET] remains making a lot of [4:51:27 PM ET] the [4:51:27 PM ET] product [4:51:28 PM ET] better. [4:51:29 PM ET] accelerating [4:51:30 PM ET] monetization, [4:51:30 PM ET] and strengthening [4:51:30 PM ET] the focus remains making the product better accelerating monetization [4:51:31 PM ET] the [4:51:31 PM ET] quality of [4:51:31 PM ET] the [4:51:32 PM ET] our [4:51:32 PM ET] user [4:51:33 PM ET] and strengthening the quality of our user base [4:51:33 PM ET] base. [4:51:34 PM ET] Total [4:51:34 PM ET] headcount [4:51:34 PM ET] grew [4:51:35 PM ET] approximately [4:51:35 PM ET] 3% since the [4:51:36 PM ET] sequentially [4:51:36 PM ET] and [4:51:37 PM ET] 12% [4:51:37 PM ET] year [4:51:37 PM ET] over [4:51:38 PM ET] total headcount grew approximately three percent sequentially [4:51:38 PM ET] and twelve percent year over year [4:51:39 PM ET] year. [4:51:39 PM ET] We continue to be able to do [4:51:39 PM ET] see greater [4:51:39 PM ET] than the [4:51:40 PM ET] cost [4:51:40 PM ET] leverage in [4:51:40 PM ET] and [4:51:42 PM ET] efficiency. [4:51:42 PM ET] efficiency [4:51:42 PM ET] gains in the [4:51:43 PM ET] back [4:51:43 PM ET] of house [4:51:43 PM ET] we continue to see great cost leverage and efficiency [4:51:43 PM ET] areas [4:51:44 PM ET] like [4:51:44 PM ET] G and [4:51:45 PM ET] We [4:51:45 PM ET] ended [4:51:46 PM ET] Q3 with the [4:51:46 PM ET] a very good [4:51:46 PM ET] same [4:51:46 PM ET] efficiency gains in the back of house areas like g and a [4:51:47 PM ET] head count as the [4:51:47 PM ET] we had [4:51:47 PM ET] ended [4:51:47 PM ET] in [4:51:48 PM ET] GNA two years [4:51:49 PM ET] ago. [4:51:49 PM ET] we ended q3 with the same headcount as we had in g and a two years ago [4:51:50 PM ET] back [4:51:50 PM ET] in [4:51:51 PM ET] 2024, we had a lot of [4:51:51 PM ET] in [4:51:51 PM ET] the [4:51:51 PM ET] third [4:51:52 PM ET] back in twenty twenty four in the third quarter [4:51:53 PM ET] quarter. [4:51:54 PM ET] In Q3, [4:51:54 PM ET] our total number of 2023 is a very [4:51:54 PM ET] consumption important [4:51:55 PM ET] market is a very thing to [4:51:55 PM ET] spending [4:51:56 PM ET] was [4:51:56 PM ET] considered a [4:51:56 PM ET] consistent with [4:51:56 PM ET] the [4:51:57 PM ET] prior [4:51:57 PM ET] in q3 our total consumer marketing spend was consistent with the prior quarter [4:51:58 PM ET] quarter. [4:51:58 PM ET] Total spend [4:51:59 PM ET] was [4:51:59 PM ET] mid-single [4:52:00 PM ET] digits on the [4:52:00 PM ET] a private [4:52:00 PM ET] percentage of [4:52:01 PM ET] revenue based on the [4:52:02 PM ET] basis. [4:52:02 PM ET] consistent [4:52:02 PM ET] total spend was mid single digits on a percentage of revenue basis [4:52:02 PM ET] with [4:52:03 PM ET] But [4:52:03 PM ET] the spending is a very good [4:52:04 PM ET] next [4:52:04 PM ET] shift is the [4:52:04 PM ET] by Q [4:52:05 PM ET] category and [4:52:06 PM ET] region. [4:52:06 PM ET] consistent with q2 but the spend mix shifted by category and region [4:52:07 PM ET] In the U.S., as a [4:52:07 PM ET] the US, the US, [4:52:07 PM ET] is very important [4:52:08 PM ET] noted, we have a lot of the [4:52:08 PM ET] should be able to do [4:52:08 PM ET] shifted [4:52:08 PM ET] the [4:52:08 PM ET] a portion of [4:52:09 PM ET] dollars to the [4:52:09 PM ET] away from [4:52:10 PM ET] web [4:52:10 PM ET] user [4:52:11 PM ET] marketing [4:52:11 PM ET] in the u s as jen noted we shifted a portion of dollars away from web user marketing into [4:52:11 PM ET] into [4:52:11 PM ET] app [4:52:12 PM ET] installs and [4:52:12 PM ET] our [4:52:13 PM ET] brand [4:52:14 PM ET] campaign. [4:52:14 PM ET] To [4:52:15 PM ET] date, domestic, and we have to do a lot of [4:52:15 PM ET] markets are [4:52:15 PM ET] work is very good [4:52:16 PM ET] user [4:52:16 PM ET] app installs and our brand campaign to date [4:52:16 PM ET] marketing space is a very important [4:52:17 PM ET] has proved to be lot of the [4:52:17 PM ET] a [4:52:17 PM ET] proven [4:52:18 PM ET] effective [4:52:18 PM ET] at [4:52:19 PM ET] bringing [4:52:19 PM ET] users [4:52:19 PM ET] to reduce [4:52:20 PM ET] domestic web user marketing spend has proven effective [4:52:20 PM ET] but [4:52:20 PM ET] low return to the [4:52:21 PM ET] rates are not [4:52:21 PM ET] have [4:52:22 PM ET] hurt [4:52:23 PM ET] at bringing users to reddit but low retention rates have hurt roi [4:52:23 PM ET] ROI. [4:52:24 PM ET] Internationally, we [4:52:24 PM ET] spent more than 10 [4:52:25 PM ET] dollars [4:52:26 PM ET] on [4:52:26 PM ET] user [4:52:26 PM ET] web [4:52:26 PM ET] marketing [4:52:26 PM ET] to [4:52:27 PM ET] grow [4:52:28 PM ET] reach, [4:52:28 PM ET] internationally we spent more dollars on user web marketing to grow reach [4:52:28 PM ET] driving user [4:52:28 PM ET] users [4:52:28 PM ET] to the [4:52:29 PM ET] platform where [4:52:30 PM ET] they're [4:52:30 PM ET] the [4:52:30 PM ET] brand [4:52:30 PM ET] is [4:52:30 PM ET] less [4:52:30 PM ET] well [4:52:31 PM ET] known. [4:52:31 PM ET] which [4:52:31 PM ET] all of [4:52:32 PM ET] offer the same [4:52:32 PM ET] offset [4:52:32 PM ET] driving users to the platform where the brand is less well known [4:52:32 PM ET] decline [4:52:33 PM ET] in [4:52:34 PM ET] international [4:52:34 PM ET] search [4:52:35 PM ET] referral [4:52:35 PM ET] traffic. [4:52:36 PM ET] which helped offset the declines in international search referral traffic [4:52:37 PM ET] We'll continue to monitor [4:52:38 PM ET] both the dimensions of the [4:52:38 PM ET] and [4:52:39 PM ET] international [4:52:39 PM ET] marketing [4:52:41 PM ET] we'll continue to monitor both the domestic and international marketing performances [4:52:41 PM ET] performances. [4:52:41 PM ET] And [4:52:41 PM ET] will [4:52:41 PM ET] we adjust [4:52:41 PM ET] our [4:52:42 PM ET] spend [4:52:42 PM ET] according to the [4:52:43 PM ET] and we'll adjust our spend accordingly [4:52:43 PM ET] accordingly. [4:52:44 PM ET] Turning now to [4:52:45 PM ET] stock-based [4:52:45 PM ET] compensation [4:52:45 PM ET] and [4:52:46 PM ET] turning now to stock based compensation and dilution [4:52:47 PM ET] dilution. [4:52:47 PM ET] in [4:52:48 PM ET] Q3, [4:52:48 PM ET] in q3 [4:52:48 PM ET] stock-based compensation is a good [4:52:49 PM ET] a very good [4:52:49 PM ET] is [4:52:49 PM ET] and relationships are lot of the [4:52:49 PM ET] to [4:52:50 PM ET] taxes [4:52:50 PM ET] were [4:52:51 PM ET] $136 [4:52:51 PM ET] million [4:52:52 PM ET] or $5 [4:52:52 PM ET] $50 [4:52:52 PM ET] 15% [4:52:52 PM ET] of [4:52:53 PM ET] stock based compensation and related taxes were one hundred and thirty six million dollars or fifteen percent of revenue [4:52:53 PM ET] revenue. [4:52:54 PM ET] down 80% of the [4:52:54 PM ET] bips year over the [4:52:56 PM ET] year. [4:52:56 PM ET] Total fully divided by the [4:52:57 PM ET] shares [4:52:58 PM ET] down eighty bps year over year total fully diluted shares outstanding [4:52:58 PM ET] outstanding were [4:52:58 PM ET] down [4:52:59 PM ET] sequentially, [4:52:59 PM ET] landing [4:52:59 PM ET] at [4:53:00 PM ET] $206.3 [4:53:02 PM ET] million. [4:53:02 PM ET] Year to [4:53:02 PM ET] gross [4:53:03 PM ET] dilution is a very important [4:53:03 PM ET] down sequentially landing at two hundred and six point three million [4:53:03 PM ET] excludes the [4:53:04 PM ET] impact of the [4:53:05 PM ET] buybacks, [4:53:05 PM ET] is one of the most important [4:53:06 PM ET] year to date gross dilution excluding the impact of buybacks [4:53:07 PM ET] 1.2%. [4:53:07 PM ET] So, we have to do that. [4:53:07 PM ET] we're tracking what we're [4:53:07 PM ET] so [4:53:08 PM ET] far [4:53:09 PM ET] against [4:53:09 PM ET] our [4:53:09 PM ET] long-term [4:53:10 PM ET] guide [4:53:10 PM ET] is one point two percent so we're tracking well so far [4:53:10 PM ET] of [4:53:10 PM ET] one to [4:53:11 PM ET] 3% [4:53:11 PM ET] annual [4:53:12 PM ET] against our long term guide of one percent to three percent annual dilution [4:53:13 PM ET] dilution. [4:53:14 PM ET] After buybacks year [4:53:14 PM ET] to [4:53:14 PM ET] date [4:53:14 PM ET] fully [4:53:15 PM ET] diluted [4:53:15 PM ET] share [4:53:15 PM ET] count is up to the [4:53:17 PM ET] point one [4:53:17 PM ET] after buybacks year to date fully diluted share count is up zero point one percent [4:53:17 PM ET] I think that's the only thing that's going to be a very important [4:53:18 PM ET] In [4:53:18 PM ET] Q3, we [4:53:18 PM ET] are [4:53:18 PM ET] purchase the [4:53:18 PM ET] about [4:53:19 PM ET] a hundred [4:53:19 PM ET] $100 [4:53:19 PM ET] million worth [4:53:20 PM ET] of [4:53:20 PM ET] stock at [4:53:20 PM ET] an [4:53:20 PM ET] average [4:53:21 PM ET] price [4:53:21 PM ET] slightly [4:53:21 PM ET] below $100 [4:53:22 PM ET] in 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 ET] price slightly below one hundred and fifty dollars a share [4:53:24 PM ET] share. [4:53:24 PM ET] We have about [4:53:24 PM ET] $600 to [4:53:25 PM ET] million for a [4:53:26 PM ET] remaining on [4:53:26 PM ET] our [4:53:27 PM ET] current [4:53:27 PM ET] buyback [4:53:28 PM ET] we have about six sixty million dollars remaining on our current buyback authorization [4:53:29 PM ET] authorization. [4:53:30 PM ET] A few more [4:53:31 PM ET] points of [4:53:31 PM ET] interest on the [4:53:33 PM ET] Q3 [4:53:33 PM ET] net [4:53:33 PM ET] a few more points of interest on q3 [4:53:33 PM ET] income [4:53:34 PM ET] was [4:53:34 PM ET] $283 [4:53:35 PM ET] million [4:53:35 PM ET] or a [4:53:35 PM ET] $1.5 [4:53:36 PM ET] per [4:53:36 PM ET] basic [4:53:37 PM ET] share and [4:53:37 PM ET] $1.4 [4:53:38 PM ET] net income was two eighty three million dollars or one point four seven dollars per basic share and one point [4:53:38 PM ET] per [4:53:39 PM ET] diluted [4:53:40 PM ET] share compared [4:53:40 PM ET] to [4:53:41 PM ET] $160 per [4:53:42 PM ET] million [4:53:42 PM ET] or [4:53:42 PM ET] $80 [4:53:42 PM ET] four zero dollars per diluted share compared to one hundred and sixty three million [4:53:43 PM ET] $87 [4:53:43 PM ET] per [4:53:43 PM ET] for [4:53:44 PM ET] basic [4:53:44 PM ET] share [4:53:44 PM ET] and $8 [4:53:44 PM ET] $87 [4:53:45 PM ET] cents per [4:53:45 PM ET] basic [4:53:45 PM ET] diluted [4:53:46 PM ET] share a [4:53:46 PM ET] year [4:53:46 PM ET] or zero eight seven dollars per basic share and zero eight zero dollars per diluted share a year ago [4:53:47 PM ET] ago. [4:53:48 PM ET] Capital [4:53:48 PM ET] expenditures [4:53:49 PM ET] were [4:53:49 PM ET] 1.2 [4:53:50 PM ET] million to the [4:53:50 PM ET] business [4:53:50 PM ET] remained [4:53:51 PM ET] capital [4:53:51 PM ET] capital expenditures were one point two million dollars so the business remained capital light [4:53:52 PM ET] light. [4:53:53 PM ET] We ended [4:53:53 PM ET] Q3 with the [4:53:54 PM ET] 3.03 [4:53:55 PM ET] billion in the [4:53:56 PM ET] cash, cash [4:53:56 PM ET] equivalents in [4:53:56 PM ET] and [4:53:56 PM ET] we ended q3 with three point zero three billion dollars in cash [4:53:57 PM ET] marketing [4:53:57 PM ET] marketable [4:53:58 PM ET] securities, [4:53:58 PM ET] which [4:53:59 PM ET] gives flexibility to the [4:54:00 PM ET] exit the [4:54:00 PM ET] a lot [4:54:00 PM ET] on [4:54:00 PM ET] our [4:54:00 PM ET] cash equivalents and marketable securities which gives flexibility to [4:54:00 PM ET] three [4:54:01 PM ET] capital [4:54:01 PM ET] priorities [4:54:01 PM ET] where it [4:54:02 PM ET] makes [4:54:03 PM ET] sense. [4:54:03 PM ET] Investing in the [4:54:04 PM ET] business, [4:54:04 PM ET] M [4:54:05 PM ET] A, [4:54:05 PM ET] execute on our three capital priorities where it makes sense investing in the business [4:54:05 PM ET] and [4:54:05 PM ET] share [4:54:06 PM ET] m and a and share repurchase [4:54:07 PM ET] repurchase. [4:54:08 PM ET] I'd like to share with [4:54:08 PM ET] a [4:54:08 PM ET] quick [4:54:08 PM ET] point on the [4:54:10 PM ET] taxes. [4:54:11 PM ET] Our Q3 taxes are [4:54:11 PM ET] expense [4:54:11 PM ET] was [4:54:11 PM ET] a [4:54:11 PM ET] approximately [4:54:12 PM ET] i'd like to share a quick point on taxes our q3 tax [4:54:12 PM ET] $5.8 [4:54:13 PM ET] million with [4:54:13 PM ET] an [4:54:13 PM ET] effective [4:54:14 PM ET] tax [4:54:14 PM ET] rate [4:54:14 PM ET] of [4:54:14 PM ET] about $2 [4:54:15 PM ET] two [4:54:15 PM ET] expense was approximately five point eight million dollars with an effective tax rate of about two percent [4:54:16 PM ET] percent. [4:54:16 PM ET] So book tax [4:54:17 PM ET] expense [4:54:17 PM ET] remains [4:54:18 PM ET] so book tax expense remains modest [4:54:19 PM ET] modest. [4:54:19 PM ET] We also continue [4:54:19 PM ET] to [4:54:20 PM ET] maintain [4:54:20 PM ET] our [4:54:20 PM ET] full [4:54:21 PM ET] valuation [4:54:22 PM ET] allowances [4:54:22 PM ET] on [4:54:22 PM ET] U.S. Federal [4:54:23 PM ET] and [4:54:23 PM ET] we also continue to maintain our full valuation allowances [4:54:23 PM ET] state [4:54:24 PM ET] deferred [4:54:24 PM ET] tax [4:54:25 PM ET] on u s federal and state deferred tax assets [4:54:25 PM ET] assets. [4:54:26 PM ET] Reddit has now [4:54:27 PM ET] become [4:54:27 PM ET] gap [4:54:27 PM ET] profitable [4:54:28 PM ET] since [4:54:28 PM ET] two thousand [4:54:29 PM ET] in the third [4:54:30 PM ET] reddit has now become gaap profitable since twenty twenty four in the third [4:54:31 PM ET] quarter. [4:54:31 PM ET] We're up to the next [4:54:32 PM ET] our [4:54:32 PM ET] internal [4:54:33 PM ET] forecast as part of the [4:54:33 PM ET] an [4:54:34 PM ET] ongoing [4:54:34 PM ET] assessment [4:54:34 PM ET] to evaluate [4:54:35 PM ET] quarter we're updating our internal forecast as part of [4:54:35 PM ET] whether [4:54:35 PM ET] those [4:54:36 PM ET] full [4:54:36 PM ET] values [4:54:36 PM ET] allows [4:54:37 PM ET] allowances remain [4:54:38 PM ET] appropriate over the [4:54:38 PM ET] an ongoing assessment to evaluate whether those full valuation allowances remain appropriate [4:54:38 PM ET] near [4:54:39 PM ET] over the near term [4:54:40 PM ET] term. [4:54:41 PM ET] Turning now to [4:54:41 PM ET] the [4:54:42 PM ET] outlook. [4:54:42 PM ET] we'll [4:54:42 PM ET] share [4:54:42 PM ET] our [4:54:43 PM ET] internal [4:54:44 PM ET] expectations [4:54:44 PM ET] for [4:54:45 PM ET] revenue and adjust the rest of the [4:54:45 PM ET] turning now to the outlook we'll share our internal expectations for revenue [4:54:45 PM ET] EBITDA for [4:54:46 PM ET] the full [4:54:46 PM ET] fourth [4:54:46 PM ET] quarter of [4:54:48 PM ET] 2026. [4:54:48 PM ET] as well [4:54:48 PM ET] a [4:54:48 PM ET] few [4:54:49 PM ET] additional [4:54:49 PM ET] and adjusted ebitda for the fourth quarter of twenty twenty six [4:54:50 PM ET] as well as a few additional considerations [4:54:51 PM ET] considerations. [4:54:51 PM ET] In the fourth [4:54:51 PM ET] of [4:54:52 PM ET] quarter 2026, [4:54:52 PM ET] we [4:54:52 PM ET] asked the [4:54:53 PM ET] that we had a very important [4:54:54 PM ET] revenue in [4:54:54 PM ET] the [4:54:54 PM ET] range of the [4:54:54 PM ET] $1 [4:54:55 PM ET] one [4:54:55 PM ET] in the fourth quarter of twenty twenty six we estimate revenue in the range of one billion [4:54:55 PM ET] billion to $1 [4:54:56 PM ET] $1.5 [4:54:57 PM ET] billion. [4:54:58 PM ET] representing $30 [4:54:59 PM ET] 38 [4:54:59 PM ET] billion to $40 [4:54:59 PM ET] percent of the [4:55:00 PM ET] billion [4:55:00 PM ET] year over [4:55:00 PM ET] dollars to one point zero three billion dollars representing thirty eight [4:55:00 PM ET] year-over-year [4:55:01 PM ET] growth with [4:55:01 PM ET] a mid-year [4:55:02 PM ET] of [4:55:02 PM ET] a [4:55:02 PM ET] approximately [4:55:03 PM ET] forty [4:55:04 PM ET] percent to forty two percent year over year growth with a midpoint of approximately forty percent [4:55:05 PM ET] Adjusted [4:55:05 PM ET] EBITDA in [4:55:06 PM ET] the range of [4:55:07 PM ET] 480 [4:55:07 PM ET] million [4:55:08 PM ET] to $5 [4:55:08 PM ET] five hundred [4:55:09 PM ET] adjusted ebitda in the range of four eighty million dollars to five [4:55:09 PM ET] and ten [4:55:09 PM ET] million [4:55:10 PM ET] representing four [4:55:10 PM ET] $46 [4:55:11 PM ET] to [4:55:11 PM ET] 200 [4:55:11 PM ET] 50 [4:55:12 PM ET] 56 [4:55:12 PM ET] percent of the million [4:55:12 PM ET] year-over-year [4:55:13 PM ET] year [4:55:13 PM ET] ten million dollars representing forty seven to fifty six percent year over year growth [4:55:13 PM ET] growth. [4:55:14 PM ET] And it adjusts to the [4:55:14 PM ET] EVERY [4:55:15 PM ET] margin [4:55:15 PM ET] of approximately [4:55:16 PM ET] 49 [4:55:16 PM ET] percent at the middle of [4:55:17 PM ET] and an adjusted ebitda margin of approximately forty nine percent at the midpoint [4:55:18 PM ET] midpoint. [4:55:19 PM ET] Additionally, at [4:55:19 PM ET] like [4:55:20 PM ET] to provide a lot of the [4:55:20 PM ET] an [4:55:20 PM ET] update [4:55:21 PM ET] on [4:55:21 PM ET] our [4:55:21 PM ET] user [4:55:22 PM ET] additionally i'd like to provide an update on our user disclosures [4:55:23 PM ET] disclosures. [4:55:24 PM ET] As the broad as the broadcast is [4:55:25 PM ET] broader internet [4:55:25 PM ET] landscape is a very important [4:55:25 PM ET] continues to be [4:55:25 PM ET] able [4:55:27 PM ET] evolve, [4:55:27 PM ET] Reddit can be [4:55:27 PM ET] continues to [4:55:27 PM ET] as the broader internet landscape continues to evolve [4:55:28 PM ET] iterate in [4:55:28 PM ET] and [4:55:28 PM ET] reddit continues to iterate and learn [4:55:29 PM ET] learn [4:55:29 PM ET] on [4:55:29 PM ET] many [4:55:29 PM ET] product [4:55:30 PM ET] changes. [4:55:31 PM ET] including [4:55:31 PM ET] an [4:55:32 PM ET] upcoming [4:55:32 PM ET] test to [4:55:33 PM ET] move [4:55:33 PM ET] the [4:55:33 PM ET] platform [4:55:33 PM ET] to lock [4:55:33 PM ET] on many product changes including in [4:55:34 PM ET] in [4:55:34 PM ET] only [4:55:35 PM ET] users. [4:55:36 PM ET] Which Steve [4:55:36 PM ET] described [4:55:36 PM ET] briefly in [4:55:37 PM ET] upcoming test to move the platform to logged in only users which [4:55:37 PM ET] his remote [4:55:38 PM ET] steve described briefly in his remarks [4:55:38 PM ET] remarks. [4:55:39 PM ET] It follows that we have to do [4:55:39 PM ET] we'll continue [4:55:40 PM ET] report that we're going to be able to [4:55:40 PM ET] report [4:55:41 PM ET] logged [4:55:41 PM ET] in [4:55:41 PM ET] and logged [4:55:42 PM ET] out [4:55:42 PM ET] DAUQ [4:55:43 PM ET] it follows that we'll continue to report logged in and [4:55:43 PM ET] by [4:55:44 PM ET] geography. [4:55:44 PM ET] as [4:55:44 PM ET] they [4:55:44 PM ET] remain [4:55:45 PM ET] useful for the [4:55:45 PM ET] understanding [4:55:46 PM ET] use of [4:55:46 PM ET] user [4:55:46 PM ET] logged out dauq by geography as they remain useful for understanding user trends [4:55:46 PM ET] trends can be [4:55:47 PM ET] with the [4:55:47 PM ET] our [4:55:48 PM ET] historical [4:55:49 PM ET] consistent with our historical reporting [4:55:49 PM ET] reporting. [4:55:50 PM ET] As we move forward with the history of the history of [4:55:50 PM ET] be able to do [4:55:51 PM ET] will continue evaluate the current [4:55:51 PM ET] our use of the [4:55:52 PM ET] user [4:55:52 PM ET] reporting [4:55:52 PM ET] to ensure that we are using the [4:55:53 PM ET] it [4:55:53 PM ET] reflects [4:55:53 PM ET] how [4:55:54 PM ET] as we move forward we'll continue to evaluate our user reporting [4:55:54 PM ET] we manage [4:55:54 PM ET] and [4:55:54 PM ET] measure [4:55:55 PM ET] our [4:55:55 PM ET] to ensure it reflects how we manage and measure our business [4:55:56 PM ET] business. [4:55:56 PM ET] To close [4:55:57 PM ET] my comments, I'm going to go ahead [4:55:57 PM ET] be able do [4:55:57 PM ET] I'm going make a lot of [4:55:57 PM ET] I'd like to have time to do [4:55:57 PM ET] make sure that we're going be [4:55:58 PM ET] to highlight the [4:55:58 PM ET] that it [4:55:59 PM ET] was [4:55:59 PM ET] great [4:55:59 PM ET] to [4:55:59 PM ET] see [4:55:59 PM ET] Reddit [4:56:00 PM ET] added to [4:56:00 PM ET] the [4:56:00 PM ET] S [4:56:00 PM ET] P [4:56:00 PM ET] to close my commentary i'd like to highlight that it was great to see reddit added to the s [4:56:01 PM ET] 500 [4:56:01 PM ET] earlier [4:56:01 PM ET] in the [4:56:02 PM ET] quarter. [4:56:03 PM ET] It's a terrific [4:56:04 PM ET] testimony to the [4:56:04 PM ET] progress in [4:56:04 PM ET] and [4:56:04 PM ET] the [4:56:04 PM ET] potential of the [4:56:05 PM ET] and p five hundred earlier in the quarter it's a terrific testimony of the progress in [4:56:05 PM ET] potential of the brand [4:56:06 PM ET] brand. [4:56:07 PM ET] It was also great to [4:56:07 PM ET] see the [4:56:07 PM ET] Reddit [4:56:08 PM ET] cross an [4:56:08 PM ET] important [4:56:08 PM ET] mile [4:56:09 PM ET] of [4:56:09 PM ET] three [4:56:09 PM ET] $3 [4:56:09 PM ET] billion [4:56:10 PM ET] in the [4:56:10 PM ET] a [4:56:10 PM ET] it was also great to see reddit cross an important milepost of three billion dollars in the [4:56:11 PM ET] trailing [4:56:11 PM ET] $12 [4:56:11 PM ET] 12-month [4:56:11 PM ET] revenue [4:56:13 PM ET] basis. [4:56:13 PM ET] We have made a lot [4:56:13 PM ET] of [4:56:14 PM ET] progress [4:56:14 PM ET] since [4:56:14 PM ET] we've [4:56:14 PM ET] crossed [4:56:14 PM ET] a billion [4:56:15 PM ET] dollars [4:56:15 PM ET] trailing twelve month revenue basis we've made a lot of progress [4:56:15 PM ET] back in the [4:56:16 PM ET] twenty twenty [4:56:17 PM ET] since we crossed one billion dollars back in twenty twenty four [4:56:18 PM ET] Our next [4:56:18 PM ET] internal [4:56:18 PM ET] North [4:56:19 PM ET] Star is a very good [4:56:19 PM ET] five [4:56:19 PM ET] $5 [4:56:19 PM ET] billion in the [4:56:21 PM ET] revenue, [4:56:21 PM ET] which [4:56:21 PM ET] will [4:56:21 PM ET] require [4:56:22 PM ET] a [4:56:22 PM ET] strong [4:56:22 PM ET] our next internal north star is five billion dollars in revenue [4:56:23 PM ET] execution [4:56:23 PM ET] to [4:56:24 PM ET] capitalize [4:56:24 PM ET] on [4:56:24 PM ET] the [4:56:24 PM ET] unique [4:56:24 PM ET] raw [4:56:25 PM ET] materials [4:56:25 PM ET] which will require strong execution to capitalize on the unique raw materials [4:56:25 PM ET] Reddit [4:56:26 PM ET] reddit has [4:56:27 PM ET] has. [4:56:27 PM ET] That concludes [4:56:27 PM ET] my [4:56:28 PM ET] that concludes my comment [4:56:29 PM ET] comment. [4:56:29 PM ET] Let me turn the link to the next [4:56:29 PM ET] call [4:56:29 PM ET] over [4:56:29 PM ET] the next [4:56:29 PM ET] to [4:56:31 PM ET] let me turn the call over to the operator [4:56:31 PM ET] operator [4:56:31 PM ET] to open [4:56:31 PM ET] the [4:56:31 PM ET] lineup for [4:56:32 PM ET] up [4:56:32 PM ET] to open the line up for questions [4:56:33 PM ET] questions. [4:56:35 PM ET] We will now begin the [4:56:37 PM ET] we will now begin the question and answer session [4:56:38 PM ET] question and answer session. Please limit yourself to one of the [4:56:39 PM ET] one [4:56:39 PM ET] please limit yourself to one question [4:56:40 PM ET] question. [4:56:40 PM ET] I would like [4:56:40 PM ET] to remind you that you can ask [4:56:40 PM ET] everyone to [4:56:41 PM ET] do [4:56:41 PM ET] that you can ask yourself a [4:56:41 PM ET] in order to be able to do [4:56:42 PM ET] ask a [4:56:42 PM ET] question [4:56:43 PM ET] press the [4:56:43 PM ET] star, then [4:56:44 PM ET] number of [4:56:44 PM ET] i would like to remind everyone in order to ask a question press [4:56:44 PM ET] the [4:56:44 PM ET] one [4:56:44 PM ET] on [4:56:44 PM ET] your [4:56:45 PM ET] telephone [4:56:45 PM ET] star then the number one on your telephone keypad [4:56:46 PM ET] keypad. [4:56:46 PM ET] To withdraw [4:56:46 PM ET] your [4:56:47 PM ET] question, [4:56:47 PM ET] press [4:56:47 PM ET] star [4:56:48 PM ET] 1 [4:56:48 PM ET] to withdraw your question press star one again [4:56:49 PM ET] again. [4:56:49 PM ET] We ask that [4:56:50 PM ET] you [4:56:50 PM ET] pick [4:56:50 PM ET] up your [4:56:50 PM ET] handset [4:56:50 PM ET] when asking you to do [4:56:51 PM ET] a [4:56:51 PM ET] question [4:56:51 PM ET] to [4:56:52 PM ET] allow [4:56:52 PM ET] for official [4:56:53 PM ET] sound [4:56:53 PM ET] we ask that you pick up your handset when asking a question to allow for optimal sound quality [4:56:54 PM ET] quality. [4:56:54 PM ET] If you are [4:56:54 PM ET] muted [4:56:55 PM ET] locally, [4:56:55 PM ET] please remember [4:56:56 PM ET] to [4:56:56 PM ET] unmute [4:56:56 PM ET] your [4:56:57 PM ET] if you are muted locally please remember to unmute your device [4:56:58 PM ET] device. [4:56:58 PM ET] Please stand by the [4:56:58 PM ET] while [4:56:58 PM ET] we [4:56:59 PM ET] compile [4:56:59 PM ET] the QR [4:56:59 PM ET] A [4:57:00 PM ET] please stand by while we compile the q and a roster [4:57:01 PM ET] roster. [4:57:05 PM ET] Your first [4:57:05 PM ET] question [4:57:06 PM ET] is from [4:57:06 PM ET] the [4:57:06 PM ET] line [4:57:06 PM ET] of [4:57:07 PM ET] Benjamin [4:57:07 PM ET] Black [4:57:07 PM ET] at [4:57:08 PM ET] Deutsche [4:57:08 PM ET] Bank. [4:57:08 PM ET] Your line is [4:57:09 PM ET] now [4:57:09 PM ET] open. [4:57:09 PM ET] Please go [4:57:10 PM ET] your first question is from the line of benjamin black at deutsche bank [4:57:10 PM ET] your line is now open please go ahead [4:57:11 PM ET] ahead. [4:57:12 PM ET] Great. Thank [4:57:12 PM ET] you very [4:57:12 PM ET] for the [4:57:13 PM ET] question. [4:57:14 PM ET] Steve. [4:57:14 PM ET] on [4:57:14 PM ET] the [4:57:14 PM ET] shift [4:57:15 PM ET] to [4:57:16 PM ET] the [4:57:16 PM ET] logo, the logo is a little [4:57:16 PM ET] in [4:57:16 PM ET] only [4:57:17 PM ET] experience, can [4:57:17 PM ET] you do [4:57:18 PM ET] dig [4:57:18 PM ET] in a little [4:57:18 PM ET] on the shift to the logged in only [4:57:18 PM ET] bit [4:57:19 PM ET] more [4:57:19 PM ET] into [4:57:19 PM ET] the [4:57:19 PM ET] sort [4:57:20 PM ET] of [4:57:20 PM ET] the [4:57:20 PM ET] genesis [4:57:21 PM ET] of [4:57:21 PM ET] that [4:57:21 PM ET] experience can you dig in a little bit more into the the sort of the genesis [4:57:22 PM ET] decision. [4:57:23 PM ET] Um also you know what are [4:57:24 PM ET] you looking [4:57:24 PM ET] for in [4:57:24 PM ET] the [4:57:25 PM ET] test [4:57:25 PM ET] of this [4:57:25 PM ET] of that decision also what are you looking for in [4:57:26 PM ET] quarter and and how [4:57:26 PM ET] do [4:57:26 PM ET] you [4:57:26 PM ET] think [4:57:26 PM ET] this [4:57:26 PM ET] could [4:57:27 PM ET] alter [4:57:27 PM ET] ultimately [4:57:28 PM ET] impact [4:57:28 PM ET] your [4:57:28 PM ET] top [4:57:28 PM ET] of [4:57:29 PM ET] the test this quarter and how do you think this could ultimately impact [4:57:30 PM ET] funnel? [4:57:30 PM ET] and [4:57:30 PM ET] your ability [4:57:30 PM ET] to [4:57:31 PM ET] attract [4:57:31 PM ET] more [4:57:32 PM ET] users [4:57:32 PM ET] to [4:57:32 PM ET] new [4:57:33 PM ET] your top of funnel and your ability to track [4:57:33 PM ET] communities. [4:57:33 PM ET] And [4:57:35 PM ET] Chen, revenue continues [4:57:35 PM ET] to [4:57:36 PM ET] more users to new communities and jen revenue continues to clearly [4:57:36 PM ET] clearly you [4:57:36 PM ET] know [4:57:36 PM ET] materially [4:57:37 PM ET] outgrow [4:57:38 PM ET] users as you [4:57:38 PM ET] look [4:57:38 PM ET] ahead [4:57:39 PM ET] to [4:57:39 PM ET] twenty [4:57:40 PM ET] materially outgrow users as you look ahead to twenty seven [4:57:40 PM ET] how [4:57:40 PM ET] much role is [4:57:41 PM ET] do you [4:57:41 PM ET] think there [4:57:42 PM ET] is [4:57:42 PM ET] left [4:57:42 PM ET] in terms [4:57:43 PM ET] of [4:57:43 PM ET] closing the [4:57:43 PM ET] them [4:57:43 PM ET] onto [4:57:45 PM ET] gap [4:57:45 PM ET] how much runway do you think there is left in terms of closing the monetization gap [4:57:45 PM ET] versus some of [4:57:45 PM ET] the [4:57:46 PM ET] other [4:57:46 PM ET] social [4:57:47 PM ET] platforms [4:57:47 PM ET] before [4:57:47 PM ET] revenue [4:57:48 PM ET] growth [4:57:48 PM ET] starts [4:57:48 PM ET] to [4:57:49 PM ET] track [4:57:49 PM ET] user [4:57:49 PM ET] versus some of the other social platforms before revenue growth [4:57:49 PM ET] growth on [4:57:49 PM ET] a little [4:57:49 PM ET] bit [4:57:50 PM ET] more [4:57:51 PM ET] closely. Thank [4:57:51 PM ET] you very [4:57:52 PM ET] starts to track user growth a little bit more closely thank you very much [4:57:52 PM ET] very [4:57:53 PM ET] much. [4:57:54 PM ET] Thanks for the [4:57:54 PM ET] question, [4:57:55 PM ET] questions, [4:57:55 PM ET] Ben. [4:57:56 PM ET] thanks for the question ben so [4:57:56 PM ET] So [4:57:58 PM ET] the transition is a very important [4:57:58 PM ET] to the next [4:57:58 PM ET] logic is a very important [4:57:59 PM ET] transition to logged in [4:57:59 PM ET] in. [4:58:00 PM ET] you know, [4:58:00 PM ET] the [4:58:01 PM ET] genesis [4:58:01 PM ET] is [4:58:01 PM ET] like [4:58:02 PM ET] every [4:58:02 PM ET] other [4:58:02 PM ET] platform [4:58:03 PM ET] has [4:58:03 PM ET] done [4:58:04 PM ET] this. [4:58:04 PM ET] Now Reddit's [4:58:04 PM ET] know the genesis is like every other platform has done this [4:58:05 PM ET] different. [4:58:05 PM ET] now reddit's different we've [4:58:06 PM ET] We've [4:58:07 PM ET] been [4:58:07 PM ET] uh [4:58:08 PM ET] accessible [4:58:08 PM ET] logged [4:58:09 PM ET] out [4:58:09 PM ET] for a lot of [4:58:09 PM ET] long [4:58:10 PM ET] long [4:58:10 PM ET] been accessible logged out for a long time [4:58:10 PM ET] time. [4:58:11 PM ET] Um but [4:58:11 PM ET] now [4:58:11 PM ET] is [4:58:11 PM ET] the right [4:58:12 PM ET] time to do [4:58:12 PM ET] for the [4:58:13 PM ET] a variety [4:58:13 PM ET] of [4:58:14 PM ET] reasons. [4:58:15 PM ET] One, [4:58:15 PM ET] but now is the right time for a variety of reasons one [4:58:16 PM ET] when [4:58:16 PM ET] when reddit [4:58:17 PM ET] Reddit [4:58:17 PM ET] was [4:58:17 PM ET] born, it was a lot of [4:58:18 PM ET] the [4:58:18 PM ET] same [4:58:18 PM ET] content [4:58:18 PM ET] for [4:58:19 PM ET] everybody. [4:58:19 PM ET] Now [4:58:20 PM ET] Reddit [4:58:20 PM ET] is [4:58:21 PM ET] huge. [4:58:21 PM ET] was born was the same content for everybody now reddit is huge [4:58:22 PM ET] and so [4:58:22 PM ET] the product is a lot of the [4:58:23 PM ET] works [4:58:23 PM ET] best when people are doing [4:58:23 PM ET] looking at the [4:58:24 PM ET] logged [4:58:24 PM ET] in and [4:58:24 PM ET] can [4:58:24 PM ET] get [4:58:26 PM ET] personalized [4:58:26 PM ET] and so the product works best when people are logged in and can get personalized [4:58:26 PM ET] recommendations [4:58:26 PM ET] for [4:58:27 PM ET] communities [4:58:27 PM ET] and [4:58:29 PM ET] content. [4:58:30 PM ET] Second, [4:58:30 PM ET] recommendations for communities and content second [4:58:31 PM ET] it's a very important [4:58:31 PM ET] gives you lot of [4:58:31 PM ET] us [4:58:31 PM ET] better [4:58:32 PM ET] information [4:58:33 PM ET] for to [4:58:33 PM ET] target [4:58:33 PM ET] ads [4:58:34 PM ET] better. [4:58:34 PM ET] it gives us better information for to target ads better [4:58:35 PM ET] third [4:58:35 PM ET] Third, [4:58:36 PM ET] it lets you know [4:58:36 PM ET] us [4:58:36 PM ET] better protect the power of the [4:58:37 PM ET] it lets us better protect [4:58:38 PM ET] the [4:58:38 PM ET] Reddit [4:58:39 PM ET] corpus [4:58:39 PM ET] of [4:58:40 PM ET] data. [4:58:41 PM ET] the vast majority of [4:58:41 PM ET] the [4:58:41 PM ET] scraping [4:58:41 PM ET] and [4:58:42 PM ET] stealing [4:58:42 PM ET] of [4:58:42 PM ET] Reddit has a lot of [4:58:42 PM ET] the reddit corpus of data the vast majority of the scraping and [4:58:42 PM ET] happens in [4:58:43 PM ET] our [4:58:43 PM ET] logout [4:58:43 PM ET] user [4:58:44 PM ET] base. [4:58:44 PM ET] I'm going to go to the next store. [4:58:45 PM ET] And [4:58:45 PM ET] finally, it allows us to do [4:58:46 PM ET] more easily use the same [4:58:46 PM ET] stealing of reddit happens in our logout user base and finally [4:58:46 PM ET] adapt to the [4:58:48 PM ET] to [4:58:48 PM ET] emerging [4:58:48 PM ET] regulations [4:58:49 PM ET] around the [4:58:50 PM ET] world. [4:58:50 PM ET] allows us to more easily adapt to emerging regulations around the world [4:58:50 PM ET] Now, there will be a lot of people who are going to be [4:58:51 PM ET] trade-offs [4:58:52 PM ET] here. [4:58:52 PM ET] So we would like [4:58:52 PM ET] likely [4:58:52 PM ET] be [4:58:53 PM ET] trading [4:58:54 PM ET] reach for the [4:58:54 PM ET] now there will be trade offs here so we will likely be trading [4:58:55 PM ET] engagement. [4:58:55 PM ET] So, I'm going to use a little bit of a little bit of a little bit of a [4:58:56 PM ET] But when user logs in the [4:58:56 PM ET] Red [4:58:56 PM ET] Reddit, they're not going to be able to do [4:58:57 PM ET] engage with the [4:58:57 PM ET] much [4:58:57 PM ET] more [4:58:58 PM ET] reach for engagement but when a user logs into reddit they engage much more deeply [4:58:59 PM ET] deeply. [4:59:00 PM ET] But keep in [4:59:00 PM ET] mind that the USB is a very important [4:59:00 PM ET] that 80% of the [4:59:01 PM ET] the [4:59:02 PM ET] of monetary system is a very important [4:59:02 PM ET] of [4:59:02 PM ET] Reddit [4:59:03 PM ET] happens [4:59:03 PM ET] so keep in mind that eighty percent of the monetization of reddit [4:59:03 PM ET] within [4:59:03 PM ET] our [4:59:04 PM ET] app and [4:59:04 PM ET] logged [4:59:04 PM ET] happens within our app and logged in [4:59:05 PM ET] in [4:59:06 PM ET] cohort. [4:59:06 PM ET] And so I think there's [4:59:06 PM ET] a lot [4:59:07 PM ET] of [4:59:07 PM ET] opportunity [4:59:08 PM ET] here. [4:59:09 PM ET] It's the reason [4:59:09 PM ET] why I think [4:59:10 PM ET] cohort and so i think there's a lot of opportunity here [4:59:10 PM ET] many of [4:59:10 PM ET] our [4:59:10 PM ET] peers [4:59:10 PM ET] went to [4:59:11 PM ET] this [4:59:11 PM ET] through [4:59:12 PM ET] transition [4:59:12 PM ET] uh [4:59:13 PM ET] it's the reason why i think many of our peers went through this transition already [4:59:13 PM ET] already. [4:59:14 PM ET] we have to do that. [4:59:14 PM ET] So, we're going a little bit of a test. [4:59:14 PM ET] So in our task, we have to do a lot of the [4:59:14 PM ET] we have [4:59:15 PM ET] different [4:59:15 PM ET] we have a lot of things that we have to [4:59:16 PM ET] done is do a lot [4:59:16 PM ET] looking at the [4:59:16 PM ET] for is [4:59:17 PM ET] to [4:59:17 PM ET] is [4:59:17 PM ET] so in our test what we're looking for is to see [4:59:17 PM ET] see [4:59:18 PM ET] you [4:59:18 PM ET] know which [4:59:18 PM ET] surfaces we [4:59:19 PM ET] put [4:59:19 PM ET] the [4:59:19 PM ET] log [4:59:19 PM ET] in [4:59:19 PM ET] walls [4:59:20 PM ET] up [4:59:21 PM ET] on. [4:59:21 PM ET] um, [4:59:21 PM ET] when [4:59:21 PM ET] we [4:59:21 PM ET] do [4:59:22 PM ET] So for example, [4:59:22 PM ET] which surfaces we put the login walls up on [4:59:23 PM ET] we want people [4:59:23 PM ET] to go [4:59:24 PM ET] Reddit dot [4:59:24 PM ET] when we do it so for example we want people to go to reddit dot com [4:59:25 PM ET] and [4:59:25 PM ET] get [4:59:25 PM ET] a [4:59:25 PM ET] taste [4:59:25 PM ET] of [4:59:26 PM ET] Reddit. [4:59:26 PM ET] We want link [4:59:27 PM ET] sharing or [4:59:27 PM ET] post [4:59:27 PM ET] sharing on [4:59:28 PM ET] Reddit [4:59:28 PM ET] to [4:59:28 PM ET] continue [4:59:29 PM ET] work. [4:59:29 PM ET] and get a taste of reddit we want link sharing or post sharing on reddit to continue to work [4:59:30 PM ET] So figuring out [4:59:30 PM ET] those [4:59:31 PM ET] nuances is really [4:59:32 PM ET] important. [4:59:33 PM ET] Studying the [4:59:33 PM ET] conversion [4:59:33 PM ET] rate [4:59:33 PM ET] on [4:59:33 PM ET] different [4:59:34 PM ET] so figuring out those nuances is really important [4:59:34 PM ET] services is really [4:59:35 PM ET] was [4:59:35 PM ET] important. [4:59:36 PM ET] Looking [4:59:36 PM ET] at [4:59:37 PM ET] studying the conversion rate on different services is really important looking at [4:59:37 PM ET] how [4:59:38 PM ET] engagement [4:59:38 PM ET] or [4:59:38 PM ET] how engagement [4:59:40 PM ET] improves [4:59:40 PM ET] on [4:59:40 PM ET] the [4:59:40 PM ET] other [4:59:40 PM ET] side [4:59:41 PM ET] of [4:59:41 PM ET] that [4:59:41 PM ET] how engagement or how engagement improves [4:59:41 PM ET] conversion is [4:59:41 PM ET] really [4:59:42 PM ET] important. [4:59:44 PM ET] And so all of these things are [4:59:44 PM ET] complex and so I [4:59:44 PM ET] on the other side of that conversion is really important and so [4:59:44 PM ET] think [4:59:44 PM ET] the best thing is that we can do [4:59:45 PM ET] way [4:59:45 PM ET] to look at the market the [4:59:45 PM ET] that is that I'm going be able [4:59:46 PM ET] just to get a lot of [4:59:47 PM ET] test as soon as you [4:59:48 PM ET] all of these things are complex and so i think the best way to learn that is just to get to a test as soon as [4:59:48 PM ET] possible. [4:59:48 PM ET] And so we'll be [4:59:49 PM ET] doing [4:59:49 PM ET] that in a few [4:59:50 PM ET] markets outside of the [4:59:51 PM ET] U.S. [4:59:51 PM ET] as soon as we can do [4:59:52 PM ET] to [4:59:52 PM ET] possible and so we'll be doing that in a few markets outside the us [4:59:53 PM ET] learn. [4:59:53 PM ET] So then I'll hand over to [4:59:54 PM ET] Jen [4:59:54 PM ET] for [4:59:55 PM ET] the [4:59:55 PM ET] revenue [4:59:55 PM ET] question, which is actually a good [4:59:56 PM ET] really [4:59:56 PM ET] as soon as we can to learn and so then i'll hand over to jen for the [4:59:56 PM ET] related [4:59:56 PM ET] to [4:59:57 PM ET] this. [4:59:58 PM ET] Yeah, sure. [4:59:58 PM ET] um [4:59:59 PM ET] the revenue question which is actually related to this yeah sure [4:59:59 PM ET] So look, demand is really [5:00:00 PM ET] strong. [5:00:01 PM ET] Um [5:00:02 PM ET] And obviously [5:00:02 PM ET] we [5:00:02 PM ET] grew [5:00:03 PM ET] really [5:00:03 PM ET] so look demand is really strong and [5:00:03 PM ET] nicely [5:00:03 PM ET] in two [5:00:04 PM ET] Q3 and been [5:00:04 PM ET] growing really [5:00:06 PM ET] nicely. [5:00:06 PM ET] obviously we grew really nicely in q3 and been growing really nicely [5:00:07 PM ET] You know, a couple [5:00:07 PM ET] of [5:00:07 PM ET] things. [5:00:08 PM ET] 80% of our over 80% of the world [5:00:09 PM ET] our [5:00:09 PM ET] mind [5:00:10 PM ET] monetization [5:00:10 PM ET] sits on the [5:00:11 PM ET] shoulders [5:00:11 PM ET] a couple of things eighty percent of our over eighty percent of our monetization sits [5:00:11 PM ET] of [5:00:11 PM ET] logged [5:00:11 PM ET] in [5:00:11 PM ET] and [5:00:12 PM ET] app [5:00:12 PM ET] users [5:00:13 PM ET] because [5:00:13 PM ET] they [5:00:14 PM ET] have [5:00:14 PM ET] you [5:00:14 PM ET] know [5:00:14 PM ET] order [5:00:15 PM ET] magnitude more than a [5:00:15 PM ET] on the shoulders of logged in and app users because they have [5:00:16 PM ET] engagement [5:00:16 PM ET] and [5:00:17 PM ET] order magnitude more engagement and frequency [5:00:17 PM ET] frequency [5:00:18 PM ET] than you [5:00:18 PM ET] know [5:00:19 PM ET] our [5:00:19 PM ET] search [5:00:19 PM ET] referral [5:00:19 PM ET] logs are [5:00:20 PM ET] out using the [5:00:21 PM ET] users. [5:00:21 PM ET] So [5:00:22 PM ET] that's [5:00:22 PM ET] really [5:00:22 PM ET] than our search referral logged out users [5:00:22 PM ET] our [5:00:24 PM ET] bedrock. [5:00:25 PM ET] And over 60% of the bedrooms are going [5:00:25 PM ET] our [5:00:26 PM ET] so that's really our bedrock and [5:00:26 PM ET] business [5:00:26 PM ET] is [5:00:27 PM ET] performance [5:00:28 PM ET] oriented. [5:00:28 PM ET] So it's [5:00:28 PM ET] really based on the [5:00:29 PM ET] over sixty percent of our business is performance oriented so [5:00:29 PM ET] business [5:00:30 PM ET] outcomes, [5:00:31 PM ET] right so [5:00:31 PM ET] you [5:00:32 PM ET] heard [5:00:33 PM ET] that we [5:00:33 PM ET] it's really based on business outcomes right so you heard [5:00:33 PM ET] increase [5:00:33 PM ET] click [5:00:33 PM ET] volume [5:00:33 PM ET] over [5:00:34 PM ET] 50% of [5:00:34 PM ET] year [5:00:34 PM ET] over [5:00:35 PM ET] that we increased click volume over fifty percent year over year [5:00:36 PM ET] year. [5:00:37 PM ET] You know, we tripled [5:00:38 PM ET] conversion [5:00:39 PM ET] volume. [5:00:39 PM ET] That's [5:00:40 PM ET] actually [5:00:40 PM ET] the [5:00:40 PM ET] we tripled conversion volume [5:00:41 PM ET] inventory [5:00:41 PM ET] that we [5:00:41 PM ET] need [5:00:41 PM ET] to [5:00:42 PM ET] grow [5:00:42 PM ET] this [5:00:43 PM ET] performance [5:00:43 PM ET] segment [5:00:43 PM ET] of [5:00:43 PM ET] our [5:00:43 PM ET] that's actually the inventory that we need to grow this [5:00:44 PM ET] business. And [5:00:45 PM ET] that's driven [5:00:46 PM ET] by [5:00:46 PM ET] ML [5:00:46 PM ET] work, [5:00:47 PM ET] signals [5:00:47 PM ET] performance segment of our business and that's driven by [5:00:48 PM ET] work, [5:00:48 PM ET] et [5:00:49 PM ET] cetera. [5:00:49 PM ET] So we feel [5:00:50 PM ET] really [5:00:50 PM ET] ml work signals work etcetera so [5:00:50 PM ET] good [5:00:51 PM ET] about [5:00:51 PM ET] our [5:00:51 PM ET] headroom [5:00:52 PM ET] here [5:00:52 PM ET] in terms [5:00:52 PM ET] of [5:00:53 PM ET] ARPU. [5:00:54 PM ET] we feel really good about our headroom here in terms of arpu [5:00:54 PM ET] I mean, the, you [5:00:55 PM ET] know, we'll get a little bit of a little bit of a [5:00:55 PM ET] met as [5:00:56 PM ET] ARPU. [5:00:57 PM ET] There's a lot [5:00:57 PM ET] of [5:00:57 PM ET] headroom [5:00:57 PM ET] between [5:00:57 PM ET] where [5:00:58 PM ET] we [5:00:58 PM ET] i mean the you know if you look at meta's arpu [5:00:58 PM ET] are [5:00:58 PM ET] today [5:00:59 PM ET] and where we [5:00:59 PM ET] they [5:01:00 PM ET] are. [5:01:01 PM ET] And when [5:01:01 PM ET] there's a lot of headroom between where we are today and where they are [5:01:01 PM ET] you look at the engagement, we are going to be able to do [5:01:01 PM ET] we have [5:01:02 PM ET] of [5:01:02 PM ET] Reddit [5:01:03 PM ET] users, just the role [5:01:03 PM ET] raw materials are [5:01:04 PM ET] we [5:01:04 PM ET] have [5:01:04 PM ET] in terms [5:01:04 PM ET] of [5:01:05 PM ET] and when you look at the engagement of reddit users just the raw materials [5:01:06 PM ET] engagement, [5:01:07 PM ET] context. [5:01:08 PM ET] That I think is a very important [5:01:09 PM ET] have in terms of engagement context that i think [5:01:09 PM ET] you [5:01:09 PM ET] know [5:01:09 PM ET] gives [5:01:09 PM ET] us [5:01:09 PM ET] a lot [5:01:10 PM ET] of [5:01:10 PM ET] confidence that we're going to be able to do [5:01:10 PM ET] we [5:01:11 PM ET] feel [5:01:11 PM ET] like [5:01:11 PM ET] we see [5:01:12 PM ET] the [5:01:12 PM ET] opportunity 'cause [5:01:13 PM ET] because we're [5:01:13 PM ET] still [5:01:13 PM ET] mid-flight in [5:01:14 PM ET] gives us a lot of confidence that we feel like we see the opportunity because we're still mid [5:01:14 PM ET] our [5:01:15 PM ET] building. [5:01:15 PM ET] The other thing I want to do is that we can do [5:01:15 PM ET] was just going to [5:01:15 PM ET] saying is that we have [5:01:15 PM ET] say we're going be able [5:01:16 PM ET] saying is that we are to to do [5:01:16 PM ET] is have a lot of things [5:01:16 PM ET] that we that are going [5:01:16 PM ET] is [5:01:17 PM ET] mid flight in our building the other thing i'll just say is that [5:01:18 PM ET] I [5:01:18 PM ET] think [5:01:19 PM ET] that [5:01:19 PM ET] uh [5:01:20 PM ET] you [5:01:20 PM ET] a good [5:01:21 PM ET] the [5:01:21 PM ET] you know i think that you know the [5:01:22 PM ET] The CPU is a very important [5:01:22 PM ET] you [5:01:23 PM ET] know grew [5:01:23 PM ET] more [5:01:23 PM ET] by [5:01:24 PM ET] CPMs [5:01:24 PM ET] than [5:01:24 PM ET] by [5:01:26 PM ET] impressions. [5:01:26 PM ET] and were [5:01:26 PM ET] cpms grew more by cpms than by [5:01:26 PM ET] a [5:01:27 PM ET] impressions and we're a marketplace [5:01:27 PM ET] marketplace. [5:01:27 PM ET] You have to remember [5:01:29 PM ET] for lower funnel [5:01:29 PM ET] outcomes, you [5:01:29 PM ET] can [5:01:30 PM ET] have [5:01:30 PM ET] CPMs [5:01:30 PM ET] that [5:01:31 PM ET] are [5:01:31 PM ET] triple [5:01:32 PM ET] have to remember for lower funnel outcomes you can have cpms that are triple digits [5:01:32 PM ET] digits. [5:01:33 PM ET] What people are paying for is a lot of [5:01:33 PM ET] that you can do [5:01:33 PM ET] for is a lot of people who are not able [5:01:34 PM ET] is [5:01:34 PM ET] that [5:01:35 PM ET] intent [5:01:35 PM ET] and [5:01:35 PM ET] that [5:01:35 PM ET] concerns [5:01:36 PM ET] to [5:01:36 PM ET] the [5:01:37 PM ET] what people are paying for is that intent and that conversion to the outcome [5:01:37 PM ET] outcome. [5:01:38 PM ET] And we think we have a [5:01:38 PM ET] road [5:01:38 PM ET] that's going to be a good [5:01:39 PM ET] that continues [5:01:39 PM ET] deliver on the [5:01:40 PM ET] that [5:01:40 PM ET] for [5:01:41 PM ET] and we think we have a roadmap that continues to deliver on that for advertisers [5:01:42 PM ET] advertisers. [5:01:45 PM ET] Your next [5:01:46 PM ET] question [5:01:46 PM ET] is from [5:01:46 PM ET] the [5:01:46 PM ET] line [5:01:47 PM ET] of [5:01:47 PM ET] Josh [5:01:47 PM ET] Beck [5:01:47 PM ET] from [5:01:48 PM ET] your next question is from the line of [5:01:48 PM ET] Raymond [5:01:49 PM ET] James. [5:01:49 PM ET] Your line [5:01:49 PM ET] is [5:01:49 PM ET] now [5:01:50 PM ET] open, [5:01:50 PM ET] Please [5:01:50 PM ET] go [5:01:50 PM ET] josh beck from raymond james your line is now open please go ahead [5:01:51 PM ET] ahead. [5:01:54 PM ET] Yeah, so if you're not [5:01:54 PM ET] thank [5:01:54 PM ET] for [5:01:54 PM ET] taking a look at the [5:01:55 PM ET] yes [5:01:55 PM ET] thanks for taking the question [5:01:56 PM ET] the [5:01:56 PM ET] question. [5:01:57 PM ET] I wanted [5:01:58 PM ET] to kind [5:01:58 PM ET] of [5:01:58 PM ET] ask [5:01:59 PM ET] on [5:01:59 PM ET] some of [5:01:59 PM ET] the [5:02:00 PM ET] changes [5:02:00 PM ET] that [5:02:00 PM ET] you [5:02:00 PM ET] i wanted to know kind of ask on some of the the [5:02:01 PM ET] are [5:02:01 PM ET] seeing [5:02:02 PM ET] with within [5:02:02 PM ET] the [5:02:02 PM ET] Google [5:02:03 PM ET] traffic. [5:02:04 PM ET] changes that you are seeing with within the google's traffic [5:02:04 PM ET] So, I think that's a good idea. [5:02:04 PM ET] So, [5:02:05 PM ET] If you [5:02:05 PM ET] attribute it to the main thing, you can use [5:02:05 PM ET] it to USB, [5:02:06 PM ET] if you attribute to [5:02:06 PM ET] to [5:02:07 PM ET] four [5:02:08 PM ET] updates [5:02:09 PM ET] to [5:02:09 PM ET] obviously [5:02:09 PM ET] the [5:02:09 PM ET] way [5:02:09 PM ET] they're [5:02:10 PM ET] updating [5:02:11 PM ET] their [5:02:11 PM ET] four updates to obviously the way they're updating [5:02:12 PM ET] LLMs. [5:02:12 PM ET] they obviously [5:02:12 PM ET] have [5:02:12 PM ET] a [5:02:13 PM ET] big, you [5:02:13 PM ET] shift towards [5:02:14 PM ET] their llms they obviously have a big you know shift towards [5:02:14 PM ET] AI. [5:02:15 PM ET] overviews of [5:02:15 PM ET] AI. [5:02:16 PM ET] mode so there's [5:02:16 PM ET] a [5:02:17 PM ET] lot [5:02:18 PM ET] of [5:02:18 PM ET] compounding [5:02:19 PM ET] factors. I'm [5:02:19 PM ET] ai overviews ai mode so there's a lot of [5:02:19 PM ET] just [5:02:20 PM ET] curious [5:02:20 PM ET] if [5:02:21 PM ET] any [5:02:21 PM ET] particular you [5:02:22 PM ET] one [5:02:22 PM ET] compounding factors i'm just curious if [5:02:22 PM ET] or [5:02:23 PM ET] two [5:02:23 PM ET] stood [5:02:23 PM ET] out in terms [5:02:24 PM ET] of [5:02:24 PM ET] some [5:02:24 PM ET] any particular one or two stood out in terms of some of the [5:02:25 PM ET] of [5:02:25 PM ET] the [5:02:25 PM ET] traffic. [5:02:26 PM ET] trends. [5:02:27 PM ET] And then on [5:02:27 PM ET] the [5:02:27 PM ET] pay [5:02:27 PM ET] user [5:02:29 PM ET] marketing, sort [5:02:29 PM ET] certainly [5:02:29 PM ET] sounds really [5:02:29 PM ET] the traffic trends and then on the on the paid user marketing [5:02:30 PM ET] like [5:02:30 PM ET] the [5:02:31 PM ET] retention is [5:02:31 PM ET] improving and you [5:02:33 PM ET] are [5:02:33 PM ET] kind [5:02:33 PM ET] of [5:02:33 PM ET] it certainly sounds like the retention's improving and you are [5:02:34 PM ET] encouraged [5:02:34 PM ET] by [5:02:34 PM ET] I'm [5:02:35 PM ET] just [5:02:35 PM ET] curious [5:02:36 PM ET] maybe. [5:02:36 PM ET] kind of encouraged by that i'm just curious maybe [5:02:38 PM ET] far [5:02:38 PM ET] could [5:02:38 PM ET] we [5:02:39 PM ET] potentially take a look at the [5:02:40 PM ET] the [5:02:40 PM ET] paid [5:02:40 PM ET] user [5:02:41 PM ET] marketing [5:02:41 PM ET] is [5:02:41 PM ET] far could we potentially take [5:02:41 PM ET] that [5:02:42 PM ET] something [5:02:42 PM ET] that you [5:02:43 PM ET] know [5:02:43 PM ET] can [5:02:43 PM ET] start [5:02:43 PM ET] to [5:02:43 PM ET] really [5:02:44 PM ET] lean [5:02:44 PM ET] in [5:02:44 PM ET] the paid user marketing is that something that [5:02:44 PM ET] toward [5:02:45 PM ET] to [5:02:45 PM ET] more [5:02:45 PM ET] heavily [5:02:45 PM ET] next [5:02:46 PM ET] year thank [5:02:47 PM ET] you could start to really lean in toward to more heavily next year thank you [5:02:48 PM ET] you. [5:02:49 PM ET] Thanks, [5:02:50 PM ET] Josh. [5:02:50 PM ET] thanks josh so [5:02:52 PM ET] So on the change from [5:02:53 PM ET] Google, [5:02:53 PM ET] or [5:02:53 PM ET] hypothesis [5:02:54 PM ET] is [5:02:55 PM ET] twofold. [5:02:55 PM ET] The biggest [5:02:55 PM ET] one [5:02:55 PM ET] on the change from google our hypothesis is twofold [5:02:56 PM ET] is [5:02:56 PM ET] that AI [5:02:56 PM ET] over the [5:02:57 PM ET] overviews [5:02:57 PM ET] or AI. [5:02:58 PM ET] the biggest one is the ai overviews or ai mode [5:02:59 PM ET] mode. [5:02:59 PM ET] I think that's a good idea. [5:02:59 PM ET] Both have [5:03:00 PM ET] evolved a [5:03:00 PM ET] both have evolved a lot [5:03:00 PM ET] lot. [5:03:01 PM ET] and [5:03:01 PM ET] particularly [5:03:02 PM ET] recently [5:03:02 PM ET] they appear to be a lot of [5:03:03 PM ET] expanding [5:03:03 PM ET] them [5:03:03 PM ET] quite [5:03:04 PM ET] aggressively and [5:03:04 PM ET] the [5:03:05 PM ET] book in [5:03:05 PM ET] the [5:03:05 PM ET] US and [5:03:05 PM ET] particularly recently they appear to be expanding them quite aggressively and they both [5:03:06 PM ET] outside. [5:03:07 PM ET] So what [5:03:07 PM ET] started [5:03:07 PM ET] at [5:03:07 PM ET] the end of [5:03:08 PM ET] as [5:03:08 PM ET] a [5:03:09 PM ET] in the u and outside so what started as a feature [5:03:09 PM ET] feature [5:03:10 PM ET] is [5:03:10 PM ET] now [5:03:10 PM ET] the [5:03:10 PM ET] full [5:03:10 PM ET] search [5:03:12 PM ET] experience. [5:03:12 PM ET] And at the [5:03:13 PM ET] minimum it pushes [5:03:13 PM ET] everyone [5:03:14 PM ET] down [5:03:14 PM ET] the [5:03:14 PM ET] search [5:03:14 PM ET] is now the full search experience and at the minimum it pushes everyone down [5:03:15 PM ET] page. [5:03:16 PM ET] And [5:03:17 PM ET] then on top of [5:03:17 PM ET] that, [5:03:17 PM ET] the experience is a very important [5:03:18 PM ET] themselves [5:03:18 PM ET] are [5:03:18 PM ET] not [5:03:19 PM ET] traffic. [5:03:19 PM ET] the search page and then on top of that the experiences themselves are not [5:03:20 PM ET] drivers. [5:03:21 PM ET] And so these things [5:03:21 PM ET] combine [5:03:21 PM ET] with the [5:03:21 PM ET] role [5:03:22 PM ET] this [5:03:22 PM ET] just [5:03:22 PM ET] means [5:03:22 PM ET] Google [5:03:22 PM ET] has [5:03:23 PM ET] really shown that the game is a good [5:03:23 PM ET] traffic drivers and so these things combined with the rollout just means google has really [5:03:24 PM ET] shifted [5:03:24 PM ET] shifted in [5:03:24 PM ET] in [5:03:25 PM ET] their [5:03:25 PM ET] relationship [5:03:25 PM ET] with [5:03:25 PM ET] the [5:03:25 PM ET] rest of [5:03:26 PM ET] the [5:03:27 PM ET] internet. [5:03:27 PM ET] There's a second factor that is the same [5:03:29 PM ET] which is a very important [5:03:29 PM ET] we [5:03:29 PM ET] believe the [5:03:29 PM ET] their relationship with the rest of the internet there's a second factor [5:03:30 PM ET] are machine [5:03:30 PM ET] translation [5:03:32 PM ET] which we believe our machine translated content [5:03:32 PM ET] content [5:03:32 PM ET] is [5:03:32 PM ET] also [5:03:32 PM ET] being [5:03:33 PM ET] ranked [5:03:33 PM ET] lower. [5:03:34 PM ET] So this primarily would affect the [5:03:35 PM ET] us outside of the [5:03:36 PM ET] is also being ranked lower so this primarily would affect us outside the u s [5:03:36 PM ET] U.S. [5:03:40 PM ET] What the fuck is [5:03:41 PM ET] this [5:03:41 PM ET] isn't [5:03:42 PM ET] likely, [5:03:42 PM ET] but [5:03:42 PM ET] we [5:03:42 PM ET] don't have to do [5:03:43 PM ET] what this isn't likely but we don't have [5:03:43 PM ET] visibility [5:03:43 PM ET] into [5:03:44 PM ET] this, is [5:03:45 PM ET] the sort of algorithm [5:03:46 PM ET] change [5:03:46 PM ET] where I would [5:03:46 PM ET] say, [5:03:47 PM ET] hey [5:03:47 PM ET] these things are going to be a little bit [5:03:47 PM ET] come and [5:03:47 PM ET] visibility into this is the sort of algorithm change [5:03:48 PM ET] go. [5:03:48 PM ET] This appears to be a very good [5:03:49 PM ET] really [5:03:49 PM ET] the [5:03:50 PM ET] rollout [5:03:50 PM ET] of AI. [5:03:51 PM ET] where i would say hey these things come and go this appears to be really the [5:03:52 PM ET] mode. [5:03:52 PM ET] Uh, and [5:03:52 PM ET] maybe [5:03:53 PM ET] a [5:03:53 PM ET] change [5:03:53 PM ET] in [5:03:53 PM ET] the [5:03:54 PM ET] machine [5:03:54 PM ET] translation. [5:03:54 PM ET] the rollout of ai mode and maybe a a change in the machine [5:03:54 PM ET] or [5:03:54 PM ET] how [5:03:55 PM ET] they translate [5:03:55 PM ET] treat [5:03:56 PM ET] that. [5:03:56 PM ET] Reddit has a lot of [5:03:57 PM ET] however, is a very important [5:03:57 PM ET] still good [5:03:58 PM ET] top [5:03:58 PM ET] search [5:03:58 PM ET] term in the United [5:03:59 PM ET] translation or how they treat that reddit however is still a top search [5:04:00 PM ET] Google. [5:04:00 PM ET] So this doesn't say [5:04:00 PM ET] anything about the Google [5:04:02 PM ET] Internet [5:04:02 PM ET] consumers demanding [5:04:02 PM ET] demand [5:04:03 PM ET] for [5:04:03 PM ET] term in google so this doesn't say anything about the internet consumers' demand for reddit [5:04:03 PM ET] Reddit. [5:04:04 PM ET] People still want to do [5:04:05 PM ET] Reddit. [5:04:05 PM ET] It says [5:04:06 PM ET] Google is not sending them to the [5:04:07 PM ET] Reddit the way it [5:04:07 PM ET] they use [5:04:07 PM ET] used [5:04:08 PM ET] people still want reddit it's just google is not sending them to reddit the way they used to [5:04:09 PM ET] to. [5:04:09 PM ET] Given [5:04:10 PM ET] our [5:04:10 PM ET] strategy is [5:04:10 PM ET] to make sure that we can do [5:04:11 PM ET] Reddit [5:04:12 PM ET] a [5:04:12 PM ET] direct [5:04:13 PM ET] given our strategy is to make reddit a direct destination [5:04:13 PM ET] destination, [5:04:13 PM ET] this [5:04:14 PM ET] is [5:04:14 PM ET] actually in line with the [5:04:14 PM ET] our [5:04:15 PM ET] strategy because [5:04:15 PM ET] Google [5:04:15 PM ET] is [5:04:15 PM ET] teaching [5:04:16 PM ET] people [5:04:16 PM ET] that if [5:04:16 PM ET] you want [5:04:17 PM ET] to [5:04:17 PM ET] come [5:04:17 PM ET] Reddit, you need to be able to do [5:04:18 PM ET] come Red Red Red Red [5:04:18 PM ET] this is actually in line with our strategy because google is teaching people [5:04:18 PM ET] to [5:04:18 PM ET] that if you want to come to reddit you need to come to reddit [5:04:19 PM ET] Reddit. [5:04:21 PM ET] I can take [5:04:21 PM ET] the [5:04:22 PM ET] paid [5:04:22 PM ET] marketing [5:04:23 PM ET] i can take the paid marketing question so [5:04:23 PM ET] question. [5:04:24 PM ET] So, you know, we [5:04:24 PM ET] just [5:04:25 PM ET] um [5:04:26 PM ET] started [5:04:27 PM ET] doing [5:04:27 PM ET] app [5:04:27 PM ET] and [5:04:27 PM ET] install [5:04:28 PM ET] campaigns [5:04:28 PM ET] mainly [5:04:28 PM ET] in the [5:04:28 PM ET] we just started doing app install [5:04:30 PM ET] US [5:04:30 PM ET] And so [5:04:31 PM ET] it's [5:04:31 PM ET] it's [5:04:31 PM ET] early in [5:04:31 PM ET] terms [5:04:32 PM ET] of [5:04:32 PM ET] campaigns mainly in the us and so it's so it's early in terms of scale [5:04:33 PM ET] scale. [5:04:33 PM ET] But, you [5:04:33 PM ET] know, what [5:04:34 PM ET] we like is [5:04:34 PM ET] that [5:04:35 PM ET] they return to [5:04:35 PM ET] that we have is a very important [5:04:35 PM ET] lot of the same [5:04:35 PM ET] seeing is that [5:04:36 PM ET] the [5:04:37 PM ET] equivalent to [5:04:37 PM ET] our [5:04:37 PM ET] but you know what we like is that the retention that we're seeing is [5:04:38 PM ET] organic [5:04:38 PM ET] equivalent to our organic users [5:04:39 PM ET] users. [5:04:39 PM ET] So that's [5:04:40 PM ET] promising. [5:04:41 PM ET] Now that's still a low [5:04:42 PM ET] base. [5:04:42 PM ET] but I only have a lot of [5:04:42 PM ET] the [5:04:43 PM ET] work [5:04:43 PM ET] that [5:04:43 PM ET] we're doing is [5:04:43 PM ET] going to be able to [5:04:43 PM ET] doing [5:04:43 PM ET] so that's promising now that's still low base so [5:04:44 PM ET] in [5:04:44 PM ET] the [5:04:44 PM ET] core [5:04:44 PM ET] products [5:04:45 PM ET] around [5:04:45 PM ET] fees [5:04:46 PM ET] and [5:04:47 PM ET] but all the work that we're doing in the core product around fees and [5:04:47 PM ET] notifications [5:04:47 PM ET] and [5:04:48 PM ET] notifications and personalization [5:04:48 PM ET] personalization. [5:04:49 PM ET] you know that should [5:04:50 PM ET] list [5:04:50 PM ET] retention [5:04:51 PM ET] for [5:04:51 PM ET] all [5:04:51 PM ET] the [5:04:52 PM ET] users. [5:04:52 PM ET] and [5:04:52 PM ET] hopefully [5:04:53 PM ET] including [5:04:53 PM ET] that should lift retention for all the users and hopefully including [5:04:53 PM ET] the [5:04:54 PM ET] return of the [5:04:54 PM ET] on [5:04:55 PM ET] our on [5:04:55 PM ET] app [5:04:55 PM ET] install [5:04:56 PM ET] campaign. [5:04:57 PM ET] So it's [5:04:57 PM ET] early [5:04:58 PM ET] but [5:04:58 PM ET] the return on our app install campaign so [5:04:58 PM ET] we, you [5:04:59 PM ET] see [5:04:59 PM ET] scale [5:05:00 PM ET] there. [5:05:01 PM ET] Less [5:05:01 PM ET] known, I [5:05:01 PM ET] I'd say [5:05:01 PM ET] out of the [5:05:01 PM ET] it's early but we see scale there [5:05:02 PM ET] outside [5:05:03 PM ET] less known i'd say outside of the u s [5:05:03 PM ET] U.S. [5:05:04 PM ET] we [5:05:04 PM ET] are having a lot [5:05:05 PM ET] happy [5:05:05 PM ET] that [5:05:06 PM ET] our [5:05:06 PM ET] brand [5:05:07 PM ET] work [5:05:07 PM ET] is [5:05:07 PM ET] driving [5:05:09 PM ET] we are happy that our brand work is driving efficiency [5:05:09 PM ET] efficiency [5:05:10 PM ET] in [5:05:10 PM ET] App [5:05:11 PM ET] Install. [5:05:11 PM ET] So that's [5:05:12 PM ET] good. [5:05:13 PM ET] you know so we'll cross [5:05:13 PM ET] our [5:05:13 PM ET] full [5:05:13 PM ET] funnel [5:05:14 PM ET] approach [5:05:14 PM ET] for [5:05:14 PM ET] in app install so that's good so across [5:05:14 PM ET] us, I [5:05:15 PM ET] a full funnel approach for us i think [5:05:15 PM ET] think will [5:05:15 PM ET] make [5:05:16 PM ET] sense [5:05:16 PM ET] because [5:05:17 PM ET] it [5:05:17 PM ET] will [5:05:17 PM ET] drive [5:05:18 PM ET] efficiency in terms [5:05:18 PM ET] of [5:05:19 PM ET] acquiring [5:05:19 PM ET] those [5:05:20 PM ET] will make sense because it will drive efficiency in terms of acquiring [5:05:20 PM ET] app [5:05:20 PM ET] apt [5:05:20 PM ET] users. [5:05:21 PM ET] And you know, I think [5:05:21 PM ET] we're going to [5:05:21 PM ET] start with the first [5:05:22 PM ET] process of the [5:05:22 PM ET] those app users and i think we're going to start the process of [5:05:23 PM ET] looking at the [5:05:24 PM ET] re-engagement [5:05:25 PM ET] campaigns [5:05:25 PM ET] for [5:05:25 PM ET] some of [5:05:25 PM ET] our [5:05:26 PM ET] logged [5:05:27 PM ET] and [5:05:27 PM ET] app [5:05:27 PM ET] of looking at reengagement campaigns for some of our logged in [5:05:27 PM ET] users as [5:05:28 PM ET] well. [5:05:29 PM ET] and app users as well so [5:05:29 PM ET] So, I think that's a good idea. [5:05:29 PM ET] So [5:05:30 PM ET] early [5:05:30 PM ET] but [5:05:30 PM ET] so [5:05:30 PM ET] far [5:05:31 PM ET] the app is a very good [5:05:32 PM ET] install [5:05:32 PM ET] shift I [5:05:32 PM ET] think [5:05:33 PM ET] has [5:05:33 PM ET] been [5:05:34 PM ET] early but so far the app install shift i think has been promising [5:05:34 PM ET] Yeah, yeah, [5:05:38 PM ET] You're [5:05:39 PM ET] next question [5:05:39 PM ET] is [5:05:39 PM ET] from [5:05:39 PM ET] the [5:05:40 PM ET] line [5:05:40 PM ET] of [5:05:40 PM ET] John [5:05:41 PM ET] Colentoni [5:05:42 PM ET] your next question is from the line of john colantoni [5:05:42 PM ET] from [5:05:43 PM ET] Jeffries. [5:05:43 PM ET] Your line is now [5:05:43 PM ET] open. [5:05:44 PM ET] Please [5:05:44 PM ET] go [5:05:44 PM ET] from jefferies [5:05:45 PM ET] ahead. [5:05:48 PM ET] Great. Thanks very [5:05:48 PM ET] for taking my [5:05:49 PM ET] question. [5:05:50 PM ET] Just wanted to quickly add a [5:05:50 PM ET] ask [5:05:51 PM ET] about [5:05:51 PM ET] the [5:05:52 PM ET] logged [5:05:52 PM ET] in [5:05:52 PM ET] only [5:05:53 PM ET] just wanted to quickly ask about the logged in only shift [5:05:54 PM ET] shift. [5:05:55 PM ET] Two things [5:05:55 PM ET] there. [5:05:56 PM ET] Number one [5:05:57 PM ET] is are [5:05:57 PM ET] you [5:05:57 PM ET] still [5:05:57 PM ET] gonna [5:05:58 PM ET] going to [5:05:58 PM ET] offer [5:05:58 PM ET] two things there number one is [5:05:58 PM ET] a [5:05:59 PM ET] light [5:05:59 PM ET] version [5:05:59 PM ET] of [5:05:59 PM ET] Reddit [5:06:00 PM ET] that's [5:06:00 PM ET] available with the [5:06:01 PM ET] without [5:06:01 PM ET] logging [5:06:01 PM ET] are you still gonna offer a light version of reddit [5:06:02 PM ET] in. [5:06:03 PM ET] And just to [5:06:04 PM ET] confirm [5:06:04 PM ET] is [5:06:04 PM ET] that's available without logging in and just to confirm is this [5:06:05 PM ET] this [5:06:05 PM ET] just [5:06:05 PM ET] a [5:06:06 PM ET] just a test [5:06:06 PM ET] test [5:06:07 PM ET] or [5:06:07 PM ET] are [5:06:07 PM ET] you [5:06:08 PM ET] definitively going to test [5:06:09 PM ET] go this [5:06:10 PM ET] direction? [5:06:11 PM ET] or are you definitively going to go this direction [5:06:11 PM ET] And [5:06:12 PM ET] second, on [5:06:13 PM ET] engagement, I [5:06:13 PM ET] know [5:06:13 PM ET] the clients [5:06:14 PM ET] have [5:06:14 PM ET] continued [5:06:15 PM ET] and second on engagement i know [5:06:15 PM ET] into [5:06:16 PM ET] 4Q, [5:06:16 PM ET] but [5:06:16 PM ET] curious [5:06:16 PM ET] if [5:06:17 PM ET] you're [5:06:17 PM ET] the clients have continued into 4q but curious if you're seeing [5:06:17 PM ET] seeing [5:06:18 PM ET] any [5:06:18 PM ET] green [5:06:19 PM ET] shoots [5:06:19 PM ET] beyond [5:06:20 PM ET] just [5:06:21 PM ET] user [5:06:21 PM ET] count [5:06:21 PM ET] that [5:06:21 PM ET] are [5:06:22 PM ET] worth [5:06:22 PM ET] highlighting. [5:06:22 PM ET] any green shoots beyond just user count that are worth highlighting [5:06:23 PM ET] Thanks. [5:06:24 PM ET] thanks [5:06:26 PM ET] Sure. John, thanks for the [5:06:27 PM ET] questions. [5:06:28 PM ET] So for logged in [5:06:28 PM ET] only, [5:06:29 PM ET] sure john thanks for the questions so for logged in only [5:06:30 PM ET] part of [5:06:30 PM ET] the purpose [5:06:30 PM ET] of [5:06:31 PM ET] the [5:06:32 PM ET] task [5:06:32 PM ET] is [5:06:32 PM ET] to [5:06:33 PM ET] answer that [5:06:33 PM ET] question you [5:06:34 PM ET] asked. [5:06:34 PM ET] part of the purpose of the task is to answer that question you [5:06:34 PM ET] Is there a light version [5:06:35 PM ET] of [5:06:35 PM ET] Reddit? [5:06:36 PM ET] Which is like, what is [5:06:37 PM ET] the [5:06:38 PM ET] boundary? [5:06:38 PM ET] And so we need [5:06:38 PM ET] to [5:06:38 PM ET] find [5:06:38 PM ET] the [5:06:38 PM ET] is there a light version of reddit which is like what what is the boundary [5:06:39 PM ET] right [5:06:39 PM ET] boundary [5:06:40 PM ET] to [5:06:41 PM ET] and so we need to find the right boundary to [5:06:41 PM ET] you [5:06:42 PM ET] know provide [5:06:42 PM ET] value [5:06:42 PM ET] to [5:06:43 PM ET] the [5:06:43 PM ET] user. [5:06:44 PM ET] whether they're [5:06:44 PM ET] coming [5:06:44 PM ET] from a [5:06:44 PM ET] shared [5:06:45 PM ET] link [5:06:45 PM ET] or [5:06:46 PM ET] maybe [5:06:46 PM ET] from [5:06:46 PM ET] search [5:06:46 PM ET] know provide value to the user you know whether they're coming from a shared link or maybe [5:06:47 PM ET] themselves [5:06:47 PM ET] or [5:06:47 PM ET] trying [5:06:47 PM ET] out [5:06:49 PM ET] Reddit. [5:06:49 PM ET] And so I think there will be [5:06:49 PM ET] a ton of [5:06:50 PM ET] nuance and [5:06:50 PM ET] detail [5:06:50 PM ET] from search themselves or trying out reddit and so i think there will be [5:06:51 PM ET] a ton of nuance and detail there [5:06:51 PM ET] there for [5:06:51 PM ET] us [5:06:52 PM ET] to [5:06:52 PM ET] iterate [5:06:53 PM ET] on. [5:06:53 PM ET] And so [5:06:53 PM ET] that's the thing [5:06:54 PM ET] be [5:06:55 PM ET] some version of the [5:06:55 PM ET] Reddit [5:06:56 PM ET] accessible for the [5:06:56 PM ET] for us to iterate on and so that there'll be some [5:06:56 PM ET] those [5:06:57 PM ET] moments [5:06:57 PM ET] before [5:06:57 PM ET] we [5:06:57 PM ET] do [5:06:57 PM ET] that [5:06:57 PM ET] hard [5:06:59 PM ET] prompt. [5:06:59 PM ET] version of reddit accessible for those moments before we do that hard prompt [5:07:00 PM ET] This is a [5:07:00 PM ET] test, but we're going to be able to do [5:07:00 PM ET] we [5:07:01 PM ET] are going [5:07:01 PM ET] make a [5:07:01 PM ET] this [5:07:02 PM ET] this is a test but we are going to make this transition [5:07:03 PM ET] transition. [5:07:05 PM ET] I think the engagement is [5:07:06 PM ET] important. [5:07:07 PM ET] The ads [5:07:08 PM ET] targeting is [5:07:08 PM ET] i think the engagement is important the [5:07:09 PM ET] important. [5:07:10 PM ET] The protecting our [5:07:11 PM ET] corpus [5:07:11 PM ET] is very [5:07:12 PM ET] ads targeting is important the protecting our corpus [5:07:12 PM ET] very [5:07:13 PM ET] important. [5:07:13 PM ET] and it [5:07:13 PM ET] having [5:07:14 PM ET] a [5:07:14 PM ET] firmer [5:07:15 PM ET] footy [5:07:15 PM ET] firmer [5:07:15 PM ET] footing [5:07:15 PM ET] is very important and having a firmer footy [5:07:15 PM ET] to [5:07:16 PM ET] adapt the [5:07:16 PM ET] regulation [5:07:16 PM ET] is [5:07:17 PM ET] also [5:07:17 PM ET] important. [5:07:18 PM ET] So there's a lot of reasons for doing [5:07:19 PM ET] this. [5:07:19 PM ET] firmer footing to adapt the regulation is also important so there's a lot of reasons for doing this [5:07:20 PM ET] And at this point [5:07:20 PM ET] we're [5:07:20 PM ET] the only [5:07:20 PM ET] platform [5:07:20 PM ET] that [5:07:21 PM ET] does [5:07:21 PM ET] doesn't do [5:07:22 PM ET] this. And [5:07:23 PM ET] so [5:07:23 PM ET] and at this point we're the only platform that doesn't do this and so [5:07:24 PM ET] um you know [5:07:25 PM ET] Reddit has just [5:07:25 PM ET] evolved so [5:07:26 PM ET] much that I [5:07:26 PM ET] think [5:07:26 PM ET] this [5:07:26 PM ET] just [5:07:27 PM ET] meets [5:07:27 PM ET] the [5:07:27 PM ET] needs [5:07:27 PM ET] of [5:07:27 PM ET] the [5:07:28 PM ET] time. [5:07:29 PM ET] you know reddit has just evolved so much i think this just meets the needs of the time [5:07:29 PM ET] so [5:07:30 PM ET] So, I think that's a good idea. [5:07:30 PM ET] So on [5:07:31 PM ET] engagement, we're [5:07:32 PM ET] on engagement we're seeing [5:07:32 PM ET] seeing [5:07:34 PM ET] lots [5:07:34 PM ET] of [5:07:34 PM ET] green [5:07:35 PM ET] shoots. [5:07:36 PM ET] So our [5:07:36 PM ET] work [5:07:37 PM ET] on [5:07:37 PM ET] feeds, [5:07:37 PM ET] which [5:07:37 PM ET] has [5:07:37 PM ET] been so much more than a [5:07:37 PM ET] of the things that we're [5:07:38 PM ET] our [5:07:38 PM ET] lots of green shoots so our work on feeds which is [5:07:38 PM ET] most [5:07:38 PM ET] important [5:07:38 PM ET] work this [5:07:40 PM ET] year, [5:07:40 PM ET] is [5:07:40 PM ET] the [5:07:41 PM ET] engagement [5:07:42 PM ET] for [5:07:42 PM ET] new [5:07:42 PM ET] and [5:07:42 PM ET] some of our most important work this year is [5:07:42 PM ET] core [5:07:43 PM ET] users. [5:07:43 PM ET] new user [5:07:44 PM ET] retention [5:07:44 PM ET] is [5:07:44 PM ET] upside [5:07:45 PM ET] significantly [5:07:45 PM ET] over the course of [5:07:45 PM ET] improving engagement for new and core users new user retention is up [5:07:45 PM ET] this [5:07:46 PM ET] year [5:07:46 PM ET] and [5:07:47 PM ET] sequentially. [5:07:48 PM ET] posts [5:07:48 PM ET] and [5:07:49 PM ET] significantly over the course of this year and sequentially posts and comments [5:07:49 PM ET] comments. [5:07:49 PM ET] are [5:07:50 PM ET] up on the [5:07:51 PM ET] sequentially as [5:07:52 PM ET] well. [5:07:53 PM ET] Our corpus is [5:07:53 PM ET] up the [5:07:53 PM ET] to [5:07:53 PM ET] are up sequentially as well our corpus [5:07:54 PM ET] 27 [5:07:54 PM ET] billion [5:07:54 PM ET] posts [5:07:54 PM ET] and [5:07:55 PM ET] comments. [5:07:56 PM ET] a billion of [5:07:56 PM ET] those [5:07:57 PM ET] added in [5:07:57 PM ET] the last two [5:07:57 PM ET] is up to twenty seven billion posts and comments billion of those added in the last quarter [5:07:58 PM ET] quarter. [5:07:59 PM ET] Time on [5:07:59 PM ET] site has been a very good [5:08:00 PM ET] time on-site has been solid [5:08:01 PM ET] solid. [5:08:02 PM ET] Where we're seeing mixed [5:08:02 PM ET] results [5:08:02 PM ET] is [5:08:02 PM ET] total [5:08:03 PM ET] sessions [5:08:03 PM ET] are [5:08:04 PM ET] down [5:08:04 PM ET] because [5:08:04 PM ET] of [5:08:04 PM ET] that [5:08:04 PM ET] decline [5:08:05 PM ET] in [5:08:05 PM ET] search [5:08:05 PM ET] referral [5:08:05 PM ET] where we're seeing mixed results is total sessions are down the [5:08:06 PM ET] traffic. [5:08:07 PM ET] But we're [5:08:07 PM ET] growing where [5:08:07 PM ET] it can [5:08:08 PM ET] counts, [5:08:08 PM ET] which [5:08:08 PM ET] is [5:08:08 PM ET] engaging with the [5:08:08 PM ET] of that decline in search referral traffic but we're growing where accounts [5:08:09 PM ET] from [5:08:09 PM ET] our [5:08:09 PM ET] app [5:08:09 PM ET] and [5:08:10 PM ET] logged [5:08:10 PM ET] in [5:08:10 PM ET] which is engagement from our app and logged in users [5:08:11 PM ET] users. [5:08:16 PM ET] You're not [5:08:16 PM ET] next [5:08:16 PM ET] question [5:08:16 PM ET] is from the [5:08:17 PM ET] line [5:08:17 PM ET] of [5:08:17 PM ET] Navid [5:08:18 PM ET] Khan [5:08:18 PM ET] from [5:08:18 PM ET] B. [5:08:18 PM ET] Reilly [5:08:19 PM ET] your next question is from the line of naved khan from b riley securities [5:08:19 PM ET] Securities. [5:08:19 PM ET] Your line [5:08:20 PM ET] is now [5:08:20 PM ET] open, [5:08:21 PM ET] Please [5:08:21 PM ET] go [5:08:21 PM ET] your line is now open please go ahead [5:08:22 PM ET] ahead. [5:08:24 PM ET] thank [5:08:24 PM ET] a [5:08:25 PM ET] lot. [5:08:26 PM ET] Maybe on a related [5:08:26 PM ET] thanks a lot [5:08:26 PM ET] note, [5:08:27 PM ET] Phoebe, [5:08:27 PM ET] maybe [5:08:27 PM ET] just [5:08:27 PM ET] talk [5:08:28 PM ET] maybe on a related note steve maybe just talk about [5:08:28 PM ET] about [5:08:28 PM ET] the [5:08:29 PM ET] opportunity [5:08:30 PM ET] for [5:08:30 PM ET] content [5:08:31 PM ET] licensing you already [5:08:31 PM ET] have [5:08:31 PM ET] existing [5:08:32 PM ET] relationships [5:08:33 PM ET] the opportunity for content licensing you already had existing relationships with [5:08:33 PM ET] with [5:08:33 PM ET] an [5:08:33 PM ET] open [5:08:33 PM ET] OpenAI. [5:08:34 PM ET] and [5:08:35 PM ET] with [5:08:35 PM ET] Google for [5:08:36 PM ET] Gemini. And [5:08:37 PM ET] with openai and with with google for gemini [5:08:38 PM ET] since you're you know [5:08:38 PM ET] testing [5:08:39 PM ET] logged [5:08:39 PM ET] in [5:08:40 PM ET] and and since you're you know testing logged in and [5:08:40 PM ET] and [5:08:40 PM ET] planning to [5:08:41 PM ET] go [5:08:41 PM ET] down [5:08:41 PM ET] the [5:08:41 PM ET] that [5:08:41 PM ET] route. How do [5:08:42 PM ET] you are you [5:08:42 PM ET] thinking [5:08:42 PM ET] about [5:08:43 PM ET] continuing [5:08:44 PM ET] to [5:08:44 PM ET] license [5:08:45 PM ET] planning to go down that route how do you how are you thinking about continuing to license the [5:08:45 PM ET] the [5:08:46 PM ET] the [5:08:46 PM ET] the corpus [5:08:47 PM ET] corpus [5:08:47 PM ET] to [5:08:48 PM ET] these [5:08:48 PM ET] to these partners [5:08:49 PM ET] partners. [5:08:54 PM ET] Sure. [5:08:54 PM ET] sure so [5:08:55 PM ET] So [5:08:55 PM ET] thank [5:08:55 PM ET] you for the [5:08:56 PM ET] question. [5:08:57 PM ET] It doesn't [5:08:58 PM ET] change [5:08:58 PM ET] um [5:08:59 PM ET] anything we [5:08:59 PM ET] mentioned on the [5:09:00 PM ET] call doesn't [5:09:00 PM ET] thank you for the question it doesn't change [5:09:00 PM ET] change [5:09:00 PM ET] our [5:09:01 PM ET] perspective [5:09:02 PM ET] there. [5:09:02 PM ET] Uh we don't have any [5:09:03 PM ET] updates to [5:09:03 PM ET] share, though we're [5:09:04 PM ET] anything we mentioned on the call doesn't change our perspective there we don't have any updates to share though we're [5:09:04 PM ET] in [5:09:04 PM ET] active [5:09:05 PM ET] discussions. [5:09:06 PM ET] Um but what's most important is that we're going to be able to do [5:09:06 PM ET] is that we're [5:09:06 PM ET] going be [5:09:06 PM ET] to able to do [5:09:07 PM ET] is [5:09:07 PM ET] that [5:09:08 PM ET] any [5:09:08 PM ET] deal [5:09:08 PM ET] we [5:09:09 PM ET] active discussions but what's most important is that [5:09:09 PM ET] do [5:09:09 PM ET] needs [5:09:09 PM ET] to [5:09:09 PM ET] advance [5:09:10 PM ET] our [5:09:10 PM ET] long [5:09:10 PM ET] long-term [5:09:11 PM ET] term [5:09:11 PM ET] any deal we do needs to advance our long term strategy [5:09:11 PM ET] strategy and has to be able to do [5:09:12 PM ET] a [5:09:12 PM ET] fair [5:09:12 PM ET] exchange [5:09:12 PM ET] of [5:09:13 PM ET] value. [5:09:14 PM ET] Now these [5:09:14 PM ET] deals aren't going to be a very important [5:09:14 PM ET] by the [5:09:15 PM ET] binary, [5:09:15 PM ET] has to be a fair exchange of value now these deals aren't binary however [5:09:16 PM ET] however. [5:09:16 PM ET] There's a [5:09:16 PM ET] bunch [5:09:17 PM ET] of [5:09:18 PM ET] options. [5:09:19 PM ET] So on one end, [5:09:19 PM ET] there's access [5:09:19 PM ET] for [5:09:20 PM ET] training, but [5:09:20 PM ET] then [5:09:20 PM ET] there's a bunch of options so on one end there's access [5:09:20 PM ET] there's [5:09:21 PM ET] also [5:09:22 PM ET] display and [5:09:22 PM ET] use [5:09:22 PM ET] and [5:09:24 PM ET] products. [5:09:24 PM ET] for training but then there's also display and use some products [5:09:24 PM ET] And then on the other hand, there's [5:09:25 PM ET] more [5:09:25 PM ET] specific [5:09:25 PM ET] use of [5:09:26 PM ET] our [5:09:27 PM ET] content. [5:09:28 PM ET] and then on the other end there's more specific uses of our content [5:09:28 PM ET] So we're only going to [5:09:28 PM ET] do [5:09:29 PM ET] what makes it a lot of [5:09:30 PM ET] sense and it's in [5:09:30 PM ET] the [5:09:30 PM ET] best [5:09:31 PM ET] interest [5:09:31 PM ET] for [5:09:31 PM ET] Reddit [5:09:32 PM ET] so we're only going to do what makes sense and is in the best interest for reddit [5:09:32 PM ET] strategically [5:09:32 PM ET] and [5:09:33 PM ET] economically. [5:09:34 PM ET] which [5:09:34 PM ET] strategically and economically which does [5:09:34 PM ET] does [5:09:35 PM ET] potentially [5:09:35 PM ET] include [5:09:35 PM ET] not [5:09:36 PM ET] doing a [5:09:36 PM ET] deal. [5:09:37 PM ET] but those conversations are not a good [5:09:37 PM ET] continue to [5:09:39 PM ET] potentially include not doing a deal but those conversations continue to progress [5:09:39 PM ET] progress. [5:09:43 PM ET] You're [5:09:43 PM ET] next [5:09:43 PM ET] question [5:09:44 PM ET] is [5:09:44 PM ET] from [5:09:44 PM ET] the [5:09:44 PM ET] line [5:09:44 PM ET] of [5:09:45 PM ET] Tom [5:09:45 PM ET] your [5:09:45 PM ET] Champion [5:09:46 PM ET] from [5:09:47 PM ET] Piper. [5:09:47 PM ET] Your line is [5:09:47 PM ET] now [5:09:48 PM ET] open, [5:09:48 PM ET] Please [5:09:48 PM ET] go [5:09:48 PM ET] question is from the line of tom champion from piper [5:09:48 PM ET] your line is now open please go ahead [5:09:50 PM ET] ahead. [5:09:51 PM ET] Steve, I'm going to go ahead and do [5:09:52 PM ET] you can do [5:09:52 PM ET] got to be able to [5:09:52 PM ET] me [5:09:52 PM ET] the bit of a little bit of [5:09:53 PM ET] business [5:09:54 PM ET] for a long [5:09:54 PM ET] period of [5:09:55 PM ET] time. I'm [5:09:55 PM ET] steve you you've led the business for a long period of time i'm just [5:09:55 PM ET] just [5:09:56 PM ET] curious [5:09:57 PM ET] curious if [5:09:57 PM ET] if [5:09:57 PM ET] uh [5:09:58 PM ET] the [5:09:58 PM ET] current period [5:09:58 PM ET] reminds me of the [5:09:59 PM ET] you [5:10:00 PM ET] the current period reminds you of [5:10:00 PM ET] of [5:10:01 PM ET] uh [5:10:01 PM ET] you [5:10:01 PM ET] know [5:10:02 PM ET] any [5:10:02 PM ET] dynamic [5:10:02 PM ET] you've [5:10:03 PM ET] experienced in [5:10:03 PM ET] the [5:10:04 PM ET] past [5:10:04 PM ET] and [5:10:04 PM ET] and kind [5:10:04 PM ET] of [5:10:05 PM ET] your [5:10:05 PM ET] thoughts [5:10:05 PM ET] on [5:10:05 PM ET] how [5:10:05 PM ET] any dynamic you've experienced in the past and [5:10:06 PM ET] kind of your thoughts on how to [5:10:06 PM ET] to [5:10:06 PM ET] how [5:10:06 PM ET] guide [5:10:07 PM ET] the [5:10:08 PM ET] company. [5:10:08 PM ET] to guide the company [5:10:09 PM ET] and [5:10:10 PM ET] the [5:10:10 PM ET] team [5:10:11 PM ET] through [5:10:11 PM ET] this [5:10:11 PM ET] period of [5:10:13 PM ET] transition [5:10:13 PM ET] and [5:10:13 PM ET] and the team through this period of transition [5:10:13 PM ET] kind [5:10:14 PM ET] of [5:10:14 PM ET] balancing [5:10:14 PM ET] near [5:10:15 PM ET] term [5:10:15 PM ET] and long [5:10:16 PM ET] long-term [5:10:17 PM ET] and kind of balancing near term and long term objectives [5:10:18 PM ET] objectives. [5:10:19 PM ET] If I could [5:10:20 PM ET] squeeze just one more [5:10:21 PM ET] in [5:10:21 PM ET] Drew, [5:10:22 PM ET] just [5:10:22 PM ET] curious [5:10:22 PM ET] if i could squeeze just one more in drew just curious [5:10:23 PM ET] your [5:10:23 PM ET] latest [5:10:24 PM ET] thoughts [5:10:24 PM ET] latest thoughts on [5:10:25 PM ET] on [5:10:26 PM ET] user [5:10:27 PM ET] monetization [5:10:27 PM ET] in [5:10:27 PM ET] the [5:10:28 PM ET] U.S. [5:10:28 PM ET] ARPU [5:10:28 PM ET] growth [5:10:29 PM ET] has [5:10:29 PM ET] been you [5:10:29 PM ET] user monetization in u s arpu growth [5:10:29 PM ET] know [5:10:30 PM ET] really [5:10:31 PM ET] consistent at [5:10:31 PM ET] 50% [5:10:32 PM ET] percent [5:10:32 PM ET] plus. [5:10:33 PM ET] just you're [5:10:33 PM ET] has been really consistent at fifty percent plus [5:10:33 PM ET] your [5:10:34 PM ET] latest [5:10:34 PM ET] just your latest thought [5:10:34 PM ET] thought [5:10:35 PM ET] on [5:10:36 PM ET] um [5:10:36 PM ET] on [5:10:37 PM ET] that [5:10:37 PM ET] that that trend [5:10:37 PM ET] trend. Thank [5:10:38 PM ET] you. [5:10:41 PM ET] Thanks for the [5:10:42 PM ET] questions, [5:10:42 PM ET] Tom. [5:10:43 PM ET] thanks for the questions tom so [5:10:43 PM ET] So [5:10:45 PM ET] This is a very good [5:10:46 PM ET] good [5:10:46 PM ET] of [5:10:47 PM ET] consequential [5:10:48 PM ET] time [5:10:48 PM ET] for [5:10:49 PM ET] Reddit. [5:10:49 PM ET] this is a consequential time for reddit [5:10:50 PM ET] And this period [5:10:50 PM ET] does [5:10:50 PM ET] remind [5:10:50 PM ET] me [5:10:51 PM ET] of [5:10:51 PM ET] and this period does remind me of [5:10:52 PM ET] me [5:10:52 PM ET] of [5:10:52 PM ET] about [5:10:53 PM ET] 11 [5:10:53 PM ET] years [5:10:53 PM ET] ago when [5:10:53 PM ET] I came to the [5:10:54 PM ET] back United [5:10:54 PM ET] the [5:10:55 PM ET] company [5:10:56 PM ET] And [5:10:56 PM ET] we've [5:10:56 PM ET] had a lot [5:10:56 PM ET] about eleven years ago when i came back to the company [5:10:57 PM ET] of [5:10:57 PM ET] conversations with the [5:10:58 PM ET] then [5:10:59 PM ET] about [5:10:59 PM ET] what [5:10:59 PM ET] is [5:11:00 PM ET] Reddit [5:11:00 PM ET] and [5:11:00 PM ET] what [5:11:00 PM ET] and we've had a lot of conversations then about [5:11:00 PM ET] is [5:11:01 PM ET] Reddit [5:11:01 PM ET] for and [5:11:01 PM ET] what is [5:11:02 PM ET] our [5:11:02 PM ET] place [5:11:02 PM ET] in [5:11:02 PM ET] this [5:11:03 PM ET] what is reddit and what is reddit for and what is our place in this ecosystem [5:11:04 PM ET] ecosystem? [5:11:05 PM ET] And we've been [5:11:05 PM ET] having [5:11:05 PM ET] those [5:11:06 PM ET] conversations at [5:11:06 PM ET] Red [5:11:07 PM ET] Reddit [5:11:07 PM ET] and we've been having those conversations at reddit recently [5:11:08 PM ET] recently. [5:11:09 PM ET] And so Reddit's [5:11:09 PM ET] mission is to be able to do [5:11:09 PM ET] create [5:11:10 PM ET] community [5:11:10 PM ET] and belong to the [5:11:10 PM ET] belonging for [5:11:11 PM ET] everyone in the [5:11:11 PM ET] on [5:11:12 PM ET] world. [5:11:12 PM ET] And while there's [5:11:12 PM ET] and so reddit's mission is to create community and belonging for everyone in the world [5:11:13 PM ET] overlap, the world is a very important [5:11:13 PM ET] between [5:11:13 PM ET] the [5:11:13 PM ET] Reddit [5:11:14 PM ET] and other [5:11:15 PM ET] players in the [5:11:16 PM ET] ecosystem, [5:11:16 PM ET] whether [5:11:16 PM ET] we're [5:11:16 PM ET] talking about the [5:11:16 PM ET] social [5:11:17 PM ET] and while there's overlap between reddit and other players in the ecosystem [5:11:17 PM ET] media [5:11:17 PM ET] or AI. [5:11:18 PM ET] whether we're talking about social media or ai search [5:11:19 PM ET] search. [5:11:20 PM ET] Fundamentally, [5:11:20 PM ET] Reddit [5:11:20 PM ET] is [5:11:20 PM ET] communicating with the [5:11:21 PM ET] and [5:11:22 PM ET] conversations. [5:11:22 PM ET] It's a place [5:11:22 PM ET] for people to [5:11:23 PM ET] come [5:11:23 PM ET] fundamentally reddit is communities and conversations [5:11:24 PM ET] together. [5:11:24 PM ET] It's a [5:11:25 PM ET] fun [5:11:25 PM ET] and [5:11:25 PM ET] funny [5:11:27 PM ET] place. [5:11:27 PM ET] it's a place for people to come together it's a fun and funny place [5:11:28 PM ET] Uh and it's a a [5:11:28 PM ET] it's with you through the [5:11:29 PM ET] throughout [5:11:29 PM ET] life's [5:11:30 PM ET] journey. [5:11:30 PM ET] And [5:11:31 PM ET] so, [5:11:31 PM ET] yeah, this is a good [5:11:31 PM ET] and it's a it's with you throughout life's journey [5:11:31 PM ET] some over [5:11:31 PM ET] overlap in [5:11:32 PM ET] utility and [5:11:33 PM ET] search [5:11:33 PM ET] and [5:11:34 PM ET] and so yeah there's some overlap in utility and search and shopping [5:11:34 PM ET] shopping. [5:11:35 PM ET] Uh, but really [5:11:35 PM ET] Reddit, I [5:11:36 PM ET] think is [5:11:36 PM ET] but really reddit i think is a [5:11:37 PM ET] the [5:11:37 PM ET] is [5:11:38 PM ET] a [5:11:38 PM ET] unique [5:11:39 PM ET] product [5:11:39 PM ET] on [5:11:39 PM ET] the [5:11:40 PM ET] internet [5:11:40 PM ET] that [5:11:40 PM ET] can [5:11:40 PM ET] play [5:11:40 PM ET] a [5:11:41 PM ET] really [5:11:41 PM ET] significant [5:11:41 PM ET] role in [5:11:41 PM ET] is a unique product on the internet that [5:11:42 PM ET] people's [5:11:43 PM ET] lives. [5:11:43 PM ET] And that's why [5:11:44 PM ET] the RTA [5:11:44 PM ET] team [5:11:44 PM ET] we choose [5:11:45 PM ET] to work with the team is a lot of people [5:11:45 PM ET] work [5:11:45 PM ET] can play a really significant role in people's lives and that's why the [5:11:45 PM ET] at [5:11:46 PM ET] Reddit, [5:11:46 PM ET] over [5:11:46 PM ET] our [5:11:47 PM ET] peers [5:11:47 PM ET] is [5:11:48 PM ET] here. [5:11:48 PM ET] our team who chooses to work at reddit over our peers is here [5:11:49 PM ET] and so [5:11:50 PM ET] And so these are the sorts of [5:11:50 PM ET] things [5:11:50 PM ET] that [5:11:50 PM ET] get [5:11:50 PM ET] us [5:11:50 PM ET] really [5:11:52 PM ET] energized. [5:11:52 PM ET] One thing I'm [5:11:52 PM ET] very excited about is that I'm not going to be [5:11:53 PM ET] about is [5:11:53 PM ET] that I'm sure if [5:11:53 PM ET] not going to be [5:11:53 PM ET] in [5:11:54 PM ET] the [5:11:54 PM ET] these are the sorts of things that get us really energized one thing i'm very excited [5:11:54 PM ET] near to [5:11:55 PM ET] midterm [5:11:55 PM ET] are some of [5:11:55 PM ET] the [5:11:56 PM ET] product [5:11:56 PM ET] improvements [5:11:56 PM ET] from [5:11:56 PM ET] we're [5:11:57 PM ET] making [5:11:57 PM ET] to kind [5:11:58 PM ET] in the near to mid term are some of the product improvements we're making to [5:11:58 PM ET] of [5:11:58 PM ET] realize that we're going to be able to [5:11:59 PM ET] all of [5:12:00 PM ET] this. [5:12:01 PM ET] So there's some fun [5:12:01 PM ET] stuff we're [5:12:02 PM ET] doing in the core [5:12:02 PM ET] kind of realize all of this so there's some fun stuff we're doing in the [5:12:02 PM ET] app [5:12:02 PM ET] epic [5:12:03 PM ET] experience. [5:12:04 PM ET] that I [5:12:04 PM ET] think for [5:12:04 PM ET] both [5:12:04 PM ET] new and [5:12:05 PM ET] core [5:12:06 PM ET] core app experience that i think for both new and core users [5:12:06 PM ET] users [5:12:06 PM ET] will [5:12:07 PM ET] allow [5:12:07 PM ET] the [5:12:07 PM ET] user [5:12:07 PM ET] to [5:12:07 PM ET] more [5:12:08 PM ET] consistently [5:12:08 PM ET] get [5:12:09 PM ET] to [5:12:09 PM ET] where [5:12:09 PM ET] they're [5:12:10 PM ET] going. [5:12:10 PM ET] So, if you have a lot of things that are to be a very good thing. [5:12:11 PM ET] They more [5:12:11 PM ET] will allow the user to more consistently get to where they're going [5:12:11 PM ET] consistently [5:12:11 PM ET] see [5:12:12 PM ET] the [5:12:12 PM ET] this trend is a very important [5:12:13 PM ET] this [5:12:13 PM ET] is [5:12:13 PM ET] news, these [5:12:13 PM ET] are [5:12:13 PM ET] my [5:12:14 PM ET] favorite [5:12:14 PM ET] they more consistently see this is trending this is news these are my favorite subreddits [5:12:15 PM ET] subreddits, here's my game. [5:12:15 PM ET] gains. Here's [5:12:15 PM ET] some video. [5:12:16 PM ET] videos. [5:12:17 PM ET] here's my games here's some videos [5:12:18 PM ET] That sort of [5:12:18 PM ET] work is a very good [5:12:18 PM ET] really [5:12:19 PM ET] exciting [5:12:19 PM ET] because [5:12:19 PM ET] it really [5:12:19 PM ET] I [5:12:20 PM ET] think, [5:12:20 PM ET] brings to [5:12:20 PM ET] life [5:12:21 PM ET] all [5:12:21 PM ET] of [5:12:21 PM ET] that [5:12:21 PM ET] Reddit [5:12:21 PM ET] has to [5:12:22 PM ET] that sort of work is really exciting because it really i think [5:12:23 PM ET] offer. [5:12:24 PM ET] And I think that's one of [5:12:24 PM ET] the challenges that we have to [5:12:25 PM ET] brings to life all of that reddit has to offer and i think that's one of the [5:12:25 PM ET] face [5:12:25 PM ET] for a lot of [5:12:25 PM ET] long [5:12:26 PM ET] time. [5:12:26 PM ET] is hey, how do you [5:12:27 PM ET] sell [5:12:27 PM ET] this [5:12:28 PM ET] product in [5:12:28 PM ET] the first [5:12:29 PM ET] challenges we faced for a long time is hey how do you sell this product in the first session [5:12:29 PM ET] session when [5:12:29 PM ET] they're [5:12:29 PM ET] so [5:12:30 PM ET] many [5:12:30 PM ET] things you can [5:12:30 PM ET] do on [5:12:31 PM ET] it. [5:12:33 PM ET] So [5:12:33 PM ET] yes, we're going to do [5:12:33 PM ET] be able [5:12:33 PM ET] seeing [5:12:33 PM ET] a lot [5:12:34 PM ET] when there's so many things you can do on so [5:12:34 PM ET] of [5:12:34 PM ET] big [5:12:35 PM ET] evolutions [5:12:35 PM ET] with [5:12:35 PM ET] the [5:12:35 PM ET] yes we're seeing a lot of big evolutions with the [5:12:35 PM ET] Google [5:12:36 PM ET] search [5:12:36 PM ET] ecosystem [5:12:38 PM ET] changes with [5:12:38 PM ET] this [5:12:38 PM ET] transition to [5:12:39 PM ET] login [5:12:39 PM ET] in [5:12:40 PM ET] only. [5:12:40 PM ET] google search ecosystem changes with this transition to log in only [5:12:41 PM ET] But alongside the [5:12:41 PM ET] that, logo is a very good [5:12:41 PM ET] but alongside that [5:12:42 PM ET] we're [5:12:42 PM ET] involved in [5:12:42 PM ET] the [5:12:43 PM ET] some [5:12:43 PM ET] areas [5:12:43 PM ET] of [5:12:43 PM ET] the [5:12:43 PM ET] product that [5:12:44 PM ET] I [5:12:44 PM ET] think would [5:12:44 PM ET] be [5:12:44 PM ET] really [5:12:45 PM ET] fun. [5:12:45 PM ET] and I think [5:12:45 PM ET] really [5:12:46 PM ET] great [5:12:46 PM ET] for [5:12:46 PM ET] our [5:12:46 PM ET] we're investing in some areas of the product that i think will be really fun and i think really great for our users [5:12:47 PM ET] users. [5:12:47 PM ET] Okay, Drew, the second [5:12:48 PM ET] question [5:12:48 PM ET] was [5:12:48 PM ET] okay drew the second question was [5:12:49 PM ET] about [5:12:50 PM ET] monetization in [5:12:50 PM ET] and [5:12:50 PM ET] our [5:12:50 PM ET] archival. [5:12:51 PM ET] Yeah, that [5:12:51 PM ET] about RPU. [5:12:52 PM ET] Look, uh, Tom, I think it's just an [5:12:53 PM ET] extension [5:12:53 PM ET] of the [5:12:53 PM ET] about monetization and arpu yeah about arpu look tom i think it's just an extension [5:12:54 PM ET] journey we've [5:12:54 PM ET] been talking [5:12:54 PM ET] about [5:12:55 PM ET] before. [5:12:55 PM ET] I I [5:12:56 PM ET] think [5:12:56 PM ET] the [5:12:56 PM ET] ARCU [5:12:57 PM ET] potential [5:12:57 PM ET] of [5:12:58 PM ET] Reddit [5:12:58 PM ET] is [5:12:58 PM ET] as good [5:12:58 PM ET] the [5:12:58 PM ET] of the journey we've been talking about before i think the arpu potential of reddit is as [5:12:59 PM ET] good as anybody [5:12:59 PM ET] as [5:12:59 PM ET] anybody. [5:13:01 PM ET] It [5:13:01 PM ET] just [5:13:02 PM ET] we have to [5:13:02 PM ET] a [5:13:02 PM ET] number [5:13:02 PM ET] of [5:13:03 PM ET] advantages, I [5:13:04 PM ET] think, as a [5:13:04 PM ET] platform [5:13:04 PM ET] that [5:13:05 PM ET] really [5:13:05 PM ET] differentiate [5:13:05 PM ET] it's just we have a number of advantages i think as [5:13:06 PM ET] us. [5:13:07 PM ET] I think it starts with the same [5:13:07 PM ET] what [5:13:08 PM ET] Jen [5:13:08 PM ET] was talking [5:13:08 PM ET] about, which [5:13:09 PM ET] is [5:13:09 PM ET] platform that really differentiate us i think it starts [5:13:09 PM ET] outcomes and [5:13:10 PM ET] getting [5:13:10 PM ET] the [5:13:11 PM ET] most [5:13:12 PM ET] making [5:13:12 PM ET] with what jen was talking about which is outcomes and getting the most [5:13:12 PM ET] every [5:13:12 PM ET] impression [5:13:13 PM ET] work [5:13:14 PM ET] hard. [5:13:14 PM ET] and I think that's what we've been [5:13:15 PM ET] really [5:13:15 PM ET] successful [5:13:16 PM ET] making every impression work hard and i think that's what we've been really successful [5:13:16 PM ET] at. [5:13:17 PM ET] But if I think about the raw [5:13:17 PM ET] materials [5:13:17 PM ET] of [5:13:18 PM ET] Reddit, I think it's a very good [5:13:18 PM ET] really [5:13:19 PM ET] we're going to be able to do [5:13:19 PM ET] in the middle of the [5:13:19 PM ET] a couple [5:13:20 PM ET] at but then if i think about the raw materials of reddit i really think we're advantaged in a couple of ways we've [5:13:20 PM ET] ways. [5:13:21 PM ET] We've been talking about this for a long [5:13:21 PM ET] time. It's [5:13:22 PM ET] just now [5:13:22 PM ET] come [5:13:22 PM ET] into [5:13:23 PM ET] to [5:13:23 PM ET] fruition in terms [5:13:24 PM ET] of [5:13:24 PM ET] those [5:13:24 PM ET] words coming [5:13:24 PM ET] to [5:13:25 PM ET] been talking about this for a long time it's just now coming to fruition in terms of [5:13:25 PM ET] life. [5:13:25 PM ET] But [5:13:26 PM ET] look, I think that's a good [5:13:26 PM ET] for the first [5:13:26 PM ET] different [5:13:27 PM ET] differentiation [5:13:27 PM ET] perspective, [5:13:28 PM ET] our consumers are a very good [5:13:28 PM ET] is [5:13:28 PM ET] just [5:13:28 PM ET] those words coming to life but look i think from a differentiation [5:13:29 PM ET] perspective our consumer is just different [5:13:29 PM ET] different [5:13:30 PM ET] They're [5:13:30 PM ET] are more [5:13:31 PM ET] balanced. [5:13:32 PM ET] they're more [5:13:33 PM ET] affluent, [5:13:33 PM ET] they [5:13:33 PM ET] have [5:13:33 PM ET] more [5:13:34 PM ET] purchasing [5:13:34 PM ET] they're broader they're more balanced they're more affluent [5:13:35 PM ET] power. [5:13:35 PM ET] It's just a very [5:13:35 PM ET] differentiated [5:13:37 PM ET] consumer. [5:13:37 PM ET] they have more purchasing power it's just a very differentiated consumer [5:13:38 PM ET] A lot of our consumers aren't on other [5:13:39 PM ET] platforms. It [5:13:40 PM ET] matters. [5:13:40 PM ET] Like in [5:13:40 PM ET] And you're seeing [5:13:41 PM ET] that [5:13:41 PM ET] a lot of our consumers aren't on other platforms it matters [5:13:41 PM ET] in [5:13:41 PM ET] our [5:13:42 PM ET] financial [5:13:42 PM ET] results and [5:13:44 PM ET] then the other piece I'd say again with the [5:13:44 PM ET] raw [5:13:44 PM ET] like and you're seeing that in our financial results and then [5:13:45 PM ET] materials, we're going [5:13:45 PM ET] just [5:13:45 PM ET] naturally [5:13:46 PM ET] commercial. I mean [5:13:47 PM ET] so many of [5:13:48 PM ET] the other piece i'd say again with the raw materials we're just naturally commercial [5:13:48 PM ET] the you [5:13:49 PM ET] subreddits [5:13:49 PM ET] themselves [5:13:50 PM ET] organize [5:13:50 PM ET] into [5:13:50 PM ET] things [5:13:51 PM ET] like [5:13:51 PM ET] i mean so many of the subreddits themselves organize into things like [5:13:51 PM ET] skiing [5:13:51 PM ET] and [5:13:52 PM ET] travel, [5:13:53 PM ET] which [5:13:53 PM ET] monitors [5:13:54 PM ET] themselves so [5:13:55 PM ET] many of [5:13:55 PM ET] the [5:13:55 PM ET] skiing and travel which monetize themselves [5:13:56 PM ET] descriptions [5:13:56 PM ET] and kind [5:13:57 PM ET] conversations [5:13:57 PM ET] have [5:13:58 PM ET] you know sort [5:13:58 PM ET] of [5:13:59 PM ET] inherent [5:13:59 PM ET] roots [5:13:59 PM ET] in [5:13:59 PM ET] so many of the descriptions and conversations have [5:14:01 PM ET] commercialization. [5:14:01 PM ET] I think [5:14:01 PM ET] again, the platform [5:14:02 PM ET] has [5:14:02 PM ET] have sort of inherent roots in commercialization [5:14:03 PM ET] context, [5:14:03 PM ET] right? [5:14:04 PM ET] You're not [5:14:04 PM ET] putting it [5:14:04 PM ET] an [5:14:04 PM ET] ad [5:14:04 PM ET] in front of [5:14:05 PM ET] a video. [5:14:05 PM ET] that doesn't have a lot of [5:14:05 PM ET] i think again the platform has context right you're not [5:14:05 PM ET] make [5:14:06 PM ET] any [5:14:07 PM ET] sense. You [5:14:07 PM ET] understand [5:14:08 PM ET] and [5:14:08 PM ET] really [5:14:08 PM ET] putting an ad in front of a video that doesn't make any sense you understand and really have [5:14:08 PM ET] have kind [5:14:09 PM ET] of [5:14:09 PM ET] the [5:14:09 PM ET] raw [5:14:09 PM ET] materials to [5:14:10 PM ET] be [5:14:10 PM ET] successful [5:14:11 PM ET] there. [5:14:12 PM ET] So I really think that [5:14:12 PM ET] at the end of the [5:14:12 PM ET] day, [5:14:12 PM ET] it's [5:14:12 PM ET] about what [5:14:13 PM ET] genes [5:14:13 PM ET] was talking [5:14:13 PM ET] about, which [5:14:13 PM ET] the raw materials to be successful there so i really think at the end the day it's about what jen was talking about [5:14:13 PM ET] is [5:14:14 PM ET] outcomes [5:14:15 PM ET] That's really what we're [5:14:15 PM ET] focusing [5:14:15 PM ET] focused [5:14:16 PM ET] I think that's a good [5:14:17 PM ET] But I do think that we're going to be able to do [5:14:17 PM ET] we [5:14:18 PM ET] continue to do [5:14:18 PM ET] see sort [5:14:18 PM ET] is outcomes that's really what we're focused on but i do think we can [5:14:18 PM ET] of [5:14:19 PM ET] the [5:14:19 PM ET] advantage [5:14:20 PM ET] of [5:14:20 PM ET] the [5:14:20 PM ET] platform [5:14:20 PM ET] which are [5:14:21 PM ET] the [5:14:21 PM ET] raw [5:14:21 PM ET] materials [5:14:22 PM ET] around you [5:14:23 PM ET] to see sort of the advantages of the platform are the raw materials around [5:14:23 PM ET] know a [5:14:24 PM ET] differentiated [5:14:25 PM ET] consumer [5:14:25 PM ET] and [5:14:25 PM ET] a [5:14:25 PM ET] really [5:14:26 PM ET] naturally [5:14:26 PM ET] commercial [5:14:27 PM ET] a differentiated consumer and a really naturally commercial platform [5:14:28 PM ET] platform. [5:14:30 PM ET] You're not going to be able to do [5:14:30 PM ET] question [5:14:31 PM ET] next is for the next [5:14:31 PM ET] from [5:14:31 PM ET] line [5:14:32 PM ET] of [5:14:32 PM ET] Ron [5:14:32 PM ET] Josie [5:14:33 PM ET] from [5:14:33 PM ET] City. [5:14:34 PM ET] Your line is [5:14:34 PM ET] now [5:14:34 PM ET] your next question is from the line of ron josey from [5:14:34 PM ET] open, [5:14:34 PM ET] please [5:14:35 PM ET] go [5:14:35 PM ET] citi [5:14:36 PM ET] ahead. [5:14:37 PM ET] Great, Steve. [5:14:38 PM ET] thanks to [5:14:39 PM ET] Thanks for [5:14:39 PM ET] taking the [5:14:39 PM ET] question. [5:14:40 PM ET] I wanted to [5:14:40 PM ET] ask a little bit about [5:14:40 PM ET] the [5:14:40 PM ET] more [5:14:40 PM ET] i wanted to ask [5:14:41 PM ET] just [5:14:41 PM ET] ask a little bit more just about [5:14:42 PM ET] about [5:14:42 PM ET] converting [5:14:42 PM ET] or [5:14:43 PM ET] making [5:14:43 PM ET] Reddit [5:14:43 PM ET] more of a [5:14:44 PM ET] daily [5:14:44 PM ET] habit in the [5:14:45 PM ET] process [5:14:45 PM ET] of [5:14:45 PM ET] converting [5:14:45 PM ET] the [5:14:45 PM ET] to [5:14:46 PM ET] wows [5:14:46 PM ET] to [5:14:46 PM ET] dows [5:14:46 PM ET] converting or making reddit more of a daily habit in the process of converting the wow's to thousand [5:14:47 PM ET] and we talked a [5:14:47 PM ET] lot [5:14:48 PM ET] about [5:14:48 PM ET] clearly [5:14:48 PM ET] the [5:14:48 PM ET] search [5:14:50 PM ET] issues. [5:14:50 PM ET] externally, [5:14:51 PM ET] but if [5:14:51 PM ET] you [5:14:51 PM ET] could [5:14:51 PM ET] we talked a lot about clearly the search issues externally but [5:14:52 PM ET] focus [5:14:52 PM ET] just [5:14:52 PM ET] more [5:14:52 PM ET] on [5:14:52 PM ET] the [5:14:53 PM ET] internal [5:14:53 PM ET] products a little [5:14:53 PM ET] bit [5:14:54 PM ET] more, [5:14:55 PM ET] the [5:14:55 PM ET] deck [5:14:55 PM ET] talks [5:14:55 PM ET] about you [5:14:56 PM ET] if you could focus just more on the internal products a little bit more [5:14:56 PM ET] know [5:14:56 PM ET] changes to [5:14:56 PM ET] the [5:14:57 PM ET] feed [5:14:57 PM ET] that [5:14:57 PM ET] are [5:14:59 PM ET] personalization. [5:14:59 PM ET] the deck talks about changes to the feed [5:14:59 PM ET] we've talked [5:14:59 PM ET] about [5:15:00 PM ET] search [5:15:00 PM ET] and [5:15:00 PM ET] answers in the [5:15:01 PM ET] past [5:15:02 PM ET] So help [5:15:02 PM ET] us [5:15:02 PM ET] better personalization we've talked about search and and answers in the past so [5:15:02 PM ET] understand a [5:15:02 PM ET] little [5:15:02 PM ET] bit [5:15:03 PM ET] more [5:15:03 PM ET] just how to do [5:15:04 PM ET] the [5:15:04 PM ET] how [5:15:04 PM ET] will [5:15:04 PM ET] we [5:15:05 PM ET] convert [5:15:05 PM ET] the [5:15:05 PM ET] wow [5:15:05 PM ET] to [5:15:06 PM ET] dows [5:15:06 PM ET] help us understand a little bit more just how the how will we convert the wow's to tails here [5:15:06 PM ET] here. Thank [5:15:07 PM ET] thank you [5:15:08 PM ET] you. [5:15:09 PM ET] Thanks for the [5:15:09 PM ET] question, [5:15:10 PM ET] Ron. [5:15:11 PM ET] So this is what I was starting to get [5:15:11 PM ET] at in [5:15:12 PM ET] thanks for the question ron so [5:15:12 PM ET] my [5:15:13 PM ET] last [5:15:14 PM ET] answer. [5:15:14 PM ET] Now, long term, [5:15:15 PM ET] or [5:15:15 PM ET] medium [5:15:15 PM ET] term I [5:15:15 PM ET] is what i was starting to get at in my last answer now [5:15:15 PM ET] think it'll be [5:15:15 PM ET] would [5:15:16 PM ET] it easier to [5:15:16 PM ET] show [5:15:16 PM ET] not [5:15:17 PM ET] long term or medium term i think it'll be easier to show and not tell [5:15:17 PM ET] tell. [5:15:17 PM ET] But [5:15:18 PM ET] today the [5:15:19 PM ET] core Reddit [5:15:19 PM ET] experience [5:15:19 PM ET] is [5:15:19 PM ET] a few of the things that we [5:15:20 PM ET] a [5:15:20 PM ET] but today the core reddit experience is a feed [5:15:20 PM ET] feed. [5:15:21 PM ET] And it's a feed of [5:15:22 PM ET] posts. [5:15:22 PM ET] and those posts are a [5:15:23 PM ET] all [5:15:24 PM ET] have [5:15:25 PM ET] a [5:15:25 PM ET] it's a feed of posts and those posts all have [5:15:25 PM ET] a [5:15:25 PM ET] different [5:15:26 PM ET] content [5:15:26 PM ET] types, [5:15:27 PM ET] You might be looking at [5:15:27 PM ET] a lot of [5:15:28 PM ET] link, a [5:15:28 PM ET] text, video [5:15:29 PM ET] the [5:15:29 PM ET] different content types right you might be looking at a link a text video [5:15:30 PM ET] subreddit might be, you [5:15:31 PM ET] happy [5:15:31 PM ET] or [5:15:32 PM ET] profound, [5:15:32 PM ET] funny [5:15:33 PM ET] or [5:15:33 PM ET] deep. [5:15:33 PM ET] the subreddit might be you know happy or profound funny or deep so [5:15:34 PM ET] So it's all [5:15:34 PM ET] in [5:15:35 PM ET] one [5:15:36 PM ET] place. [5:15:36 PM ET] so one of the [5:15:37 PM ET] things I've done is that I'm going to [5:15:37 PM ET] we're working on right [5:15:38 PM ET] now [5:15:38 PM ET] is adding a lot of [5:15:38 PM ET] it's all in one place and so one of the things that we're working on right now is [5:15:39 PM ET] more [5:15:40 PM ET] organization [5:15:40 PM ET] to [5:15:40 PM ET] the [5:15:41 PM ET] feed. [5:15:41 PM ET] so [5:15:42 PM ET] adding more organization to the feed so that [5:15:42 PM ET] that [5:15:43 PM ET] posts [5:15:43 PM ET] for [5:15:43 PM ET] a [5:15:44 PM ET] similar [5:15:45 PM ET] job and a [5:15:45 PM ET] similar [5:15:46 PM ET] content [5:15:46 PM ET] type and a similar type of [5:15:47 PM ET] mood [5:15:47 PM ET] are [5:15:47 PM ET] posts for a similar job and a similar content type [5:15:47 PM ET] grouped [5:15:49 PM ET] together. [5:15:49 PM ET] so that [5:15:49 PM ET] you [5:15:49 PM ET] more [5:15:50 PM ET] consistently get a little bit [5:15:50 PM ET] what you [5:15:50 PM ET] you're looking [5:15:51 PM ET] for when you're looking at the [5:15:51 PM ET] you [5:15:51 PM ET] a similar mood are grouped together so that you more consistently get what you're looking [5:15:51 PM ET] open [5:15:52 PM ET] for when you open the app [5:15:52 PM ET] the app. [5:15:53 PM ET] Right? [5:15:54 PM ET] so I, you know, in a core [5:15:55 PM ET] user, you know, I might open [5:15:55 PM ET] the [5:15:55 PM ET] app [5:15:55 PM ET] I [5:15:55 PM ET] want to [5:15:56 PM ET] know what's going [5:15:57 PM ET] on. [5:15:57 PM ET] right so i you know in a core user you know i might open the app so i wanna know what's going [5:15:57 PM ET] I might want to have a few [5:15:58 PM ET] locks. I might [5:15:58 PM ET] be looking at the [5:15:59 PM ET] for a lot of [5:15:59 PM ET] game. [5:15:59 PM ET] or [5:16:00 PM ET] episode [5:16:00 PM ET] thread for [5:16:00 PM ET] the [5:16:01 PM ET] show I [5:16:01 PM ET] i might wanna have a few laughs i might be looking for the game or episode thread for the show i watch [5:16:02 PM ET] last night [5:16:02 PM ET] watched last [5:16:05 PM ET] night. I might be in a moo lean back [5:16:05 PM ET] mood for videos. [5:16:06 PM ET] I might be in a lean back [5:16:07 PM ET] leaned in [5:16:07 PM ET] mood for games. [5:16:07 PM ET] i might be in a lean back mood for videos [5:16:08 PM ET] things like [5:16:09 PM ET] that. [5:16:10 PM ET] So I [5:16:10 PM ET] i might be in a lean in mood for games things like that so i think [5:16:10 PM ET] think [5:16:11 PM ET] that's a good [5:16:11 PM ET] able [5:16:11 PM ET] to [5:16:12 PM ET] find these [5:16:12 PM ET] things [5:16:13 PM ET] very [5:16:14 PM ET] quickly when [5:16:14 PM ET] you [5:16:14 PM ET] know [5:16:14 PM ET] they're [5:16:15 PM ET] there, [5:16:15 PM ET] that's [5:16:15 PM ET] what [5:16:16 PM ET] being able to find these things very quickly when you know they're there [5:16:16 PM ET] gives people a lot of [5:16:18 PM ET] confidence to [5:16:18 PM ET] open the app as a [5:16:18 PM ET] daily [5:16:19 PM ET] habit. [5:16:20 PM ET] that's what gives people confidence to open the app as a daily [5:16:20 PM ET] because I know what my experience is going to [5:16:21 PM ET] be. [5:16:22 PM ET] And so I think if we get [5:16:22 PM ET] something, I think that's a good [5:16:23 PM ET] habit because i know what my experience is going to be and so i think if we get something [5:16:23 PM ET] something [5:16:24 PM ET] that [5:16:24 PM ET] is a little bit [5:16:24 PM ET] a little [5:16:26 PM ET] less grab [5:16:26 PM ET] from [5:16:26 PM ET] where we [5:16:26 PM ET] are [5:16:27 PM ET] today. [5:16:27 PM ET] Here's a feed of [5:16:28 PM ET] lot [5:16:28 PM ET] that is a little little less grab baggy from where we are today [5:16:28 PM ET] a crazy [5:16:29 PM ET] stuff to something that's more [5:16:31 PM ET] consistent. [5:16:31 PM ET] that's how we can [5:16:31 PM ET] drive [5:16:32 PM ET] here's a feed of a lot of crazy stuff to something that's more consistent [5:16:32 PM ET] that [5:16:32 PM ET] daily [5:16:33 PM ET] that's how we can drive that daily habit [5:16:33 PM ET] habit. That's how it converts [5:16:34 PM ET] those [5:16:34 PM ET] wows to the [5:16:36 PM ET] dows. [5:16:37 PM ET] And I think this will make the [5:16:37 PM ET] app [5:16:38 PM ET] what converts those wows to dials and i think this will make the app [5:16:38 PM ET] more [5:16:39 PM ET] more [5:16:40 PM ET] easier [5:16:40 PM ET] to [5:16:41 PM ET] easier to understand [5:16:41 PM ET] to [5:16:41 PM ET] understand [5:16:42 PM ET] natively to a [5:16:42 PM ET] new [5:16:43 PM ET] user. [5:16:44 PM ET] Because we can actually just label [5:16:44 PM ET] these [5:16:45 PM ET] things. Here is [5:16:45 PM ET] trending, here is [5:16:45 PM ET] here's [5:16:46 PM ET] natively to a new user because we're gonna actually just label these things [5:16:46 PM ET] news [5:16:46 PM ET] Here's some [5:16:47 PM ET] games. [5:16:47 PM ET] here's [5:16:47 PM ET] some [5:16:48 PM ET] memes. [5:16:49 PM ET] Now, we've got to build [5:16:49 PM ET] this [5:16:49 PM ET] thing [5:16:49 PM ET] here's trending here's news here's some games here's some memes [5:16:49 PM ET] in [5:16:49 PM ET] and test [5:16:50 PM ET] now we've got to build this thing and test it [5:16:50 PM ET] it. [5:16:51 PM ET] and I think there will [5:16:51 PM ET] be [5:16:51 PM ET] a lot [5:16:51 PM ET] of [5:16:52 PM ET] iteration. [5:16:53 PM ET] but I think [5:16:54 PM ET] really [5:16:54 PM ET] i think there'll be a lot of iteration but i think really embracing [5:16:55 PM ET] embracing [5:16:55 PM ET] all [5:16:55 PM ET] of [5:16:55 PM ET] the [5:16:56 PM ET] different [5:16:56 PM ET] jobs [5:16:56 PM ET] that [5:16:57 PM ET] the [5:16:57 PM ET] app [5:16:58 PM ET] all of the different jobs that the app does [5:16:58 PM ET] does. [5:17:00 PM ET] intentionally is [5:17:00 PM ET] how [5:17:00 PM ET] we [5:17:00 PM ET] can [5:17:01 PM ET] develop [5:17:01 PM ET] more [5:17:01 PM ET] of [5:17:01 PM ET] this [5:17:01 PM ET] daily [5:17:02 PM ET] habit. [5:17:03 PM ET] intentionally is how we can develop more of this daily habit [5:17:03 PM ET] I'm very [5:17:03 PM ET] excited about [5:17:04 PM ET] this because we've been [5:17:04 PM ET] thinking about [5:17:04 PM ET] this for a [5:17:04 PM ET] long [5:17:05 PM ET] so i'm very excited about this because we've been thinking about this for a long time [5:17:05 PM ET] long [5:17:06 PM ET] time. [5:17:09 PM ET] You're not going to be able to do [5:17:09 PM ET] next [5:17:09 PM ET] question [5:17:09 PM ET] is [5:17:09 PM ET] from [5:17:09 PM ET] the [5:17:10 PM ET] line [5:17:10 PM ET] of [5:17:10 PM ET] Andrew [5:17:11 PM ET] Boone [5:17:11 PM ET] from [5:17:12 PM ET] your next question is from the line of andrew boone from citizens [5:17:12 PM ET] Citizens. Your line [5:17:12 PM ET] is [5:17:12 PM ET] now [5:17:13 PM ET] open, [5:17:13 PM ET] Please go [5:17:14 PM ET] your line is now open please go ahead [5:17:15 PM ET] ahead. [5:17:15 PM ET] Thanks [5:17:15 PM ET] much [5:17:15 PM ET] so [5:17:16 PM ET] for [5:17:16 PM ET] taking the [5:17:17 PM ET] questions. [5:17:18 PM ET] Steve, I wanted to ask [5:17:18 PM ET] about [5:17:19 PM ET] thanks so much for taking the questions [5:17:19 PM ET] the [5:17:19 PM ET] traffic. [5:17:20 PM ET] that's [5:17:20 PM ET] leaving [5:17:20 PM ET] from [5:17:21 PM ET] Google. [5:17:22 PM ET] And so what I'm trying to [5:17:22 PM ET] steve i wanted to ask about the traffic that's leaving from [5:17:22 PM ET] understand [5:17:23 PM ET] is [5:17:23 PM ET] what [5:17:23 PM ET] you [5:17:24 PM ET] can [5:17:24 PM ET] do [5:17:24 PM ET] to [5:17:25 PM ET] either [5:17:25 PM ET] develop [5:17:25 PM ET] the [5:17:25 PM ET] app [5:17:25 PM ET] or [5:17:26 PM ET] google and so what i'm trying to understand is what you can do to either develop the app or [5:17:26 PM ET] push [5:17:26 PM ET] on [5:17:26 PM ET] certain [5:17:26 PM ET] use [5:17:27 PM ET] cases [5:17:27 PM ET] that [5:17:27 PM ET] are going [5:17:27 PM ET] to [5:17:27 PM ET] be [5:17:29 PM ET] sticky. [5:17:29 PM ET] And so is there anything [5:17:29 PM ET] that [5:17:29 PM ET] you [5:17:30 PM ET] can [5:17:30 PM ET] explain to [5:17:31 PM ET] on certain use cases that are gonna be sticky and so is there anything that you can explain to us [5:17:31 PM ET] us [5:17:31 PM ET] about [5:17:31 PM ET] the [5:17:31 PM ET] traffic [5:17:32 PM ET] that's [5:17:33 PM ET] leaving? [5:17:33 PM ET] are they looking [5:17:33 PM ET] for [5:17:33 PM ET] more [5:17:35 PM ET] informational [5:17:35 PM ET] type [5:17:35 PM ET] of [5:17:35 PM ET] about the traffic that's leaving are they looking for more informational [5:17:36 PM ET] type of posts [5:17:37 PM ET] posts. [5:17:37 PM ET] are [5:17:37 PM ET] it [5:17:37 PM ET] is [5:17:38 PM ET] just [5:17:38 PM ET] a [5:17:38 PM ET] broad [5:17:39 PM ET] kind [5:17:40 PM ET] or it is it just a broad based kind of [5:17:40 PM ET] of [5:17:41 PM ET] lack [5:17:41 PM ET] of [5:17:41 PM ET] exposure that [5:17:42 PM ET] you're [5:17:42 PM ET] getting [5:17:42 PM ET] from [5:17:43 PM ET] Google. [5:17:45 PM ET] lack of exposure that you're getting from google and then jen as we think about [5:17:45 PM ET] And then, Jen, as we think about the renewal, [5:17:45 PM ET] coming [5:17:46 PM ET] up, [5:17:46 PM ET] for [5:17:48 PM ET] the renewals coming up for twenty twenty seven [5:17:48 PM ET] 2027. [5:17:49 PM ET] In [5:17:49 PM ET] the [5:17:50 PM ET] conversations [5:17:50 PM ET] that you're [5:17:50 PM ET] having [5:17:50 PM ET] with Abu [5:17:51 PM ET] that [5:17:51 PM ET] are [5:17:51 PM ET] more [5:17:52 PM ET] brand-based, [5:17:53 PM ET] are [5:17:53 PM ET] you [5:17:53 PM ET] in the conversations you're having with advertisers that are more brand based [5:17:54 PM ET] seeing [5:17:54 PM ET] any [5:17:55 PM ET] conversations around the [5:17:56 PM ET] around [5:17:56 PM ET] advertisers trying [5:17:56 PM ET] to [5:17:57 PM ET] get [5:17:57 PM ET] into [5:17:57 PM ET] are you seeing any conversations around [5:17:58 PM ET] advertisers trying to get into pretraining [5:17:58 PM ET] pre-training [5:17:58 PM ET] were [5:17:58 PM ET] or [5:17:58 PM ET] Reddit [5:17:58 PM ET] is [5:17:59 PM ET] really [5:17:59 PM ET] a [5:17:59 PM ET] way [5:17:59 PM ET] to [5:17:59 PM ET] get [5:18:00 PM ET] into [5:18:00 PM ET] their [5:18:01 PM ET] corpus [5:18:01 PM ET] of [5:18:02 PM ET] data. [5:18:02 PM ET] What is [5:18:02 PM ET] where reddit is really a way to get into their corpus of data what is that [5:18:03 PM ET] What is [5:18:03 PM ET] that [5:18:04 PM ET] influence [5:18:04 PM ET] in terms [5:18:04 PM ET] of [5:18:05 PM ET] thinking [5:18:05 PM ET] about [5:18:05 PM ET] the [5:18:05 PM ET] renewals? [5:18:05 PM ET] for [5:18:06 PM ET] the [5:18:06 PM ET] next [5:18:07 PM ET] year? Thanks so [5:18:07 PM ET] influence in terms of thinking about the renewals for the next year [5:18:08 PM ET] much. [5:18:11 PM ET] So [5:18:11 PM ET] so [5:18:11 PM ET] thank [5:18:11 PM ET] for [5:18:12 PM ET] the [5:18:12 PM ET] questions, [5:18:13 PM ET] Andrew. [5:18:13 PM ET] So on [5:18:14 PM ET] Google, let [5:18:14 PM ET] me [5:18:14 PM ET] start with the first [5:18:14 PM ET] second [5:18:15 PM ET] part. [5:18:16 PM ET] like what is the [5:18:16 PM ET] thanks for the questions andrew so on google let me start with the second part like what is the [5:18:16 PM ET] change [5:18:17 PM ET] change? [5:18:17 PM ET] So let me tell you [5:18:17 PM ET] what [5:18:17 PM ET] didn't [5:18:19 PM ET] change. [5:18:19 PM ET] The word [5:18:19 PM ET] Reddit [5:18:20 PM ET] is [5:18:20 PM ET] still [5:18:20 PM ET] among [5:18:20 PM ET] the [5:18:21 PM ET] most [5:18:21 PM ET] searched [5:18:21 PM ET] so let me tell you what didn't change the word reddit is [5:18:22 PM ET] words [5:18:22 PM ET] on [5:18:23 PM ET] Google. [5:18:24 PM ET] So this says that [5:18:24 PM ET] the [5:18:25 PM ET] still among the most searched words on google [5:18:25 PM ET] demand [5:18:25 PM ET] for reducing the [5:18:25 PM ET] hasn't [5:18:26 PM ET] changed from [5:18:26 PM ET] the [5:18:26 PM ET] Internet [5:18:28 PM ET] consumer. [5:18:28 PM ET] so this says that demand for reddit hasn't changed from the internet consumer [5:18:28 PM ET] Also, Google [5:18:28 PM ET] is quite a bit of a good [5:18:28 PM ET] the [5:18:29 PM ET] us as far [5:18:29 PM ET] hard we [5:18:30 PM ET] ever. [5:18:30 PM ET] So the demand [5:18:30 PM ET] hasn't [5:18:31 PM ET] changed [5:18:31 PM ET] from [5:18:31 PM ET] their [5:18:31 PM ET] point of [5:18:32 PM ET] view [5:18:32 PM ET] also is crawling us as hard as ever so the demand hasn't changed from their point of view either [5:18:33 PM ET] either. [5:18:33 PM ET] The reality is that the demand is a very important [5:18:33 PM ET] that [5:18:34 PM ET] the reality is [5:18:35 PM ET] the [5:18:35 PM ET] the [5:18:36 PM ET] AI [5:18:37 PM ET] mode does [5:18:37 PM ET] not [5:18:37 PM ET] drive traffic. [5:18:38 PM ET] ai mode does not drive traffic [5:18:39 PM ET] Not for [5:18:39 PM ET] us and not for [5:18:39 PM ET] to [5:18:40 PM ET] anybody [5:18:40 PM ET] as [5:18:40 PM ET] far [5:18:40 PM ET] I [5:18:41 PM ET] as [5:18:41 PM ET] know. [5:18:42 PM ET] And so it's just a [5:18:42 PM ET] fundamental [5:18:43 PM ET] not for us and not to anybody as far as i know and so that's just a fundamental shift [5:18:44 PM ET] shift in how Google [5:18:44 PM ET] works. [5:18:45 PM ET] It used to be a traffic [5:18:46 PM ET] driver, now it's a [5:18:48 PM ET] not. [5:18:48 PM ET] in how google works it used to be a traffic driver now it's not [5:18:49 PM ET] So now that's a very good [5:18:50 PM ET] so now that [5:18:50 PM ET] that [5:18:50 PM ET] she's a little bit of a [5:18:51 PM ET] the [5:18:51 PM ET] equation for [5:18:52 PM ET] sure. [5:18:53 PM ET] Um but it's not that the user [5:18:54 PM ET] want [5:18:55 PM ET] changes the equation for sure but it's not that the users want less [5:18:55 PM ET] less. [5:18:55 PM ET] it's just that [5:18:55 PM ET] they're getting [5:18:56 PM ET] it's just that they're getting [5:18:56 PM ET] it. [5:18:57 PM ET] Now on the other hand, it's a very good [5:18:57 PM ET] side of the [5:18:57 PM ET] that, they're not going to be able [5:18:58 PM ET] that, what are the [5:18:59 PM ET] sticky [5:18:59 PM ET] use of the [5:18:59 PM ET] cases for next [5:19:00 PM ET] now on the other side of that what are the sticky use cases for reddit [5:19:00 PM ET] Reddit? [5:19:01 PM ET] well [5:19:01 PM ET] Well, [5:19:02 PM ET] Reddit [5:19:02 PM ET] is [5:19:02 PM ET] the [5:19:03 PM ET] best place to do [5:19:03 PM ET] see what's going [5:19:04 PM ET] reddit is the best place to see what's going on [5:19:04 PM ET] on. [5:19:05 PM ET] Reddit [5:19:06 PM ET] has the [5:19:06 PM ET] best place to see [5:19:07 PM ET] I [5:19:07 PM ET] think, [5:19:07 PM ET] conversations of the [5:19:08 PM ET] about [5:19:08 PM ET] whatever [5:19:08 PM ET] you [5:19:08 PM ET] did last [5:19:09 PM ET] reddit has the best i think conversations about whatever you did last night [5:19:09 PM ET] night. [5:19:09 PM ET] What show did [5:19:10 PM ET] you [5:19:10 PM ET] watch? [5:19:10 PM ET] What game did you [5:19:12 PM ET] watch? [5:19:12 PM ET] Uh we've [5:19:13 PM ET] what show did you watch what game did you watch we've got [5:19:13 PM ET] got [5:19:13 PM ET] totally [5:19:14 PM ET] unique [5:19:14 PM ET] content, [5:19:15 PM ET] right? About [5:19:15 PM ET] every [5:19:15 PM ET] hobby in your [5:19:16 PM ET] totally unique content right about every hobby interest [5:19:16 PM ET] interest, [5:19:17 PM ET] passion, [5:19:17 PM ET] life [5:19:18 PM ET] stage. [5:19:19 PM ET] And so what I was talking [5:19:19 PM ET] about is that I'm going to be able [5:19:20 PM ET] about in [5:19:20 PM ET] my [5:19:20 PM ET] previous [5:19:21 PM ET] passion life stage and so what i was talking about in my previous answer [5:19:21 PM ET] answer [5:19:21 PM ET] is [5:19:22 PM ET] just [5:19:22 PM ET] making [5:19:23 PM ET] those [5:19:23 PM ET] experiences [5:19:23 PM ET] much [5:19:24 PM ET] more [5:19:25 PM ET] consistent. [5:19:25 PM ET] So when you [5:19:25 PM ET] n open [5:19:26 PM ET] the app, [5:19:26 PM ET] you [5:19:26 PM ET] is just making those experiences much more consistent [5:19:26 PM ET] know what [5:19:26 PM ET] you're going to [5:19:27 PM ET] get. [5:19:28 PM ET] I think this will [5:19:29 PM ET] benefit [5:19:29 PM ET] the [5:19:29 PM ET] so when you open the app you know what you're gonna get i think this will benefit [5:19:30 PM ET] core [5:19:30 PM ET] and [5:19:30 PM ET] new [5:19:30 PM ET] users [5:19:31 PM ET] the core and new users alike [5:19:32 PM ET] alike. [5:19:32 PM ET] Now [5:19:33 PM ET] that [5:19:33 PM ET] alongside [5:19:34 PM ET] that [5:19:34 PM ET] now that alongside that our [5:19:35 PM ET] our [5:19:35 PM ET] work [5:19:35 PM ET] on [5:19:36 PM ET] feeds [5:19:36 PM ET] is [5:19:37 PM ET] driving [5:19:38 PM ET] work on feeds is driving results [5:19:38 PM ET] results. [5:19:39 PM ET] starting [5:19:40 PM ET] now. [5:19:40 PM ET] And [5:19:41 PM ET] so [5:19:41 PM ET] just [5:19:42 PM ET] simply [5:19:42 PM ET] starting now and so just simply [5:19:43 PM ET] you [5:19:43 PM ET] know [5:19:43 PM ET] we've [5:19:44 PM ET] you know we've grown [5:19:44 PM ET] grown [5:19:44 PM ET] by an [5:19:44 PM ET] order [5:19:45 PM ET] of [5:19:45 PM ET] magnitude [5:19:45 PM ET] the amount [5:19:47 PM ET] of [5:19:47 PM ET] signal [5:19:47 PM ET] that [5:19:47 PM ET] goes [5:19:47 PM ET] into [5:19:47 PM ET] our [5:19:48 PM ET] models, [5:19:48 PM ET] the [5:19:48 PM ET] size of size of size of [5:19:48 PM ET] the [5:19:48 PM ET] our [5:19:49 PM ET] by an order of magnitude the amount of signal that goes into our models the [5:19:50 PM ET] models. [5:19:50 PM ET] we've [5:19:51 PM ET] dramatically reduced the [5:19:52 PM ET] time it [5:19:52 PM ET] takes [5:19:53 PM ET] to [5:19:53 PM ET] size of our models we've dramatically reduced the time it takes to [5:19:53 PM ET] train [5:19:53 PM ET] new [5:19:54 PM ET] models [5:19:54 PM ET] to deploy new [5:19:56 PM ET] models. [5:19:56 PM ET] All of [5:19:56 PM ET] these [5:19:56 PM ET] things have [5:19:56 PM ET] I've [5:19:57 PM ET] grown [5:19:58 PM ET] train new models to deploy new models all of these things have grown [5:19:58 PM ET] significantly in the last [5:19:58 PM ET] few [5:19:58 PM ET] couple of [5:19:59 PM ET] quarter. [5:19:59 PM ET] And we've [5:20:00 PM ET] got a [5:20:01 PM ET] whole [5:20:01 PM ET] what's [5:20:01 PM ET] call [5:20:01 PM ET] it [5:20:02 PM ET] another [5:20:02 PM ET] significantly in the last quarter and we've got a whole [5:20:02 PM ET] year [5:20:02 PM ET] of [5:20:02 PM ET] runway [5:20:03 PM ET] there. [5:20:04 PM ET] So [5:20:04 PM ET] just the [5:20:05 PM ET] feed [5:20:05 PM ET] itself, [5:20:05 PM ET] right [5:20:05 PM ET] now is a lot of [5:20:06 PM ET] let's call it another year of runway there so just the feed it's [5:20:07 PM ET] driving [5:20:08 PM ET] more [5:20:08 PM ET] engagement [5:20:08 PM ET] for [5:20:08 PM ET] new [5:20:08 PM ET] and [5:20:09 PM ET] core [5:20:10 PM ET] users. [5:20:10 PM ET] itself right now is driving more engagement for new and core users so [5:20:10 PM ET] So I think there's short [5:20:11 PM ET] work we can [5:20:11 PM ET] continue to [5:20:12 PM ET] continue to [5:20:12 PM ET] do on [5:20:12 PM ET] the [5:20:13 PM ET] feed. [5:20:14 PM ET] and I think a lot [5:20:14 PM ET] i think there's short term work we continue to do on the feed and i think a lot of [5:20:16 PM ET] of exciting [5:20:16 PM ET] product [5:20:16 PM ET] work [5:20:16 PM ET] that will [5:20:16 PM ET] make [5:20:17 PM ET] this [5:20:17 PM ET] kind [5:20:17 PM ET] of [5:20:18 PM ET] sticky [5:20:18 PM ET] or [5:20:18 PM ET] daily [5:20:18 PM ET] use [5:20:19 PM ET] exciting product work that will make this kind of sticky or daily use cases [5:20:20 PM ET] cases [5:20:20 PM ET] more [5:20:21 PM ET] effective on [5:20:21 PM ET] more effective on reddit [5:20:22 PM ET] Reddit. [5:20:22 PM ET] Okay, so Jen, the second [5:20:23 PM ET] question [5:20:24 PM ET] okay so jen the second question is [5:20:24 PM ET] is [5:20:24 PM ET] brand [5:20:25 PM ET] brands [5:20:25 PM ET] and [5:20:26 PM ET] free [5:20:26 PM ET] pre-training? [5:20:27 PM ET] Yeah, I was gonna [5:20:27 PM ET] going to ask just a little [5:20:27 PM ET] for [5:20:28 PM ET] clarification. [5:20:29 PM ET] do you [5:20:29 PM ET] brands and pre training yeah i was gonna [5:20:29 PM ET] mean are you referring to the [5:20:30 PM ET] like [5:20:30 PM ET] the [5:20:31 PM ET] idea [5:20:31 PM ET] of [5:20:31 PM ET] brands [5:20:32 PM ET] wanting [5:20:32 PM ET] ask just for a clarification do you mean are you referring to like the idea of [5:20:32 PM ET] to [5:20:32 PM ET] come [5:20:33 PM ET] to [5:20:33 PM ET] Reddit to [5:20:33 PM ET] be [5:20:34 PM ET] on [5:20:34 PM ET] Reddit [5:20:34 PM ET] to kind [5:20:34 PM ET] of show [5:20:35 PM ET] up [5:20:35 PM ET] in [5:20:36 PM ET] LLMs? Is [5:20:36 PM ET] brands wanting to come to reddit to be on reddit [5:20:36 PM ET] to kinda show up in llms is that [5:20:36 PM ET] that? [5:20:37 PM ET] Yeah, I think that's a good idea. [5:20:37 PM ET] Yeah, [5:20:39 PM ET] correct. [5:20:39 PM ET] yeah correct [5:20:40 PM ET] Okay. [5:20:42 PM ET] Yeah, so um so [5:20:43 PM ET] look, I'm gonna go ahead and do [5:20:43 PM ET] the [5:20:44 PM ET] okay yeah so [5:20:44 PM ET] reason [5:20:44 PM ET] it [5:20:44 PM ET] comes [5:20:44 PM ET] and [5:20:44 PM ET] in [5:20:45 PM ET] advertise [5:20:45 PM ET] on [5:20:45 PM ET] Reddit, [5:20:45 PM ET] we [5:20:45 PM ET] say [5:20:46 PM ET] this [5:20:46 PM ET] really [5:20:46 PM ET] clearly, [5:20:47 PM ET] is [5:20:47 PM ET] so look the reason to come and advertise on reddit we say this [5:20:47 PM ET] to [5:20:47 PM ET] come [5:20:47 PM ET] for [5:20:48 PM ET] the [5:20:48 PM ET] engaged [5:20:49 PM ET] audience [5:20:49 PM ET] and [5:20:49 PM ET] to [5:20:50 PM ET] get [5:20:50 PM ET] competitive [5:20:51 PM ET] really clearly is to come for the engaged audience and to get competitive outcomes [5:20:51 PM ET] outcomes. [5:20:51 PM ET] to grow [5:20:51 PM ET] your [5:20:52 PM ET] business. [5:20:53 PM ET] That's [5:20:54 PM ET] scalable. [5:20:54 PM ET] it's [5:20:55 PM ET] repeatable, [5:20:55 PM ET] it's [5:20:55 PM ET] to grow your business right that's scalable it's [5:20:56 PM ET] measured, it's [5:20:56 PM ET] a little [5:20:57 PM ET] measured it delivers [5:20:57 PM ET] delivers [5:20:57 PM ET] more and [5:20:58 PM ET] more [5:20:59 PM ET] ROI. [5:21:00 PM ET] And that is why advertisers come to the [5:21:00 PM ET] us and why [5:21:00 PM ET] they're [5:21:01 PM ET] growing [5:21:01 PM ET] their [5:21:01 PM ET] share of [5:21:02 PM ET] wallet for [5:21:02 PM ET] more and more roi and that is why advertisers come to us and why they're growing their share of wallet [5:21:02 PM ET] us. It's [5:21:04 PM ET] like that core [5:21:04 PM ET] proposition [5:21:05 PM ET] for [5:21:05 PM ET] reaching the [5:21:05 PM ET] Reddit [5:21:06 PM ET] us it's like that core proposition for reaching the reddit audience [5:21:07 PM ET] audience. [5:21:07 PM ET] I think that's a good question. [5:21:08 PM ET] Um I I think there's been [5:21:09 PM ET] this idea of the idea of [5:21:10 PM ET] like [5:21:10 PM ET] TEO [5:21:11 PM ET] i i think there's been this you know idea of like ceo or [5:21:11 PM ET] or [5:21:11 PM ET] you know [5:21:11 PM ET] kind [5:21:12 PM ET] of [5:21:12 PM ET] organic [5:21:13 PM ET] et [5:21:13 PM ET] cetera. [5:21:13 PM ET] you know kind of organic etcetera and [5:21:14 PM ET] And I wasn't saying [5:21:15 PM ET] we've [5:21:15 PM ET] been [5:21:15 PM ET] very [5:21:15 PM ET] open about [5:21:16 PM ET] this with [5:21:16 PM ET] our [5:21:17 PM ET] partners, like we're [5:21:17 PM ET] pretty [5:21:18 PM ET] skeptical [5:21:18 PM ET] of [5:21:18 PM ET] i was just saying we've been very open about this with our partners like [5:21:19 PM ET] GEO. [5:21:20 PM ET] Reddit itself is [5:21:20 PM ET] pretty [5:21:21 PM ET] inoculated [5:21:21 PM ET] to [5:21:22 PM ET] we're pretty skeptical of geo reddit itself is pretty inoculated to like [5:21:22 PM ET] like [5:21:23 PM ET] manipulation, I would [5:21:24 PM ET] say. [5:21:25 PM ET] and yes, it [5:21:25 PM ET] that it's a good [5:21:26 PM ET] to [5:21:26 PM ET] spend time with [5:21:26 PM ET] the [5:21:26 PM ET] right [5:21:26 PM ET] Reddit [5:21:27 PM ET] manipulation i would say and yes it is good to [5:21:27 PM ET] audience [5:21:28 PM ET] and [5:21:28 PM ET] have [5:21:28 PM ET] more [5:21:29 PM ET] fans and [5:21:29 PM ET] more [5:21:30 PM ET] customers [5:21:30 PM ET] within [5:21:30 PM ET] Reddit [5:21:30 PM ET] by [5:21:30 PM ET] spend time with the reddit audience and have more fans and more customers within reddit by [5:21:31 PM ET] using [5:21:31 PM ET] our [5:21:32 PM ET] scalable [5:21:32 PM ET] marketing [5:21:33 PM ET] platform to [5:21:33 PM ET] get them [5:21:33 PM ET] those [5:21:34 PM ET] outcomes because they [5:21:35 PM ET] might talk about the [5:21:35 PM ET] using our scalable marketing platform to get those outcomes [5:21:35 PM ET] you [5:21:36 PM ET] and [5:21:36 PM ET] you [5:21:36 PM ET] know [5:21:36 PM ET] when [5:21:36 PM ET] would [5:21:36 PM ET] need [5:21:37 PM ET] customers [5:21:37 PM ET] in the [5:21:37 PM ET] order [5:21:37 PM ET] to have a lot of [5:21:38 PM ET] that [5:21:39 PM ET] experience. [5:21:39 PM ET] But [5:21:39 PM ET] because they might talk about you and you would need customers in order to have that experience [5:21:39 PM ET] that's [5:21:39 PM ET] not [5:21:39 PM ET] the [5:21:40 PM ET] primary [5:21:40 PM ET] reason [5:21:40 PM ET] our advertisers [5:21:41 PM ET] come to the best of the [5:21:42 PM ET] us. [5:21:43 PM ET] The reason why they [5:21:43 PM ET] work with [5:21:43 PM ET] us is that we have to do [5:21:43 PM ET] but that's not the primary reason our advertisers come to us [5:21:43 PM ET] us [5:21:44 PM ET] is [5:21:44 PM ET] because [5:21:45 PM ET] of [5:21:45 PM ET] reaching [5:21:45 PM ET] that [5:21:45 PM ET] high [5:21:46 PM ET] highly [5:21:46 PM ET] engaged [5:21:46 PM ET] the reason why they work with us is because of reaching that [5:21:47 PM ET] highly engaged audience [5:21:47 PM ET] audience [5:21:47 PM ET] where [5:21:47 PM ET] they're [5:21:48 PM ET] able [5:21:48 PM ET] to [5:21:48 PM ET] get [5:21:49 PM ET] business out of the [5:21:49 PM ET] outcomes [5:21:49 PM ET] from [5:21:50 PM ET] our [5:21:50 PM ET] marketing [5:21:51 PM ET] platform. [5:21:52 PM ET] where they're able to get business outcomes from our marketing platform [5:21:52 PM ET] So [5:21:52 PM ET] it's [5:21:53 PM ET] not [5:21:54 PM ET] in [5:21:54 PM ET] our [5:21:55 PM ET] partnerships [5:21:56 PM ET] so it's not in our partnerships today [5:21:56 PM ET] today. [5:21:57 PM ET] You know, it's [5:21:57 PM ET] not [5:21:58 PM ET] a core [5:21:58 PM ET] piece [5:21:59 PM ET] of what [5:21:59 PM ET] we [5:21:59 PM ET] do with [5:21:59 PM ET] our [5:22:00 PM ET] advertising [5:22:00 PM ET] partners [5:22:01 PM ET] it's not a core piece of what we do with our advertising partners [5:22:01 PM ET] today [5:22:02 PM ET] today. [5:22:02 PM ET] I think that's a good idea. [5:22:03 PM ET] I understand from their point of [5:22:03 PM ET] view it's [5:22:03 PM ET] something [5:22:04 PM ET] broadly [5:22:04 PM ET] that [5:22:04 PM ET] they're [5:22:04 PM ET] thinking [5:22:05 PM ET] about [5:22:05 PM ET] because [5:22:05 PM ET] they're [5:22:06 PM ET] also [5:22:06 PM ET] dealing with the [5:22:06 PM ET] i understand from their point of view it's something broadly that they're [5:22:06 PM ET] changes in [5:22:07 PM ET] the [5:22:07 PM ET] broader [5:22:07 PM ET] search [5:22:08 PM ET] I think that's a good [5:22:08 PM ET] But it's [5:22:08 PM ET] just [5:22:09 PM ET] not [5:22:09 PM ET] a part of [5:22:09 PM ET] the [5:22:09 PM ET] about because they're also dealing with changes in the broader search landscape [5:22:10 PM ET] but it's just not a part of [5:22:11 PM ET] the [5:22:11 PM ET] what we're [5:22:11 PM ET] of [5:22:12 PM ET] not a centerpiece of what we're doing [5:22:13 PM ET] doing. [5:22:16 PM ET] Your next [5:22:16 PM ET] question [5:22:16 PM ET] is [5:22:16 PM ET] from [5:22:16 PM ET] the line [5:22:17 PM ET] of [5:22:17 PM ET] Vasily [5:22:18 PM ET] your next question is from the line of vasily karsov [5:22:18 PM ET] Karsov [5:22:18 PM ET] from [5:22:18 PM ET] Cannonball [5:22:19 PM ET] Research. [5:22:19 PM ET] Your line is [5:22:20 PM ET] now [5:22:20 PM ET] open. [5:22:20 PM ET] Please [5:22:20 PM ET] go [5:22:21 PM ET] from cannonball research your line is now open please go ahead [5:22:22 PM ET] ahead. [5:22:26 PM ET] As [5:22:27 PM ET] a [5:22:27 PM ET] reminder, [5:22:27 PM ET] please remember [5:22:28 PM ET] to unlock [5:22:28 PM ET] your [5:22:29 PM ET] as a reminder please remember to unmute your device [5:22:30 PM ET] device. [5:22:32 PM ET] Um [5:22:32 PM ET] sorry about [5:22:33 PM ET] that. [5:22:34 PM ET] Um [5:22:34 PM ET] hello sorry about that [5:22:34 PM ET] my question is for [5:22:35 PM ET] Stephen. [5:22:36 PM ET] Uh Stephen at the [5:22:37 PM ET] conference a couple of years [5:22:37 PM ET] days [5:22:37 PM ET] months [5:22:38 PM ET] ago, [5:22:38 PM ET] you [5:22:38 PM ET] my question is for steven steven at the conference [5:22:38 PM ET] said [5:22:39 PM ET] that [5:22:39 PM ET] down [5:22:39 PM ET] the [5:22:40 PM ET] road [5:22:40 PM ET] you [5:22:41 PM ET] can [5:22:41 PM ET] a couple of months ago you said that down the road [5:22:41 PM ET] see [5:22:42 PM ET] Red [5:22:42 PM ET] making [5:22:42 PM ET] some [5:22:43 PM ET] acquisitions [5:22:44 PM ET] to [5:22:44 PM ET] help [5:22:45 PM ET] you [5:22:45 PM ET] you can see reddit making some acquisitions [5:22:45 PM ET] expand [5:22:46 PM ET] the use of [5:22:46 PM ET] the [5:22:47 PM ET] base. [5:22:48 PM ET] So I was wondering if I was a good [5:22:48 PM ET] you're going to be able to do [5:22:48 PM ET] you [5:22:48 PM ET] to help you expand the user base [5:22:49 PM ET] if could tell us a little bit about [5:22:49 PM ET] more [5:22:50 PM ET] what kind [5:22:50 PM ET] of [5:22:51 PM ET] so i was wondering if you could tell us a little more what kind of company [5:22:51 PM ET] company [5:22:52 PM ET] could [5:22:52 PM ET] do [5:22:52 PM ET] that for [5:22:53 PM ET] you. [5:22:54 PM ET] could do that for you and [5:22:55 PM ET] and um [5:22:56 PM ET] it's a very good [5:22:56 PM ET] there [5:22:56 PM ET] that the majority of the [5:22:56 PM ET] something you can [5:22:57 PM ET] more of [5:22:57 PM ET] a [5:22:58 PM ET] priority [5:22:59 PM ET] now that [5:22:59 PM ET] given [5:22:59 PM ET] how [5:23:00 PM ET] the [5:23:00 PM ET] trends [5:23:00 PM ET] have [5:23:00 PM ET] been [5:23:00 PM ET] is that something more of a priority now that given how the [5:23:01 PM ET] playing [5:23:01 PM ET] out [5:23:02 PM ET] since [5:23:02 PM ET] you [5:23:02 PM ET] said [5:23:02 PM ET] that. Thank [5:23:03 PM ET] trends have been playing out since you said that thank you [5:23:04 PM ET] you. [5:23:06 PM ET] All right. Thanks for the [5:23:07 PM ET] question. [5:23:08 PM ET] So when we think [5:23:09 PM ET] about [5:23:09 PM ET] MNA, we have to do [5:23:10 PM ET] and [5:23:10 PM ET] so when i think about m and a [5:23:11 PM ET] there [5:23:11 PM ET] are [5:23:12 PM ET] there are [5:23:12 PM ET] a lot [5:23:13 PM ET] couple [5:23:13 PM ET] of [5:23:13 PM ET] possible [5:23:15 PM ET] objectives. [5:23:15 PM ET] What we've done [5:23:16 PM ET] historically has [5:23:17 PM ET] a couple of possible objectives what we've done historically has been [5:23:17 PM ET] been [5:23:18 PM ET] small [5:23:18 PM ET] to [5:23:18 PM ET] medium [5:23:19 PM ET] medium-sized [5:23:19 PM ET] teams [5:23:19 PM ET] plus [5:23:20 PM ET] their [5:23:20 PM ET] small to medium sized teams plus their tech [5:23:21 PM ET] tech. [5:23:22 PM ET] We've not done [5:23:22 PM ET] a series of [5:23:23 PM ET] serious [5:23:23 PM ET] acquisition [5:23:23 PM ET] for [5:23:24 PM ET] users. [5:23:24 PM ET] and that's [5:23:24 PM ET] not [5:23:25 PM ET] on [5:23:25 PM ET] our [5:23:25 PM ET] radar right [5:23:25 PM ET] we've not done a serious acquisition for users [5:23:26 PM ET] now. [5:23:26 PM ET] The [5:23:26 PM ET] best way to do that is that we can use the same [5:23:27 PM ET] way to do is [5:23:27 PM ET] for us that use [5:23:27 PM ET] to [5:23:28 PM ET] grow [5:23:28 PM ET] users [5:23:29 PM ET] and that's not on our radar right now the best way for us to grow users [5:23:29 PM ET] is [5:23:30 PM ET] to [5:23:30 PM ET] is to [5:23:31 PM ET] capture [5:23:31 PM ET] the [5:23:31 PM ET] opportunity to use [5:23:32 PM ET] that we have to [5:23:32 PM ET] right [5:23:33 PM ET] on [5:23:33 PM ET] our [5:23:34 PM ET] to capture the opportunity that we have right on our doorstep [5:23:34 PM ET] doorstep. [5:23:34 PM ET] We [5:23:35 PM ET] we have [5:23:35 PM ET] have three major [5:23:36 PM ET] channels [5:23:36 PM ET] even [5:23:37 PM ET] today. [5:23:38 PM ET] The first is our [5:23:38 PM ET] unattributed [5:23:39 PM ET] three major channels even today the first is our unattributed downloads [5:23:39 PM ET] downloads. [5:23:40 PM ET] We see a [5:23:40 PM ET] ton [5:23:40 PM ET] of [5:23:40 PM ET] unattributed [5:23:41 PM ET] downloads [5:23:42 PM ET] every [5:23:42 PM ET] day. [5:23:43 PM ET] So these are [5:23:43 PM ET] people basically [5:23:44 PM ET] word [5:23:44 PM ET] of [5:23:44 PM ET] we see a ton of unattributed downloads every day so these are people [5:23:44 PM ET] mouth [5:23:44 PM ET] users who [5:23:45 PM ET] are in the middle of the [5:23:45 PM ET] interested [5:23:45 PM ET] in [5:23:46 PM ET] trying [5:23:46 PM ET] basically word-of-mouth users who are interested in trying reddit [5:23:47 PM ET] Reddit. [5:23:47 PM ET] And [5:23:47 PM ET] and so [5:23:48 PM ET] so that is why I'm going to do [5:23:48 PM ET] we [5:23:48 PM ET] have been [5:23:49 PM ET] so focused on the [5:23:49 PM ET] New [5:23:50 PM ET] user [5:23:51 PM ET] retention. [5:23:51 PM ET] Now, [5:23:51 PM ET] that is why we have been so focused on new user retention now we [5:23:52 PM ET] we really [5:23:52 PM ET] moved the [5:23:52 PM ET] needle [5:23:53 PM ET] here and I think [5:23:53 PM ET] we [5:23:53 PM ET] have [5:23:53 PM ET] a place to do [5:23:54 PM ET] of [5:23:54 PM ET] room [5:23:54 PM ET] to [5:23:55 PM ET] go. [5:23:56 PM ET] But new user attention [5:23:56 PM ET] is [5:23:56 PM ET] really moved the needle here and i think we have plenty of room to go [5:23:56 PM ET] but new user retention is up [5:23:57 PM ET] up. [5:23:57 PM ET] over [5:23:58 PM ET] 50% [5:23:58 PM ET] year on [5:23:59 PM ET] year. [5:23:59 PM ET] So providing those users [5:24:00 PM ET] a [5:24:00 PM ET] better [5:24:00 PM ET] over fifty percent year on year so providing those users a better experience [5:24:01 PM ET] experience. [5:24:02 PM ET] Second, Reddit [5:24:03 PM ET] has a [5:24:03 PM ET] large number of [5:24:04 PM ET] reinstalls every [5:24:05 PM ET] second reddit has a large number of reinstalls every day [5:24:05 PM ET] day. [5:24:06 PM ET] And so we think that's a good [5:24:06 PM ET] this is very [5:24:08 PM ET] users coming [5:24:08 PM ET] for a [5:24:09 PM ET] particular type [5:24:09 PM ET] of [5:24:10 PM ET] content and [5:24:10 PM ET] and so we think this is users coming for a particular type [5:24:10 PM ET] then [5:24:10 PM ET] uninstalling [5:24:11 PM ET] Reddit when [5:24:11 PM ET] they're [5:24:12 PM ET] done. [5:24:12 PM ET] And so we think [5:24:14 PM ET] adding [5:24:14 PM ET] an increase in [5:24:14 PM ET] content and then uninstalling reddit when they're done and so we think adding [5:24:15 PM ET] mode [5:24:15 PM ET] basically is a good [5:24:16 PM ET] private [5:24:16 PM ET] browsing [5:24:16 PM ET] mode in [5:24:16 PM ET] our [5:24:17 PM ET] app will [5:24:17 PM ET] help [5:24:17 PM ET] mitigate [5:24:18 PM ET] this [5:24:18 PM ET] I think that's a good [5:24:18 PM ET] So, [5:24:19 PM ET] an incognito mode basically a private browsing mode in our app will help mitigate this effect [5:24:19 PM ET] And then finally, we've got a lot of the same [5:24:20 PM ET] and then finally we've got [5:24:20 PM ET] got [5:24:21 PM ET] the [5:24:22 PM ET] conversion [5:24:22 PM ET] from [5:24:22 PM ET] mobile [5:24:23 PM ET] web for [5:24:23 PM ET] the [5:24:23 PM ET] search [5:24:24 PM ET] referred [5:24:25 PM ET] users. [5:24:25 PM ET] the conversion from mobile web for the search referred users [5:24:25 PM ET] While the search referrals are in [5:24:26 PM ET] decline, [5:24:26 PM ET] they're still in the [5:24:26 PM ET] a lot of things that are [5:24:27 PM ET] them. [5:24:28 PM ET] And so we've been [5:24:29 PM ET] driving that [5:24:29 PM ET] while the search referrals are in decline there's still a lot of them [5:24:30 PM ET] conversion for the last [5:24:31 PM ET] couple of [5:24:32 PM ET] quarters. [5:24:32 PM ET] I think that's a good idea. [5:24:32 PM ET] so we've been driving that conversion for the last couple of quarters [5:24:32 PM ET] And as [5:24:33 PM ET] I mentioned in my [5:24:34 PM ET] script, [5:24:34 PM ET] and as i mentioned in my script we're [5:24:34 PM ET] we're [5:24:34 PM ET] this quarter is a very important [5:24:35 PM ET] only [5:24:36 PM ET] this quarter only showed [5:24:36 PM ET] showed [5:24:36 PM ET] that [5:24:37 PM ET] conversion [5:24:37 PM ET] prompts [5:24:37 PM ET] about [5:24:38 PM ET] thirteen [5:24:38 PM ET] of [5:24:38 PM ET] the [5:24:38 PM ET] eligible [5:24:39 PM ET] audience [5:24:39 PM ET] there. [5:24:40 PM ET] so there's plenty of [5:24:40 PM ET] room [5:24:40 PM ET] to [5:24:41 PM ET] scale. [5:24:41 PM ET] that conversion prompt about thirteen percent of the eligible audience there so there's plenty of room to scale [5:24:41 PM ET] So I [5:24:41 PM ET] think [5:24:42 PM ET] before we start to do that, I'm going to go ahead [5:24:42 PM ET] with the screen, we can see [5:24:42 PM ET] about [5:24:43 PM ET] on the [5:24:43 PM ET] about [5:24:44 PM ET] using acquisition, we can use the same [5:24:45 PM ET] to [5:24:45 PM ET] grow [5:24:45 PM ET] so i think before we start thinking about using acquisition to grow users [5:24:46 PM ET] users. [5:24:47 PM ET] We need to [5:24:47 PM ET] make [5:24:48 PM ET] our [5:24:48 PM ET] product the most important [5:24:49 PM ET] effective [5:24:49 PM ET] way [5:24:49 PM ET] to [5:24:49 PM ET] grow [5:24:49 PM ET] users [5:24:50 PM ET] because the [5:24:50 PM ET] we need to make our product the most effective way to grow users because the opportunities [5:24:51 PM ET] opportunities [5:24:51 PM ET] are [5:24:52 PM ET] are [5:24:52 PM ET] basically [5:24:52 PM ET] at [5:24:53 PM ET] scale and on [5:24:53 PM ET] our [5:24:54 PM ET] doorstep. [5:24:55 PM ET] and [5:24:55 PM ET] basically at scale and on our doorstep and they're [5:24:56 PM ET] they're very, [5:24:56 PM ET] very [5:24:57 PM ET] large. [5:24:57 PM ET] It's hard to move the [5:24:58 PM ET] needle [5:24:58 PM ET] against [5:24:58 PM ET] the [5:24:59 PM ET] results we'll [5:25:00 PM ET] see [5:25:00 PM ET] very very large it's hard to move the needle against the results we'll see through [5:25:01 PM ET] through [5:25:01 PM ET] you [5:25:01 PM ET] know [5:25:01 PM ET] even [5:25:01 PM ET] small [5:25:02 PM ET] improvements [5:25:02 PM ET] to [5:25:02 PM ET] new [5:25:02 PM ET] user [5:25:03 PM ET] even small improvements to new user retention [5:25:04 PM ET] retention. [5:25:07 PM ET] You're not [5:25:08 PM ET] next [5:25:08 PM ET] question [5:25:08 PM ET] is [5:25:08 PM ET] from the [5:25:09 PM ET] line [5:25:09 PM ET] of [5:25:09 PM ET] Jason [5:25:09 PM ET] Health [5:25:10 PM ET] your next [5:25:10 PM ET] Helstein from [5:25:10 PM ET] question is from the line of jason helfstein from oppenheimer [5:25:11 PM ET] Oppenheimer. Your line [5:25:11 PM ET] is [5:25:11 PM ET] now [5:25:12 PM ET] open. [5:25:12 PM ET] Please go to the [5:25:14 PM ET] ahead. [5:25:14 PM ET] Thanks. Appreciate [5:25:15 PM ET] you, [5:25:16 PM ET] giving us this [5:25:16 PM ET] heads [5:25:17 PM ET] up [5:25:17 PM ET] thanks appreciate you again giving us this heads up that [5:25:17 PM ET] that you [5:25:18 PM ET] your [5:25:18 PM ET] you're [5:25:18 PM ET] testing [5:25:19 PM ET] logged [5:25:19 PM ET] in [5:25:19 PM ET] only [5:25:20 PM ET] but you [5:25:20 PM ET] know [5:25:21 PM ET] but [5:25:21 PM ET] it [5:25:21 PM ET] is [5:25:22 PM ET] the [5:25:22 PM ET] you're testing logged in only but [5:25:22 PM ET] plan. [5:25:23 PM ET] So I guess as we're [5:25:24 PM ET] all [5:25:24 PM ET] sitting [5:25:24 PM ET] here [5:25:24 PM ET] saying, [5:25:25 PM ET] what does it [5:25:25 PM ET] kind [5:25:25 PM ET] of [5:25:25 PM ET] the [5:25:26 PM ET] but it is the plan so i guess as we're all sitting here saying what [5:25:26 PM ET] modeling look [5:25:27 PM ET] does kind of the modeling look like [5:25:27 PM ET] like [5:25:28 PM ET] in [5:25:28 PM ET] that [5:25:29 PM ET] world [5:25:29 PM ET] whenever [5:25:29 PM ET] whenever it does [5:25:30 PM ET] in that world whenever it does happen [5:25:31 PM ET] happen. [5:25:31 PM ET] um, [5:25:32 PM ET] I [5:25:32 PM ET] mean [5:25:33 PM ET] obviously [5:25:33 PM ET] you're [5:25:33 PM ET] you [5:25:33 PM ET] know [5:25:34 PM ET] the [5:25:34 PM ET] effective [5:25:35 PM ET] ARPU [5:25:35 PM ET] from [5:25:35 PM ET] a lot of [5:25:36 PM ET] logged in [5:25:36 PM ET] user [5:25:36 PM ET] obviously [5:25:36 PM ET] obviously the effective arpu from a logged in user [5:25:37 PM ET] math, [5:25:37 PM ET] map would [5:25:37 PM ET] becomes a [5:25:37 PM ET] lot [5:25:38 PM ET] higher [5:25:39 PM ET] obviously becomes a lot higher but [5:25:39 PM ET] but [5:25:39 PM ET] is [5:25:39 PM ET] there [5:25:39 PM ET] just [5:25:39 PM ET] a way to do [5:25:40 PM ET] that you can use the [5:25:40 PM ET] is there just a way to [5:25:40 PM ET] to [5:25:41 PM ET] kind [5:25:41 PM ET] of [5:25:41 PM ET] help [5:25:42 PM ET] kind of help us [5:25:42 PM ET] us [5:25:43 PM ET] because you [5:25:43 PM ET] know [5:25:44 PM ET] how [5:25:44 PM ET] we [5:25:44 PM ET] should [5:25:44 PM ET] be [5:25:45 PM ET] thinking [5:25:45 PM ET] about [5:25:45 PM ET] it do [5:25:45 PM ET] we [5:25:46 PM ET] because how we should be thinking about it do we go [5:25:46 PM ET] go, [5:25:47 PM ET] okay, you [5:25:47 PM ET] know, [5:25:48 PM ET] logged [5:25:48 PM ET] in [5:25:49 PM ET] okay logged in as [5:25:49 PM ET] is [5:25:49 PM ET] you [5:25:50 PM ET] know, [5:25:50 PM ET] twenty [5:25:51 PM ET] fi twenty percent [5:25:51 PM ET] of [5:25:52 PM ET] DAU and [5:25:52 PM ET] then we [5:25:52 PM ET] have [5:25:52 PM ET] our [5:25:52 PM ET] own [5:25:53 PM ET] version [5:25:53 PM ET] of [5:25:53 PM ET] percent of dau and then we have our own version of a [5:25:53 PM ET] a [5:25:54 PM ET] logged [5:25:54 PM ET] in [5:25:55 PM ET] ARPU. [5:25:56 PM ET] How do you want [5:25:56 PM ET] us to think about [5:25:58 PM ET] logged in arpu how do you want us to think about that [5:25:58 PM ET] I think [5:25:58 PM ET] that's a good question. [5:25:58 PM ET] Because we're all going to be doing [5:25:59 PM ET] And [5:25:59 PM ET] then [5:26:00 PM ET] second, I [5:26:01 PM ET] mean, [5:26:01 PM ET] should we do [5:26:02 PM ET] now assume [5:26:02 PM ET] that [5:26:03 PM ET] because we're all going to be doing that and then second i mean [5:26:03 PM ET] if [5:26:03 PM ET] you [5:26:03 PM ET] go [5:26:03 PM ET] logged [5:26:04 PM ET] in [5:26:04 PM ET] you [5:26:04 PM ET] will [5:26:04 PM ET] should we now assume that if you go logged in you will make [5:26:05 PM ET] make [5:26:05 PM ET] red [5:26:05 PM ET] and [5:26:06 PM ET] not [5:26:06 PM ET] reddit not scrapable [5:26:07 PM ET] scrapable. [5:26:07 PM ET] and [5:26:07 PM ET] I [5:26:08 PM ET] guess [5:26:08 PM ET] talk [5:26:08 PM ET] about [5:26:08 PM ET] the [5:26:09 PM ET] implications [5:26:09 PM ET] of [5:26:09 PM ET] and i guess talk about the implications of that [5:26:10 PM ET] that. [5:26:13 PM ET] Okay, thanks for [5:26:13 PM ET] the [5:26:14 PM ET] questions. [5:26:14 PM ET] okay thanks for the questions look [5:26:16 PM ET] Look, the reason we're doing [5:26:16 PM ET] the [5:26:16 PM ET] test [5:26:16 PM ET] is [5:26:16 PM ET] to [5:26:17 PM ET] learn the [5:26:17 PM ET] answers to [5:26:17 PM ET] through [5:26:17 PM ET] these [5:26:18 PM ET] the reason we're doing the test is to learn the answers to these questions [5:26:19 PM ET] questions. [5:26:19 PM ET] So we know [5:26:19 PM ET] logged [5:26:20 PM ET] in [5:26:20 PM ET] users engage in the [5:26:21 PM ET] my [5:26:21 PM ET] much [5:26:22 PM ET] more, [5:26:22 PM ET] And we've mentioned this a couple of [5:26:23 PM ET] so we know logged in users engage much more [5:26:23 PM ET] times on [5:26:23 PM ET] the [5:26:23 PM ET] this [5:26:24 PM ET] call. [5:26:24 PM ET] 80% of our [5:26:25 PM ET] revenue [5:26:25 PM ET] over 80% of our [5:26:26 PM ET] revenue comes out of the [5:26:26 PM ET] and we've mentioned this a couple times on this call eighty percent of our revenue [5:26:27 PM ET] from [5:26:27 PM ET] logged [5:26:27 PM ET] in [5:26:28 PM ET] users. [5:26:29 PM ET] So growing [5:26:29 PM ET] that [5:26:29 PM ET] base [5:26:29 PM ET] is [5:26:30 PM ET] very, [5:26:30 PM ET] over eighty percent of our revenue comes from logged in users so [5:26:31 PM ET] very [5:26:31 PM ET] important. [5:26:32 PM ET] Making Reddit [5:26:32 PM ET] logged [5:26:32 PM ET] in [5:26:32 PM ET] only [5:26:33 PM ET] will assure [5:26:33 PM ET] assuredly [5:26:33 PM ET] growing that base is very very important making reddit logged in only will [5:26:33 PM ET] grow [5:26:33 PM ET] that [5:26:34 PM ET] base. [5:26:35 PM ET] But what the [5:26:35 PM ET] conversion rate [5:26:36 PM ET] is [5:26:36 PM ET] over time is the [5:26:36 PM ET] we [5:26:36 PM ET] just [5:26:36 PM ET] don't [5:26:37 PM ET] know. [5:26:37 PM ET] assuredly grow that base but what the conversion rate is over time we just don't know [5:26:37 PM ET] That's why we have to do [5:26:38 PM ET] the [5:26:38 PM ET] that's why we have to do the work [5:26:39 PM ET] work. [5:26:39 PM ET] um and that's why we have [5:26:40 PM ET] to test the [5:26:40 PM ET] like [5:26:40 PM ET] where's [5:26:40 PM ET] the [5:26:41 PM ET] right [5:26:41 PM ET] spot [5:26:41 PM ET] to [5:26:41 PM ET] draw [5:26:41 PM ET] these [5:26:43 PM ET] boundaries? [5:26:43 PM ET] and that's why we have to test like where's the right spot to draw these boundaries [5:26:43 PM ET] Each of our peers has a lot of [5:26:43 PM ET] had [5:26:44 PM ET] of [5:26:44 PM ET] success doing [5:26:45 PM ET] this, [5:26:45 PM ET] but [5:26:45 PM ET] they all have to do [5:26:45 PM ET] it in the same [5:26:46 PM ET] slightly [5:26:46 PM ET] different [5:26:47 PM ET] each of our peers have had a lot of success doing this but they all do it in slightly different ways [5:26:47 PM ET] ways. [5:26:48 PM ET] and I'm [5:26:48 PM ET] sure [5:26:48 PM ET] we [5:26:48 PM ET] will [5:26:48 PM ET] find [5:26:48 PM ET] the [5:26:49 PM ET] way that [5:26:49 PM ET] makes [5:26:49 PM ET] the [5:26:49 PM ET] most [5:26:50 PM ET] sense for [5:26:52 PM ET] Reddit. [5:26:52 PM ET] and i'm sure we will find the way that makes the most sense for reddit [5:26:52 PM ET] Will this [5:26:52 PM ET] make [5:26:52 PM ET] Reddit [5:26:52 PM ET] harder to [5:26:53 PM ET] will this make reddit harder to scrape [5:26:54 PM ET] scrape? [5:26:54 PM ET] For [5:26:54 PM ET] sure. [5:26:54 PM ET] That is one of the [5:26:56 PM ET] reasons. [5:26:57 PM ET] It's not [5:26:58 PM ET] impossible, but [5:26:58 PM ET] again, [5:26:58 PM ET] for sure that is one of the reasons it's [5:26:58 PM ET] all over [5:26:59 PM ET] of [5:26:59 PM ET] our peers are not a very important part of the [5:26:59 PM ET] have [5:26:59 PM ET] done [5:27:00 PM ET] this for a [5:27:00 PM ET] long [5:27:01 PM ET] time for [5:27:01 PM ET] this [5:27:02 PM ET] not impossible but again all of our peers have done this for a long time for this reason [5:27:02 PM ET] reason. [5:27:04 PM ET] And Reddit with [5:27:04 PM ET] its [5:27:04 PM ET] extremely [5:27:05 PM ET] valuable [5:27:05 PM ET] corp [5:27:06 PM ET] corpus, [5:27:06 PM ET] this [5:27:07 PM ET] and reddit with its extremely valuable corpus [5:27:07 PM ET] change [5:27:07 PM ET] is [5:27:07 PM ET] really [5:27:08 PM ET] important [5:27:08 PM ET] to protect [5:27:09 PM ET] access [5:27:09 PM ET] to [5:27:09 PM ET] that [5:27:10 PM ET] data and [5:27:10 PM ET] make [5:27:11 PM ET] this change is really important to protect [5:27:11 PM ET] access to that data and make it [5:27:11 PM ET] it [5:27:12 PM ET] and [5:27:12 PM ET] make [5:27:12 PM ET] it [5:27:13 PM ET] intentional. [5:27:14 PM ET] So, like I [5:27:14 PM ET] said, [5:27:14 PM ET] we're going to have to do [5:27:16 PM ET] this. [5:27:16 PM ET] but [5:27:16 PM ET] and make it intentional so like i said we're going to do this [5:27:16 PM ET] the effect is going to be a good [5:27:17 PM ET] on [5:27:17 PM ET] the [5:27:17 PM ET] ecosystem will have to [5:27:18 PM ET] be [5:27:19 PM ET] test that's why we're [5:27:19 PM ET] doing [5:27:19 PM ET] the [5:27:19 PM ET] but the effects on the ecosystem we'll have to test that's why we're doing the test [5:27:20 PM ET] test. [5:27:24 PM ET] Your next [5:27:24 PM ET] question [5:27:24 PM ET] is [5:27:24 PM ET] from [5:27:24 PM ET] the [5:27:25 PM ET] line [5:27:25 PM ET] of [5:27:25 PM ET] Egal [5:27:26 PM ET] Arunian [5:27:26 PM ET] from [5:27:27 PM ET] your next question is from the line of ygal arounian from wedbush [5:27:27 PM ET] Wedbush. Your line is [5:27:27 PM ET] now [5:27:28 PM ET] open. [5:27:28 PM ET] Please [5:27:28 PM ET] go [5:27:29 PM ET] your line is now open please go ahead [5:27:30 PM ET] ahead. [5:27:31 PM ET] Hey [5:27:31 PM ET] guys, [5:27:32 PM ET] thanks for the [5:27:32 PM ET] question. [5:27:33 PM ET] Sorry, that's a hard [5:27:33 PM ET] harp on [5:27:34 PM ET] this [5:27:34 PM ET] hey guys thanks for the question sorry [5:27:34 PM ET] overly, [5:27:35 PM ET] but [5:27:35 PM ET] just [5:27:35 PM ET] to [5:27:36 PM ET] sorry not to harp on this overly but just to understand [5:27:36 PM ET] understand [5:27:36 PM ET] uh [5:27:36 PM ET] as [5:27:36 PM ET] you talk about [5:27:37 PM ET] test [5:27:37 PM ET] this [5:27:37 PM ET] on [5:27:38 PM ET] the [5:27:38 PM ET] log [5:27:38 PM ET] out [5:27:39 PM ET] users [5:27:39 PM ET] is [5:27:40 PM ET] so [5:27:40 PM ET] the [5:27:41 PM ET] expectation of [5:27:41 PM ET] as you test this on the logged out users is [5:27:41 PM ET] that [5:27:42 PM ET] over [5:27:42 PM ET] time [5:27:42 PM ET] that [5:27:43 PM ET] gets to [5:27:43 PM ET] zero [5:27:43 PM ET] or [5:27:44 PM ET] close [5:27:44 PM ET] to [5:27:44 PM ET] so the expectation that over time that gets [5:27:44 PM ET] zero. [5:27:45 PM ET] I know a lot of it [5:27:45 PM ET] comes [5:27:45 PM ET] from [5:27:45 PM ET] the [5:27:46 PM ET] testing and what [5:27:46 PM ET] w [5:27:47 PM ET] happens. [5:27:47 PM ET] to zero or close to zero i i know a lot of it comes from the testing and what what happens [5:27:49 PM ET] but is that [5:27:49 PM ET] But is that [5:27:50 PM ET] the [5:27:50 PM ET] expectation you [5:27:51 PM ET] we [5:27:51 PM ET] get [5:27:51 PM ET] some [5:27:52 PM ET] percent [5:27:52 PM ET] that [5:27:52 PM ET] will [5:27:53 PM ET] convert, you [5:27:53 PM ET] know [5:27:54 PM ET] an expectation you got some percent that will convert to [5:27:54 PM ET] to [5:27:54 PM ET] willing [5:27:54 PM ET] to [5:27:54 PM ET] log [5:27:55 PM ET] in and [5:27:55 PM ET] some [5:27:55 PM ET] that [5:27:56 PM ET] the [5:27:56 PM ET] fall [5:27:57 PM ET] off. [5:27:57 PM ET] And then [5:27:58 PM ET] on [5:27:58 PM ET] willing to log in and some that fall off and then on the [5:27:59 PM ET] the [5:28:00 PM ET] Google [5:28:00 PM ET] and [5:28:00 PM ET] AI. [5:28:01 PM ET] O [5:28:01 PM ET] overviews [5:28:01 PM ET] and [5:28:01 PM ET] sending traffic. [5:28:02 PM ET] I think that's a good [5:28:03 PM ET] you [5:28:03 PM ET] know, one of the things that I'm going to do [5:28:03 PM ET] of [5:28:03 PM ET] the [5:28:03 PM ET] things we [5:28:04 PM ET] saw yesterday was a lot of [5:28:04 PM ET] google and ai reviews and sending traffic out [5:28:05 PM ET] is [5:28:06 PM ET] pressure [5:28:07 PM ET] on [5:28:07 PM ET] Google's [5:28:07 PM ET] ad [5:28:07 PM ET] you know one of the things we saw yesterday is you know pressure [5:28:08 PM ET] revenue [5:28:08 PM ET] driven [5:28:09 PM ET] by [5:28:09 PM ET] this, [5:28:09 PM ET] right? And [5:28:10 PM ET] so [5:28:10 PM ET] you know they're [5:28:10 PM ET] seeing [5:28:11 PM ET] an [5:28:11 PM ET] impact on [5:28:11 PM ET] from [5:28:11 PM ET] on google's ad revenue driven by this right and so [5:28:11 PM ET] this as [5:28:12 PM ET] well. And they [5:28:12 PM ET] talked [5:28:12 PM ET] about [5:28:13 PM ET] starting [5:28:13 PM ET] to [5:28:13 PM ET] monetize [5:28:14 PM ET] more [5:28:14 PM ET] putting [5:28:14 PM ET] more [5:28:14 PM ET] ads [5:28:15 PM ET] you know they're they're seeing an impact from this as well and they talked about starting to monetize [5:28:15 PM ET] and [5:28:16 PM ET] ultimately [5:28:16 PM ET] unless [5:28:17 PM ET] the [5:28:17 PM ET] entire sort [5:28:18 PM ET] of [5:28:18 PM ET] putting more ads and ultimately unless the entire sort of [5:28:19 PM ET] uh quid [5:28:19 PM ET] throw [5:28:19 PM ET] quote [5:28:20 PM ET] for [5:28:20 PM ET] for [5:28:21 PM ET] Google's ad [5:28:21 PM ET] product [5:28:22 PM ET] quid pro quo for google's ad product changes [5:28:23 PM ET] changes. [5:28:23 PM ET] sending traffic out of the [5:28:24 PM ET] to [5:28:25 PM ET] web [5:28:25 PM ET] is [5:28:25 PM ET] an [5:28:25 PM ET] important [5:28:26 PM ET] part of the [5:28:26 PM ET] how [5:28:26 PM ET] they [5:28:27 PM ET] monetize [5:28:27 PM ET] sending traffic out to the web is an important part of how they monetize too [5:28:28 PM ET] too. [5:28:28 PM ET] Do do [5:28:30 PM ET] you is there [5:28:30 PM ET] a [5:28:31 PM ET] scenario down [5:28:31 PM ET] the [5:28:31 PM ET] line [5:28:32 PM ET] where [5:28:32 PM ET] you [5:28:33 PM ET] do do you is there a scenario down the line where where you see [5:28:33 PM ET] see, you [5:28:33 PM ET] that sort of [5:28:34 PM ET] coming [5:28:34 PM ET] back the [5:28:35 PM ET] pendulum [5:28:35 PM ET] swinging [5:28:35 PM ET] back a little [5:28:36 PM ET] bit and [5:28:37 PM ET] that [5:28:37 PM ET] can [5:28:37 PM ET] be [5:28:37 PM ET] a [5:28:37 PM ET] benefit for [5:28:38 PM ET] that sort of coming back the pendulum swinging back a little bit and that can be a benefit [5:28:38 PM ET] you [5:28:38 PM ET] guys. Thank [5:28:39 PM ET] for you guys thank you [5:28:40 PM ET] you. [5:28:41 PM ET] Okay, so [5:28:41 PM ET] question [5:28:42 PM ET] one, logged [5:28:42 PM ET] out [5:28:43 PM ET] okay so question one logged out users [5:28:43 PM ET] users. [5:28:44 PM ET] Does it go to [5:28:44 PM ET] zero [5:28:44 PM ET] or [5:28:44 PM ET] close to the [5:28:46 PM ET] zero? [5:28:46 PM ET] But I can't tell [5:28:47 PM ET] you. [5:28:48 PM ET] Um I think [5:28:48 PM ET] does it go to zero or close to zero look i can't tell you [5:28:48 PM ET] we'll [5:28:48 PM ET] always have to do [5:28:49 PM ET] some of [5:28:49 PM ET] amount. [5:28:49 PM ET] Maybe [5:28:49 PM ET] this [5:28:49 PM ET] is a little bit more than [5:28:50 PM ET] of [5:28:50 PM ET] the [5:28:50 PM ET] second [5:28:51 PM ET] answer. [5:28:51 PM ET] I think we'll always have [5:28:51 PM ET] some [5:28:52 PM ET] amount [5:28:52 PM ET] of [5:28:52 PM ET] i think we'll always have some amount maybe this is a little bit of a second answer i think we'll always have [5:28:52 PM ET] traffic [5:28:53 PM ET] from [5:28:53 PM ET] either [5:28:54 PM ET] search [5:28:54 PM ET] referrals, I [5:28:55 PM ET] mean [5:28:55 PM ET] sharing [5:28:55 PM ET] we'd [5:28:55 PM ET] love [5:28:56 PM ET] to [5:28:56 PM ET] really [5:28:56 PM ET] grow [5:28:56 PM ET] amount of traffic from either search referrals [5:28:57 PM ET] that. [5:28:57 PM ET] So that's kind of by [5:28:57 PM ET] its [5:28:58 PM ET] nature [5:28:58 PM ET] logged [5:28:58 PM ET] out [5:28:58 PM ET] at [5:28:59 PM ET] first. [5:28:59 PM ET] i mean sharing we'd love to really grow that so that's kind of by its nature logged out at first [5:29:00 PM ET] Front page traffic. [5:29:00 PM ET] right? [5:29:01 PM ET] People [5:29:01 PM ET] curious [5:29:01 PM ET] about [5:29:02 PM ET] Reddit. [5:29:02 PM ET] So we'll always have [5:29:03 PM ET] that completely [5:29:04 PM ET] component. [5:29:04 PM ET] front page traffic right people curious about reddit so we'll always have that component [5:29:04 PM ET] But I [5:29:04 PM ET] but i think [5:29:05 PM ET] think [5:29:05 PM ET] when [5:29:05 PM ET] we look at the computer, we're going [5:29:05 PM ET] components, we can do [5:29:06 PM ET] the [5:29:06 PM ET] at [5:29:06 PM ET] business over the [5:29:06 PM ET] we have to do [5:29:07 PM ET] long [5:29:08 PM ET] when we look at the business over the long term [5:29:08 PM ET] term, [5:29:09 PM ET] or [5:29:09 PM ET] even [5:29:10 PM ET] shorter, [5:29:10 PM ET] we [5:29:10 PM ET] would [5:29:11 PM ET] expect [5:29:12 PM ET] app [5:29:12 PM ET] or even shorter we would expect app [5:29:12 PM ET] and [5:29:13 PM ET] logged [5:29:13 PM ET] in [5:29:13 PM ET] and [5:29:14 PM ET] total [5:29:14 PM ET] So, I think that's a good [5:29:15 PM ET] to provide lot [5:29:15 PM ET] probably [5:29:16 PM ET] more or [5:29:16 PM ET] less [5:29:17 PM ET] and logged in and total dao to probably more or less converge [5:29:17 PM ET] converge. [5:29:18 PM ET] You know, plus or [5:29:18 PM ET] you know plus or minus [5:29:19 PM ET] minus [5:29:19 PM ET] some [5:29:19 PM ET] small [5:29:20 PM ET] percent. [5:29:21 PM ET] because that's just where the [5:29:21 PM ET] core of [5:29:21 PM ET] our product [5:29:22 PM ET] is and so [5:29:22 PM ET] that's [5:29:22 PM ET] where [5:29:22 PM ET] we're [5:29:22 PM ET] going [5:29:22 PM ET] to [5:29:22 PM ET] be [5:29:23 PM ET] driving [5:29:23 PM ET] some small percent because that's just where the core of our product is and so that's where we're going to be driving people [5:29:24 PM ET] people. [5:29:25 PM ET] So, we're going to have a lot of things that are going to be a very important thing for AI. [5:29:26 PM ET] overviews and traffic, [5:29:26 PM ET] for ai overviews and traffic look [5:29:26 PM ET] look, we don't have to do [5:29:27 PM ET] consider [5:29:27 PM ET] control [5:29:28 PM ET] Google. We [5:29:28 PM ET] only [5:29:28 PM ET] control [5:29:29 PM ET] Reddit they've [5:29:30 PM ET] made so [5:29:30 PM ET] many [5:29:31 PM ET] changes. [5:29:31 PM ET] and I [5:29:31 PM ET] we don't control google we only control reddit they've made so many changes [5:29:31 PM ET] expect [5:29:31 PM ET] there's [5:29:32 PM ET] more to be [5:29:33 PM ET] come. [5:29:33 PM ET] and i expect there's more to come [5:29:35 PM ET] You know, like I said, AI [5:29:36 PM ET] overviews or AI. [5:29:37 PM ET] mode. [5:29:37 PM ET] it's [5:29:37 PM ET] just [5:29:38 PM ET] not a [5:29:38 PM ET] traffic [5:29:38 PM ET] you know like like i said ai overviews or ai mode [5:29:39 PM ET] driver. [5:29:39 PM ET] it's just not a traffic driver so [5:29:40 PM ET] So [5:29:40 PM ET] you know we're [5:29:41 PM ET] you know we're not [5:29:41 PM ET] not [5:29:42 PM ET] We're [5:29:42 PM ET] not [5:29:42 PM ET] counting [5:29:43 PM ET] on [5:29:43 PM ET] that. [5:29:43 PM ET] We make no [5:29:44 PM ET] assumption [5:29:44 PM ET] about [5:29:44 PM ET] where [5:29:44 PM ET] that [5:29:45 PM ET] goes or [5:29:45 PM ET] doesn't [5:29:45 PM ET] go in [5:29:45 PM ET] the [5:29:46 PM ET] we're not counting on that we make no assumption about where that goes or doesn't go in the future [5:29:46 PM ET] future. [5:29:47 PM ET] What's most [5:29:47 PM ET] important [5:29:48 PM ET] is making sure that you're going to be able to do [5:29:48 PM ET] that [5:29:49 PM ET] Reddit [5:29:49 PM ET] what's most important is making sure that reddit is [5:29:49 PM ET] is [5:29:49 PM ET] a [5:29:50 PM ET] direct [5:29:51 PM ET] sticky [5:29:51 PM ET] daily [5:29:52 PM ET] destination. [5:29:52 PM ET] and that's all [5:29:52 PM ET] the [5:29:53 PM ET] work that we're [5:29:53 PM ET] we've [5:29:53 PM ET] mentioned [5:29:53 PM ET] on [5:29:54 PM ET] this [5:29:54 PM ET] a direct sticky daily destination and that's all the work that we've mentioned on this call [5:29:54 PM ET] call. [5:29:55 PM ET] That's what we can [5:29:55 PM ET] control. [5:29:56 PM ET] Our work there is [5:29:56 PM ET] working so that we can work on the same [5:29:56 PM ET] so [5:29:57 PM ET] far. [5:29:57 PM ET] and so I feel that we can do [5:29:57 PM ET] very [5:29:57 PM ET] good about [5:29:59 PM ET] it. [5:29:59 PM ET] that's what we can control our work there is working so far and so i feel very good about it [5:29:59 PM ET] I think that's a good idea. [5:30:00 PM ET] and [5:30:00 PM ET] And you know, we'll [5:30:01 PM ET] let the rest of the [5:30:02 PM ET] ecosystem you know [5:30:03 PM ET] evolve at the [5:30:03 PM ET] it [5:30:03 PM ET] as [5:30:04 PM ET] know we'll let the rest of the ecosystem you know evolve as it will [5:30:04 PM ET] will. [5:30:07 PM ET] Your last [5:30:08 PM ET] question [5:30:08 PM ET] is for [5:30:08 PM ET] from [5:30:08 PM ET] the [5:30:08 PM ET] a [5:30:08 PM ET] line [5:30:08 PM ET] of [5:30:09 PM ET] Doug [5:30:09 PM ET] and [5:30:09 PM ET] from [5:30:10 PM ET] J.P. [5:30:10 PM ET] your last question is from the line of doug anmuth from jpmorgan [5:30:11 PM ET] Your line [5:30:11 PM ET] is [5:30:11 PM ET] now [5:30:12 PM ET] open. [5:30:12 PM ET] Please go [5:30:13 PM ET] your line is now open please go ahead [5:30:14 PM ET] ahead. [5:30:16 PM ET] Thanks for [5:30:16 PM ET] taking a look at the next [5:30:17 PM ET] for [5:30:17 PM ET] taking [5:30:18 PM ET] question. [5:30:18 PM ET] Just curious [5:30:19 PM ET] if there's anything to do with [5:30:19 PM ET] the [5:30:19 PM ET] call [5:30:20 PM ET] out [5:30:20 PM ET] this is for doug thanks for taking the question just [5:30:20 PM ET] on [5:30:21 PM ET] 3Q [5:30:21 PM ET] revenue [5:30:22 PM ET] growth. [5:30:22 PM ET] just given [5:30:22 PM ET] the [5:30:23 PM ET] curious if there's anything to call out on 3q revenue growth [5:30:23 PM ET] upside just a little [5:30:23 PM ET] bit [5:30:23 PM ET] less [5:30:24 PM ET] than [5:30:24 PM ET] what [5:30:24 PM ET] we've [5:30:24 PM ET] seen [5:30:24 PM ET] from [5:30:24 PM ET] you [5:30:25 PM ET] guys and [5:30:25 PM ET] in [5:30:25 PM ET] prior [5:30:26 PM ET] quarters. [5:30:26 PM ET] just given the upside was a little bit less than what we've seen from you guys in prior quarters [5:30:27 PM ET] whether that's a [5:30:27 PM ET] function [5:30:27 PM ET] of [5:30:28 PM ET] users [5:30:28 PM ET] and [5:30:28 PM ET] inventory [5:30:29 PM ET] or [5:30:29 PM ET] anything [5:30:29 PM ET] else to [5:30:30 PM ET] call [5:30:30 PM ET] out [5:30:30 PM ET] whether that's a function of users and inventory or anything else to call out there [5:30:31 PM ET] there. [5:30:31 PM ET] thanks [5:30:32 PM ET] Thanks. [5:30:34 PM ET] Look, I think it's a very good [5:30:34 PM ET] the [5:30:35 PM ET] uh I think [5:30:35 PM ET] third question is that I'm going to use the [5:30:35 PM ET] quarter is a little bit more than a [5:30:35 PM ET] was good [5:30:36 PM ET] look think the third quarter was [5:30:36 PM ET] a [5:30:36 PM ET] good [5:30:37 PM ET] one. [5:30:37 PM ET] a good one [5:30:37 PM ET] Uh we [5:30:38 PM ET] grew through [5:30:39 PM ET] 53%. [5:30:39 PM ET] but not a lot [5:30:39 PM ET] of [5:30:39 PM ET] companies [5:30:40 PM ET] growing in [5:30:40 PM ET] at [5:30:41 PM ET] fifty-three [5:30:41 PM ET] three [5:30:41 PM ET] percent. You know, [5:30:42 PM ET] grew fifty three percent but not a lot of companies growing at fifty three percent [5:30:43 PM ET] we're we [5:30:43 PM ET] still [5:30:43 PM ET] enter the [5:30:44 PM ET] quarter with about [5:30:45 PM ET] 50% of [5:30:45 PM ET] our [5:30:45 PM ET] business [5:30:46 PM ET] booked and so [5:30:46 PM ET] we still enter the quarter with about fifty percent of our business booked [5:30:47 PM ET] we're [5:30:47 PM ET] making [5:30:47 PM ET] estimates [5:30:48 PM ET] about [5:30:48 PM ET] what [5:30:48 PM ET] we're going to [5:30:49 PM ET] get and [5:30:49 PM ET] not [5:30:49 PM ET] get [5:30:49 PM ET] in [5:30:49 PM ET] the [5:30:50 PM ET] quarter. [5:30:51 PM ET] and so we're making estimates about what we're going to get and not get in the quarter [5:30:51 PM ET] I think as Jennifer is going to be a very [5:30:51 PM ET] said in the middle of the year, we [5:30:51 PM ET] quarter [5:30:51 PM ET] best of [5:30:52 PM ET] bitterness [5:30:52 PM ET] demand [5:30:52 PM ET] was [5:30:52 PM ET] very, [5:30:54 PM ET] strong. I [5:30:54 PM ET] think [5:30:54 PM ET] there [5:30:54 PM ET] are a couple [5:30:55 PM ET] of unique things that are going to be a very important [5:30:55 PM ET] i think as jen said in the quarter the demand was very very strong [5:30:55 PM ET] dynamics [5:30:56 PM ET] within [5:30:56 PM ET] the [5:30:56 PM ET] third [5:30:57 PM ET] quarter. [5:30:58 PM ET] particularly since [5:30:58 PM ET] September is [5:30:58 PM ET] i think there are a couple of unique dynamics within the third quarter [5:30:59 PM ET] very [5:30:59 PM ET] strong. [5:31:00 PM ET] Demand is very [5:31:00 PM ET] concentrated in the third [5:31:01 PM ET] quarter of [5:31:01 PM ET] to [5:31:02 PM ET] particularly september is very strong the demand is very concentrated in the third quarter september [5:31:02 PM ET] September. [5:31:02 PM ET] And then if you double-click [5:31:03 PM ET] on [5:31:03 PM ET] September, there [5:31:03 PM ET] were [5:31:03 PM ET] some [5:31:04 PM ET] days [5:31:04 PM ET] that [5:31:04 PM ET] we [5:31:04 PM ET] had [5:31:04 PM ET] that [5:31:05 PM ET] were [5:31:05 PM ET] particularly [5:31:06 PM ET] strong. [5:31:06 PM ET] So there [5:31:06 PM ET] and then if you double click on september there were some days that we had that were particularly strong [5:31:07 PM ET] was you [5:31:07 PM ET] some [5:31:07 PM ET] bookings that we [5:31:08 PM ET] weren't able to [5:31:09 PM ET] deliver [5:31:09 PM ET] on [5:31:09 PM ET] a couple of [5:31:10 PM ET] days. [5:31:11 PM ET] but but [5:31:11 PM ET] so there was some bookings that we weren't able to deliver [5:31:11 PM ET] overall, [5:31:11 PM ET] no, it's a good [5:31:12 PM ET] quarter for [5:31:13 PM ET] us. [5:31:13 PM ET] We're [5:31:13 PM ET] happy with [5:31:13 PM ET] at the [5:31:14 PM ET] on a couple of days but overall no it's a good quarter for us [5:31:14 PM ET] momentum was [5:31:14 PM ET] strong and [5:31:14 PM ET] it's [5:31:14 PM ET] Gen [5:31:15 PM ET] Jen [5:31:15 PM ET] said [5:31:15 PM ET] from day to [5:31:16 PM ET] one [5:31:16 PM ET] day [5:31:16 PM ET] ninety [5:31:16 PM ET] the [5:31:17 PM ET] demand [5:31:17 PM ET] was very [5:31:17 PM ET] we're happy with it the momentum was strong and as jen said from day one to day ninety the demand was very [5:31:17 PM ET] strong in [5:31:18 PM ET] the the [5:31:19 PM ET] strong in the quarter [5:31:19 PM ET] quarter. [5:31:23 PM ET] There's a lot of [5:31:23 PM ET] no further [5:31:24 PM ET] questions at the [5:31:24 PM ET] this [5:31:25 PM ET] there are no further questions at this time [5:31:25 PM ET] this [5:31:25 PM ET] time. [5:31:26 PM ET] I would now like to ask you to ask [5:31:26 PM ET] turn the [5:31:26 PM ET] call [5:31:26 PM ET] back to next [5:31:26 PM ET] the [5:31:27 PM ET] Steve [5:31:27 PM ET] i would now like to turn the call back to steve hoffman [5:31:28 PM ET] Huffman, founder of the United [5:31:28 PM ET] and [5:31:28 PM ET] CEO [5:31:29 PM ET] for [5:31:29 PM ET] closing [5:31:30 PM ET] founder and ceo for closing remarks [5:31:31 PM ET] remarks. [5:31:31 PM ET] Okay. [5:31:32 PM ET] Thanks, [5:31:32 PM ET] everybody. As [5:31:33 PM ET] always, we appreciate [5:31:33 PM ET] your [5:31:34 PM ET] time and [5:31:34 PM ET] attention, [5:31:34 PM ET] and [5:31:35 PM ET] okay thanks everybody as always we appreciate your time attention and questions [5:31:35 PM ET] questions. Until next [5:31:35 PM ET] time. [5:31:36 PM ET] until next time bye [5:31:36 PM ET] bye. [5:31:39 PM ET] This concludes [5:31:39 PM ET] Reddit's [5:31:40 PM ET] Q3 [5:31:40 PM ET] 2026 [5:31:40 PM ET] earnings [5:31:41 PM ET] this concludes reddit's [5:31:41 PM ET] call. [5:31:42 PM ET] You may now discount the QR [5:31:42 PM ET] q3 twenty twenty six earnings call you may now disconnect -- Saidwire · verified quotes, live transcript and a running story from live events · support@saidwire.com