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"postTitle": "Reddit Announces Q4’25 and Full Year 2025 Earnings (plus AMA!)",
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"markdown": "Hi redditors, \n\nWe announced Reddit’s Q4 and Full Year 2025 Earnings results. During our conference call at **1:30pm PT / 4:30pm ET today,** we’ll discuss these results and answer questions submitted by analysts and redditors.\n\n**How can I participate in today’s conference call?** \n\nListen to the live webcast [here](https://events.q4inc.com/attendee/222726475). \n\n**How can I submit a question?**\n\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman ([u/spez](https://www.reddit.com/user/spez/)); COO, Jen Wong ([u/adsjunkie](https://www.reddit.com/user/adsjunkie/)); and CFO, Drew Vollero ([u/TimingandLuck](https://www.reddit.com/user/TimingandLuck/)) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today. \n\nGeneral guidelines: \n\n* Comments will be **ON** until **4:30pm PT / 7:30pm ET today** \n* Questions must abide by community rules\n\n\n\n\\+++\n\n**Reddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program**\n\n* Daily Active Uniques (“DAUq”) increased 19% year-over-year to 121.4 million\n* Q4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\n* Q4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\n* Q4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\n* Reddit’s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\n\nSAN FRANCISCO, Calif. – February 5, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com/).\n\n>“We’re entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,” said Steve Huffman, Reddit Co-Founder and CEO. “Our focus is on turning Reddit’s authenticity into even more everyday utility.”\n\n**Fourth quarter 2025**\n\n* Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\n* Gross margin was 91.9%, as compared to 92.6% in the prior year\n* Net income was $252 million, an improvement of $181 million from the prior year\n* Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\n* Operating cash flow was $267 million, an improvement of $177 million from the prior year\n* Free Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\n* Basic and diluted earnings per share (“EPS”) were $1.32 and $1.24, respectively\n* Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\n\n**Full year 2025**\n\n* Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\n* Gross margin was 91.2%, an improvement of 70 basis points from the prior year\n* Net income was $530 million, an improvement of $1,014 million from the prior year\n* Adjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\n* Operating cash flow was $691 million, an improvement of $469 million from the prior year\n* Free Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\n* Basic and diluted EPS were $2.84 and $2.62, respectively\n\n\n\n**Financial Outlook**\n\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\n\nIn the first quarter of 2026, we estimate:\n\n* Revenue in the range of $595 million to $605 million\n* Adjusted EBITDA2 in the range of $210 million to $220 million\n\n**Notes**\n\n(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\n\n(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\n\n**Forward-Looking Statements**\n\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\n\nEdit: formatting",
"richtext": "{\"document\":[{\"c\":[{\"e\":\"text\",\"t\":\"Hi redditors,\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,92,28]],\"t\":\"We announced Reddit\\u2019s Q4 and Full Year 2025 Earnings results. During our conference call at\\u00a01:30pm PT / 4:30pm ET today,\\u00a0we\\u2019ll discuss these results and answer questions submitted by analysts and redditors.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,49]],\"t\":\"How can I participate in today\\u2019s conference call?\\u00a0\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Listen to the live webcast\\u00a0\"},{\"e\":\"link\",\"t\":\"here\",\"u\":\"https://events.q4inc.com/attendee/222726475\"},{\"e\":\"text\",\"t\":\".\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,28]],\"t\":\"How can I submit a question?\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Please share your questions about Reddit\\u2019s earnings results in the comments below. Reddit\\u2019s CEO, Steve Huffman (\"},{\"e\":\"link\",\"t\":\"u/spez\",\"u\":\"https://www.reddit.com/user/spez/\"},{\"e\":\"text\",\"t\":\"); COO, Jen Wong (\"},{\"e\":\"link\",\"t\":\"u/adsjunkie\",\"u\":\"https://www.reddit.com/user/adsjunkie/\"},{\"e\":\"text\",\"t\":\"); and CFO, Drew Vollero (\"},{\"e\":\"link\",\"t\":\"u/TimingandLuck\",\"u\":\"https://www.reddit.com/user/TimingandLuck/\"},{\"e\":\"text\",\"t\":\") will answer a couple during the Q\\u0026A portion of today\\u2019s conference call and a few more in the comments below later today.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"General guidelines:\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"f\":[[1,17,2],[1,26,27]],\"t\":\"Comments will be\\u00a0ON\\u00a0until\\u00a04:30pm PT / 7:30pm ET today\\u00a0\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Questions must abide by community rules\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"e\":\"video\",\"id\":\"yg6vq97woqhg1\"},{\"c\":[{\"e\":\"text\",\"t\":\"+++\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,103]],\"t\":\"Reddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Daily Active Uniques (\\u201cDAUq\\u201d) increased 19% year-over-year to 121.4 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Reddit\\u2019s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"t\":\"SAN FRANCISCO, Calif. \\u2013 February 5, 2026 \\u2013 Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit\\u2019s complete financial results and management commentary can be found in its shareholder letter on Reddit\\u2019s Investor Relations website at\\u00a0\"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com/\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"\\u201cWe\\u2019re entering the next era of Reddit\\u2014defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,\\u201d said Steve Huffman, Reddit Co-Founder and CEO. \\u201cOur focus is on turning Reddit\\u2019s authenticity into even more everyday utility.\\u201d\"}],\"e\":\"par\"}],\"e\":\"blockquote\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,19]],\"t\":\"Fourth quarter 2025\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Gross margin was 91.9%, as compared to 92.6% in the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Net income was $252 million, an improvement of $181 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Operating cash flow was $267 million, an improvement of $177 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Free Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Basic and diluted earnings per share (\\u201cEPS\\u201d) were $1.32 and $1.24, respectively\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,14]],\"t\":\"Full year 2025\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Gross margin was 91.2%, an improvement of 70 basis points from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Net income was $530 million, an improvement of $1,014 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Operating cash flow was $691 million, an improvement of $469 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Free Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Basic and diluted EPS were $2.84 and $2.62, respectively\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"e\":\"img\",\"id\":\"1qtx8w7yoqhg1\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,17]],\"t\":\"Financial Outlook\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The guidance provided below is based on Reddit\\u2019s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit\\u2019s reports on file with the Securities and Exchange Commission (the \\u201cSEC\\u201d). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"In the first quarter of 2026, we estimate:\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Revenue in the range of $595 million to $605 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA2 in the range of $210 million to $220 million\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,5]],\"t\":\"Notes\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,26]],\"t\":\"Forward-Looking Statements\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \\\"may,\\\" \\\"will,\\\" \\\"should,\\\" \\\"expects,\\\" \\\"plans,\\\" \\\"anticipates,\\\" \\\"going to,\\\" \\\"could,\\\" \\\"intends,\\\" \\\"target,\\\" \\\"projects,\\\" \\\"contemplates,\\\" \\\"believes,\\\" \\\"estimates,\\\" \\\"predicts,\\\" \\\"potential\\\" or \\\"continue\\\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. 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Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption \\u201cRisk Factors\\u201d and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the \\u201cSEC\\u201d) from time to time, including Reddit\\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Edit: formatting\"}],\"e\":\"par\"}]}",
"html": "Hi redditors, \nWe announced Reddit’s Q4 and Full Year 2025 Earnings results. During our conference call at 1:30pm PT / 4:30pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.\nHow can I participate in today’s conference call? \nListen to the live webcast here. \nHow can I submit a question?\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today. \nGeneral guidelines: \nComments will be ON until 4:30pm PT / 7:30pm ET today \nQuestions must abide by community rules\n+++\nReddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program\nDaily Active Uniques (“DAUq”) increased 19% year-over-year to 121.4 million\nQ4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\nQ4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\nQ4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\nReddit’s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\nSAN FRANCISCO, Calif. – February 5, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.\n“We’re entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,” said Steve Huffman, Reddit Co-Founder and CEO. “Our focus is on turning Reddit’s authenticity into even more everyday utility.”\nFourth quarter 2025\nTotal revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\nGross margin was 91.9%, as compared to 92.6% in the prior year\nNet income was $252 million, an improvement of $181 million from the prior year\nAdjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\nOperating cash flow was $267 million, an improvement of $177 million from the prior year\nFree Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\nBasic and diluted earnings per share (“EPS”) were $1.32 and $1.24, respectively\nTotal fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\nFull year 2025\nTotal revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\nGross margin was 91.2%, an improvement of 70 basis points from the prior year\nNet income was $530 million, an improvement of $1,014 million from the prior year\nAdjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\nOperating cash flow was $691 million, an improvement of $469 million from the prior year\nFree Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\nBasic and diluted EPS were $2.84 and $2.62, respectively\nFinancial Outlook\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\nIn the first quarter of 2026, we estimate:\nRevenue in the range of $595 million to $605 million\nAdjusted EBITDA2 in the range of $210 million to $220 million\nNotes\n(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\n(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\nForward-Looking Statements\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\nEdit: formatting",
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"markdown": "Hi everyone,\n\nThe end of the year is as good a time as any for reflection, and lately, I’ve been thinking a lot about what makes Reddit special.\n\nWhen we started this site 20 years ago (AKA Very, Very Old Reddit), the goal was pretty simple: create a space where people could talk about interesting things they found on the internet. What began as an alternative to traditional media came into its own as an alternative to social media, and now that AI is everywhere, our aim is to keep Reddit the most human place on the internet. No matter what platforms or technology are trending, we’ve always strived to be a more authentic antidote.\n\nOver the years, Reddit’s been stereotyped in all sorts of ways: shaving-challenged basement dwellers, keyboard warriors with too much time on their hands, or—more accurately—the funniest, most interesting, and helpful people on the internet. Take your pick. I’ve never liked the idea of a Reddit hivemind or archetype because Reddit’s not one thing. It never has been. Though I admit it’s always had a certain *vibe*, today even that is entirely dependent on which subreddits you hang out in.\n\nFor a long while, we were known as the “front page of the internet,” but we’ve outgrown a singular front page for everyone. You have different interests than I do, and your Reddit should look different from mine. And from your neighbor’s, or your coworker’s, or your best friend’s. Whether you’re in a community of fellow [first-time parents](https://www.reddit.com/R/NEWPARENTS), aspiring [solo travelers](https://www.reddit.com/r/solotravel/), fans of your favorite [reality show](https://www.reddit.com/r/BravoRealHousewives/), or people who run [ultra-marathons](https://www.reddit.com/r/Ultramarathon/), Reddit is home to all of it. \n\nWhich brings us to r/popular, the default feed for new users. In theory, it’s what’s most popular on Reddit, but it’s actually what is *liked* by the most active users on Reddit—which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we’ll remove it from the core group of feeds in the app. \n\nSaid more directly: r/popular sucks, and we’re moving away from it, and towards better, more relevant and personalized feeds.\n\nWe’re one platform, yes, but with many minds (at least more than one). One of my favorite aspects of Reddit is that every community has its own culture, rules, and sense ([or lack](https://www.reddit.com/r/funny/)) of humor. We are a constantly evolving ecosystem where anyone, anywhere, can connect on almost any topic or belief. And if your perspective isn’t represented, you can create the community you want to see. The freedom to build your own corner of the internet is what makes Reddit, Reddit.\n\nOn Reddit, no strongly held worldview exists unchallenged. For every earnest subreddit, there is a vibrant and more funny circlejerk counterpart lurking in the shadows. That balance—and sometimes tension—reflects how the world actually is.\n\n\n\n\n\nMore people are visiting Reddit than ever before—116 million every day. And when I look at the top-visited communities, it’s not surprising to see that they are (mostly) coming here to laugh, ask questions, judge, and generally be entertained. \n\n\n|Subreddit|Weekly Visitors|\n|:-|:-|\n|AskReddit|15,460,341|\n|whatisit|10,950,600|\n|mildlyinfuriating|10,230,061|\n|interestingasfuck|9,526,443|\n|NoStupidQuestions|8,232,847|\n|pics|6,833,698|\n|PeterExplainsTheJoke|6,827,023|\n|mildlyinteresting|6,658,098|\n|AmIOverreacting|6,537,219|\n|TikTokCringe|6,300,278|\n|CringeTikToks|6,282,550|\n|popculturechat|6,006,960|\n|nextfuckinglevel|5,880,113|\n|explainitpeter|5,740,741|\n|Damnthatsinteresting|5,572,937|\n|movies|5,352,666|\n|todayilearned|5,007,263|\n|MadeMeSmile|5,007,046|\n|LivestreamFail|4,807,041|\n|news|4,724,411|\n\n*Top 20 SFW subreddits by weekly active visitors, as of November 20, 2025.*\n\nReddit thrives when its communities are unique. That’s why we empower them to make their own rules (on top of [ours](https://redditinc.com/policies/reddit-rules)) and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we’re making a few changes.\n\nNamely, we’re [limiting](https://www.reddit.com/r/modnews/comments/1pbkqbu/an_update_on_limits_for_hightraffic_communities/) the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. We’re focused on helping all affected mods and communities through the transition, which you can read about in detail [here](https://www.reddit.com/r/modnews/comments/1ncn0go/evolving_moderation_on_reddit_reshaping_boundaries/).\n\nRelatedly, you may have noticed that we updated how we display community size. We switched from Subscribers—which was really just a measure of age—to Weekly Visitors to reflect actual activity. (And if you really miss subscribers, you can add them back with [this](https://developers.reddit.com/apps/subscriber-count) devvit app.)\n\nThese changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\n\nReddit is for everyone because it’s built by everyone. We’re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\n\nThank you to all of you who make Reddit what it is and what it can be next.\n\nSee you next year,\n\nu/spez\n\n\n\nedit: table editor needs some work.",
"richtext": "{\"document\":[{\"c\":[{\"e\":\"text\",\"t\":\"Hi everyone,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The end of the year is as good a time as any for reflection, and lately, I\\u2019ve been thinking a lot about what makes Reddit special.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"When we started this site 20 years ago (AKA Very, Very Old Reddit), the goal was pretty simple: create a space where people could talk about interesting things they found on the internet. What began as an alternative to traditional media came into its own as an alternative to social media, and now that AI is everywhere, our aim is to keep Reddit the most human place on the internet. No matter what platforms or technology are trending, we\\u2019ve always strived to be a more authentic antidote.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[2,410,4]],\"t\":\"Over the years, Reddit\\u2019s been stereotyped in all sorts of ways: shaving-challenged basement dwellers, keyboard warriors with too much time on their hands, or\\u2014more accurately\\u2014the funniest, most interesting, and helpful people on the internet. Take your pick. I\\u2019ve never liked the idea of a Reddit hivemind or archetype because Reddit\\u2019s not one thing. It never has been. Though I admit it\\u2019s always had a certain vibe, today even that is entirely dependent on which subreddits you hang out in.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"For a long while, we were known as the \\u201cfront page of the internet,\\u201d but we\\u2019ve outgrown a singular front page for everyone. You have different interests than I do, and your Reddit should look different from mine. And from your neighbor\\u2019s, or your coworker\\u2019s, or your best friend\\u2019s. Whether you\\u2019re in a community of fellow \"},{\"e\":\"link\",\"t\":\"first-time parents\",\"u\":\"https://www.reddit.com/R/NEWPARENTS\"},{\"e\":\"text\",\"t\":\", aspiring \"},{\"e\":\"link\",\"t\":\"solo travelers\",\"u\":\"https://www.reddit.com/r/solotravel/\"},{\"e\":\"text\",\"t\":\", fans of your favorite \"},{\"e\":\"link\",\"t\":\"reality show\",\"u\":\"https://www.reddit.com/r/BravoRealHousewives/\"},{\"e\":\"text\",\"t\":\", or people who run \"},{\"e\":\"link\",\"t\":\"ultra-marathons\",\"u\":\"https://www.reddit.com/r/Ultramarathon/\"},{\"e\":\"text\",\"t\":\", Reddit is home to all of it.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Which brings us to \"},{\"e\":\"r/\",\"l\":false,\"t\":\"popular\"},{\"e\":\"text\",\"f\":[[2,107,5]],\"t\":\", the default feed for new users. In theory, it\\u2019s what\\u2019s most popular on Reddit, but it\\u2019s actually what is liked by the most active users on Reddit\\u2014which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we\\u2019ll remove it from the core group of feeds in the app.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Said more directly: \"},{\"e\":\"r/\",\"l\":false,\"t\":\"popular\"},{\"e\":\"text\",\"t\":\" sucks, and we\\u2019re moving away from it, and towards better, more relevant and personalized feeds.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"We\\u2019re one platform, yes, but with many minds (at least more than one). One of my favorite aspects of Reddit is that every community has its own culture, rules, and sense (\"},{\"e\":\"link\",\"t\":\"or lack\",\"u\":\"https://www.reddit.com/r/funny/\"},{\"e\":\"text\",\"t\":\") of humor. We are a constantly evolving ecosystem where anyone, anywhere, can connect on almost any topic or belief. And if your perspective isn\\u2019t represented, you can create the community you want to see. The freedom to build your own corner of the internet is what makes Reddit, Reddit.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"On Reddit, no strongly held worldview exists unchallenged. For every earnest subreddit, there is a vibrant and more funny circlejerk counterpart lurking in the shadows. 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That\\u2019s why we empower them to make their own rules (on top of \"},{\"e\":\"link\",\"t\":\"ours\",\"u\":\"https://redditinc.com/policies/reddit-rules\"},{\"e\":\"text\",\"t\":\") and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we\\u2019re making a few changes.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Namely, we\\u2019re \"},{\"e\":\"link\",\"t\":\"limiting\",\"u\":\"https://www.reddit.com/r/modnews/comments/1pbkqbu/an_update_on_limits_for_hightraffic_communities/\"},{\"e\":\"text\",\"t\":\" the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. We\\u2019re focused on helping all affected mods and communities through the transition, which you can read about in detail \"},{\"e\":\"link\",\"t\":\"here\",\"u\":\"https://www.reddit.com/r/modnews/comments/1ncn0go/evolving_moderation_on_reddit_reshaping_boundaries/\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Relatedly, you may have noticed that we updated how we display community size. We switched from Subscribers\\u2014which was really just a measure of age\\u2014to Weekly Visitors to reflect actual activity. (And if you really miss subscribers, you can add them back with \"},{\"e\":\"link\",\"t\":\"this\",\"u\":\"https://developers.reddit.com/apps/subscriber-count\"},{\"e\":\"text\",\"t\":\" devvit app.)\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"These changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Reddit is for everyone because it\\u2019s built by everyone. We\\u2019re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you to all of you who make Reddit what it is and what it can be next.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"See you next year,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"u/\",\"l\":false,\"t\":\"spez\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"edit: table editor needs some work.\"}],\"e\":\"par\"}]}",
"html": "Hi everyone,\nThe end of the year is as good a time as any for reflection, and lately, I’ve been thinking a lot about what makes Reddit special.\nWhen we started this site 20 years ago (AKA Very, Very Old Reddit), the goal was pretty simple: create a space where people could talk about interesting things they found on the internet. What began as an alternative to traditional media came into its own as an alternative to social media, and now that AI is everywhere, our aim is to keep Reddit the most human place on the internet. No matter what platforms or technology are trending, we’ve always strived to be a more authentic antidote.\nOver the years, Reddit’s been stereotyped in all sorts of ways: shaving-challenged basement dwellers, keyboard warriors with too much time on their hands, or—more accurately—the funniest, most interesting, and helpful people on the internet. Take your pick. I’ve never liked the idea of a Reddit hivemind or archetype because Reddit’s not one thing. It never has been. Though I admit it’s always had a certain vibe, today even that is entirely dependent on which subreddits you hang out in.\nFor a long while, we were known as the “front page of the internet,” but we’ve outgrown a singular front page for everyone. You have different interests than I do, and your Reddit should look different from mine. And from your neighbor’s, or your coworker’s, or your best friend’s. Whether you’re in a community of fellow first-time parents, aspiring solo travelers, fans of your favorite reality show, or people who run ultra-marathons, Reddit is home to all of it. \nWhich brings us to r/popular, the default feed for new users. In theory, it’s what’s most popular on Reddit, but it’s actually what is liked by the most active users on Reddit—which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we’ll remove it from the core group of feeds in the app. \nSaid more directly: r/popular sucks, and we’re moving away from it, and towards better, more relevant and personalized feeds.\nWe’re one platform, yes, but with many minds (at least more than one). One of my favorite aspects of Reddit is that every community has its own culture, rules, and sense (or lack) of humor. We are a constantly evolving ecosystem where anyone, anywhere, can connect on almost any topic or belief. And if your perspective isn’t represented, you can create the community you want to see. The freedom to build your own corner of the internet is what makes Reddit, Reddit.\nOn Reddit, no strongly held worldview exists unchallenged. For every earnest subreddit, there is a vibrant and more funny circlejerk counterpart lurking in the shadows. That balance—and sometimes tension—reflects how the world actually is.\nMore people are visiting Reddit than ever before—116 million every day. And when I look at the top-visited communities, it’s not surprising to see that they are (mostly) coming here to laugh, ask questions, judge, and generally be entertained. \nSubreddit\nWeekly Visitors\nAskReddit\n15,460,341\nwhatisit\n10,950,600\nmildlyinfuriating\n10,230,061\ninterestingasfuck\n9,526,443\nNoStupidQuestions\n8,232,847\npics\n6,833,698\nPeterExplainsTheJoke\n6,827,023\nmildlyinteresting\n6,658,098\nAmIOverreacting\n6,537,219\nTikTokCringe\n6,300,278\nCringeTikToks\n6,282,550\npopculturechat\n6,006,960\nnextfuckinglevel\n5,880,113\nexplainitpeter\n5,740,741\nDamnthatsinteresting\n5,572,937\nmovies\n5,352,666\ntodayilearned\n5,007,263\nMadeMeSmile\n5,007,046\nLivestreamFail\n4,807,041\nnews\n4,724,411\nTop 20 SFW subreddits by weekly active visitors, as of November 20, 2025.\nReddit thrives when its communities are unique. That’s why we empower them to make their own rules (on top of ours) and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we’re making a few changes.\nNamely, we’re limiting the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. We’re focused on helping all affected mods and communities through the transition, which you can read about in detail here.\nRelatedly, you may have noticed that we updated how we display community size. We switched from Subscribers—which was really just a measure of age—to Weekly Visitors to reflect actual activity. (And if you really miss subscribers, you can add them back with this devvit app.)\nThese changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\nReddit is for everyone because it’s built by everyone. We’re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\nThank you to all of you who make Reddit what it is and what it can be next.\nSee you next year,\nu/spez\nedit: table editor needs some work.",
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"postTitle": "Reddit Announces Q3’25 Earnings (plus AMA!)",
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"markdown": "Hi redditors, \n\nWe announced Reddit’s Q3 2025 earnings results. During our conference call at **2pm PT / 5pm ET today,** we’ll discuss these results and answer questions submitted by analysts and redditors. \n\n**How can I participate in today’s conference call?** \n\nListen to the live webcast [here](https://events.q4inc.com/attendee/614522871). \n\n**How can I submit a question?**\n\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.\n\nGeneral guidelines: \n\n* Comments will be **ON** until **5:00pm PT / 8:00pm ET today** \n* Questions must abide by community rules\n\n\n\n\\+++\n\n**Reddit Announces Third Quarter 2025 Results**\n\n* Daily Active Uniques (“DAUq”) increased 19% year-over-year to 116.0 million\n* Revenue grew 68% year-over-year to $585 million\n* Gross margin expanded year-over-year to 91.0%\n* Net income of $163 million, 28% of revenue. Diluted EPS of $0.80\n* Adjusted EBITDA1 of $236 million, 40% of revenue\n* Operating cash flow of $185 million\n* Fully diluted shares of 206.1 million, down both sequentially and year-over-year\n\nSAN FRANCISCO, Calif. – October 30, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com).\n\n>“Reddit provides something rare on the Internet,” said Steve Huffman, Reddit Co-Founder and CEO. “444 million people come here each week for authentic conversations they can’t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.\n\n**Third Quarter 2025 Financial Highlights**\n\n\n\n**Financial Outlook**\n\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.\n\nIn the fourth quarter of 2025, we estimate:\n\n* Revenue in the range of $655 million to $665 million\n* Adjusted EBITDA2 in the range of $275 million to $285 million\n\n**Earnings Conference Call Information and Community Update**\n\nReddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com) and investor relations subreddit, r/RDDT, at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/). A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/) on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com) and r/RDDT at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/). Reddit uses the investor relations page on its website [https://investor.redditinc.com](https://investor.redditinc.com), as well as the subreddits r/RDDT and r/reddit, available at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/) and [https://www.reddit.com/r/reddit/](https://www.reddit.com/r/reddit/), respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.\n\n\\--\n\n**Notes**\n\n^(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages [10](https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.zf5mk2t6233w)\\-[11](https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.1cavpg6stwe1).\n\n^(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\n\n**Forward-Looking Statements**\n\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\n\n>Thank you for your questions, everyone! Learn more about our investor relations \n>\n>[here.](https://investor.redditinc.com/overview/default.aspx)",
"richtext": "{\"document\":[{\"c\":[{\"e\":\"text\",\"t\":\"Hi redditors,\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,78,22]],\"t\":\"We announced Reddit\\u2019s Q3 2025 earnings results. During our conference call at 2pm PT / 5pm ET today, we\\u2019ll discuss these results and answer questions submitted by analysts and redditors.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,49]],\"t\":\"How can I participate in today\\u2019s conference call?\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Listen to the live webcast \"},{\"e\":\"link\",\"t\":\"here\",\"u\":\"https://events.q4inc.com/attendee/614522871\"},{\"e\":\"text\",\"t\":\".\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,28]],\"t\":\"How can I submit a question?\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Please share your questions about Reddit\\u2019s earnings results in the comments below. Reddit\\u2019s CEO, Steve Huffman (\"},{\"e\":\"u/\",\"l\":false,\"t\":\"spez\"},{\"e\":\"text\",\"t\":\"); COO, Jen Wong (\"},{\"e\":\"u/\",\"l\":false,\"t\":\"adsjunkie\"},{\"e\":\"text\",\"t\":\"); and CFO, Drew Vollero (\"},{\"e\":\"u/\",\"l\":false,\"t\":\"TimingandLuck\"},{\"e\":\"text\",\"t\":\") will answer a couple during the Q\\u0026A portion of today\\u2019s conference call and a few more in the comments.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"General guidelines:\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"f\":[[1,17,2],[1,26,27]],\"t\":\"Comments will be ON until 5:00pm PT / 8:00pm ET today\\u00a0\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Questions must abide by community rules\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"e\":\"video\",\"id\":\"jm10cyepyayf1\"},{\"c\":[{\"e\":\"text\",\"t\":\"+++\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,43]],\"t\":\"Reddit Announces Third Quarter 2025 Results\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Daily Active Uniques (\\u201cDAUq\\u201d) increased 19% year-over-year to 116.0 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Revenue grew 68% year-over-year to $585 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Gross margin expanded year-over-year to 91.0%\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Net income of $163 million, 28% of revenue. Diluted EPS of $0.80\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA1 of $236 million, 40% of revenue\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Operating cash flow of $185 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Fully diluted shares of 206.1 million, down both sequentially and year-over-year\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"t\":\"SAN FRANCISCO, Calif. \\u2013 October 30, 2025 \\u2013 Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit\\u2019s complete financial results and management commentary can be found in its shareholder letter on Reddit\\u2019s Investor Relations website at \"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"\\u201cReddit provides something rare on the Internet,\\u201d said Steve Huffman, Reddit Co-Founder and CEO. \\u201c444 million people come here each week for authentic conversations they can\\u2019t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.\"}],\"e\":\"par\"}],\"e\":\"blockquote\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,39]],\"t\":\"Third Quarter 2025 Financial Highlights\"}],\"e\":\"par\"},{\"e\":\"img\",\"id\":\"eym0d2kmzayf1\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,17]],\"t\":\"Financial Outlook\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The guidance provided below is based on Reddit\\u2019s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit\\u2019s reports on file with the Securities and Exchange Commission (the \\u201cSEC\\u201d). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"In the fourth quarter of 2025, we estimate:\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Revenue in the range of $655 million to $665 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA2 in the range of $275 million to $285 million\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,57]],\"t\":\"Earnings Conference Call Information and Community Update\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Reddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit\\u2019s Investor Relations website at \"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com\"},{\"e\":\"text\",\"t\":\" and investor relations subreddit, \"},{\"e\":\"r/\",\"l\":false,\"t\":\"RDDT\"},{\"e\":\"text\",\"t\":\", at \"},{\"e\":\"link\",\"t\":\"https://www.reddit.com/r/RDDT/\",\"u\":\"https://www.reddit.com/r/RDDT/\"},{\"e\":\"text\",\"t\":\". A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, \"},{\"e\":\"r/\",\"l\":false,\"t\":\"RDDT\"},{\"e\":\"text\",\"t\":\", at \"},{\"e\":\"link\",\"t\":\"https://www.reddit.com/r/RDDT/\",\"u\":\"https://www.reddit.com/r/RDDT/\"},{\"e\":\"text\",\"t\":\" on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit\\u2019s Investor Relations website at \"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com\"},{\"e\":\"text\",\"t\":\" and \"},{\"e\":\"r/\",\"l\":false,\"t\":\"RDDT\"},{\"e\":\"text\",\"t\":\" at \"},{\"e\":\"link\",\"t\":\"https://www.reddit.com/r/RDDT/\",\"u\":\"https://www.reddit.com/r/RDDT/\"},{\"e\":\"text\",\"t\":\". Reddit uses the investor relations page on its website \"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com\"},{\"e\":\"text\",\"t\":\", as well as the subreddits \"},{\"e\":\"r/\",\"l\":false,\"t\":\"RDDT\"},{\"e\":\"text\",\"t\":\" and \"},{\"e\":\"r/\",\"l\":false,\"t\":\"reddit\"},{\"e\":\"text\",\"t\":\", available at \"},{\"e\":\"link\",\"t\":\"https://www.reddit.com/r/RDDT/\",\"u\":\"https://www.reddit.com/r/RDDT/\"},{\"e\":\"text\",\"t\":\" and \"},{\"e\":\"link\",\"t\":\"https://www.reddit.com/r/reddit/\",\"u\":\"https://www.reddit.com/r/reddit/\"},{\"e\":\"text\",\"t\":\", respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"--\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,5]],\"t\":\"Notes\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[32,0,1]],\"t\":\"1\\u00a0The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages\\u00a0\"},{\"e\":\"link\",\"t\":\"10\",\"u\":\"https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.zf5mk2t6233w\"},{\"e\":\"text\",\"t\":\"-\"},{\"e\":\"link\",\"t\":\"11\",\"u\":\"https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.1cavpg6stwe1\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[32,0,1]],\"t\":\"2\\u00a0We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,26]],\"t\":\"Forward-Looking Statements\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \\\"may,\\\" \\\"will,\\\" \\\"should,\\\" \\\"expects,\\\" \\\"plans,\\\" \\\"anticipates,\\\" \\\"going to,\\\" \\\"could,\\\" \\\"intends,\\\" \\\"target,\\\" \\\"projects,\\\" \\\"contemplates,\\\" \\\"believes,\\\" \\\"estimates,\\\" \\\"predicts,\\\" \\\"potential\\\" or \\\"continue\\\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit\\u2019s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption \\u201cRisk Factors\\u201d and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the \\u201cSEC\\u201d) from time to time, including Reddit\\u2019s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Thank you for your questions, everyone! Learn more about our investor relations\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"link\",\"t\":\"here.\",\"u\":\"https://investor.redditinc.com/overview/default.aspx\"}],\"e\":\"par\"}],\"e\":\"blockquote\"}]}",
"html": "Hi redditors, \nWe announced Reddit’s Q3 2025 earnings results. During our conference call at 2pm PT / 5pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors. \nHow can I participate in today’s conference call? \nListen to the live webcast here. \nHow can I submit a question?\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.\nGeneral guidelines: \nComments will be ON until 5:00pm PT / 8:00pm ET today \nQuestions must abide by community rules\n+++\nReddit Announces Third Quarter 2025 Results\nDaily Active Uniques (“DAUq”) increased 19% year-over-year to 116.0 million\nRevenue grew 68% year-over-year to $585 million\nGross margin expanded year-over-year to 91.0%\nNet income of $163 million, 28% of revenue. Diluted EPS of $0.80\nAdjusted EBITDA1 of $236 million, 40% of revenue\nOperating cash flow of $185 million\nFully diluted shares of 206.1 million, down both sequentially and year-over-year\nSAN FRANCISCO, Calif. – October 30, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.\n“Reddit provides something rare on the Internet,” said Steve Huffman, Reddit Co-Founder and CEO. “444 million people come here each week for authentic conversations they can’t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.\nThird Quarter 2025 Financial Highlights\nFinancial Outlook\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.\nIn the fourth quarter of 2025, we estimate:\nRevenue in the range of $655 million to $665 million\nAdjusted EBITDA2 in the range of $275 million to $285 million\nEarnings Conference Call Information and Community Update\nReddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/ on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT at https://www.reddit.com/r/RDDT/. Reddit uses the investor relations page on its website https://investor.redditinc.com, as well as the subreddits r/RDDT and r/reddit, available at https://www.reddit.com/r/RDDT/ and https://www.reddit.com/r/reddit/, respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.\n--\nNotes\n(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.\n(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\nForward-Looking Statements\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\nThank you for your questions, everyone! Learn more about our investor relations\nhere.",
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"markdown": "Hi everyone,\n\nI haven’t posted in a while—and let’s be honest, when I do show up, it usually means something’s gone sideways (and if it’s not gone sideways, it’s probably about to). But I’d like to communicate with you more regularly and directly about what we’re thinking and building. Many of these ideas come from our conversations with mods and users who participate in programs like Mod Council, Partner Communities, and the User Feedback Collective. \n\nWe recently shared our [Q1 earnings results](https://www.reddit.com/r/RDDT/comments/1kcibvm/reddit_announces_q125_earnings_plus_ama/) (TL;DR: Solid quarter). Beyond the numbers, I wanted to highlight a few moments from the start of the year:\n\n* In March, we [released a set of tools](https://www.reddit.com/r/reddit/comments/1j4z42x/making_contributing_easier_on_reddit_new_tools/), including post suggestions, insights, and rule checking, to help users participate successfully in conversations and let mods focus more on leading their communities. Reddit should feel easier to contribute to, especially for first-timers, and these are some of the ways we’re working towards that.\n* [Reddit Answers](https://www.reddit.com/answers)—our AI-powered search tool—is live in nine countries, including the US, UK, and India with support in English and more countries and languages on the way. It’s being used for everything from “what’s the best espresso machine” to “last night’s episode of The Last of Us.” Still early, but the vision is simple: make Reddit’s seemingly infinite human knowledge easier to access. Most of the conversations on Reddit happen on posts less than a day old. Reddit Answers unlocks the other 20 years. Reddit Answers doesn’t replace conversations—it’s a quicker path towards them.\n* In the first quarter, “reddit” was the 6th most Googled word in the U.S. (and sandwiched between “news” and “trump,” which is, I think, Chaotic Neutral on the internet alignment chart), proving that 1) people want what Reddit has and 2) Reddit search isn’t there quite yet, but [we’re right on schedule](https://www.reddit.com/r/announcements/comments/59k22p/comment/d992fwq/?context=1). \n* 2.2 million players joined our April Fools’ Day event, [r/field](https://www.reddit.com/r/Field/) (with roughly half in my honor\\*), and it’s an early proof of what’s possible for [games on Reddit](https://www.reddit.com/r/GamesOnReddit/). It’s really special to see people creating their own interactive experiences on our [Developer Platform](https://developers.reddit.com/), and I trust whatever our users come up with will be far more interesting than anything we build ourselves.\n\n![img](84rkh6lyzyye1 \"*Mentions of “fuck spez” on Reddit\")\n\nNext month, Reddit turns 20. Honestly, it blows my mind. A lot has changed on Reddit over the years, and a lot has stayed the same. The core of Reddit’s identity hasn’t changed much—our model is still based on communities, voting, and (mostly) anonymous users, so our conversations remain some of the most real you can find online.\n\nToday, we see Reddit as having two superpowers: community and knowledge. At the end of last year, we updated our mission statement to reflect both: **Empower communities, and make their knowledge accessible to everyone.** This captures both our longstanding work in creating a platform for community and for using Reddit as a source for knowledge.\n\nReddit is unlike any other platform, and that’s by design. While social media feeds you whatever content drives the most engagement, on Reddit, you decide what matters and make it popular through voting. We’re also one of the last major sites that doesn’t require you to sign in to access most features. We do this because we think it’s important, and we believe our open model helps fulfill the internet’s purpose: to bring individuals from all over the world together to discover, engage with, and exchange ideas that matter to them, without barriers and regardless of geography or language.\n\nAnd as we look ahead, we want to double down on these values. Our goal is to make Reddit the best version of itself by being faster, better, and easier to use. Here’s how we’re bringing that vision to life:\n\n**Core product improvements:** Across the platform, we’ll be trying out a range of updates to make things better. We’ll be making it easier to create and read posts and find new subreddits, upgrading profile pages, evolving r/popular, improving wikis, and ~~creating~~ fixing a lot of bugs. We will keep you updated with changes as we go. \n\n**Moderation:** Moderators make communities, and by definition, without moderators, there are no communities. Moderating subreddits today can be time-consuming, too manual, and at times frustrating. It can be difficult to recruit new mods, and growing a community from scratch is way too hard. Often, a few folks end up carrying the weight, which isn’t fair or sustainable. Our vision is to shift the primary role of a moderator from policing to community cultivation. We’ll get there with better tools—especially more AI-driven automation—that moderators can choose to use in their communities. Focus groups, early product testing, and feedback loops shape how these systems evolve. u/Go_JasonWaterfalls will share more with mods here soon. I want to sincerely thank the many mods who have joined our councils, groups, and feedback sessions over the last couple of years to help us in this journey.\n\n**Search:** We believe search being great on Reddit will make the whole product better. Increasingly, people come to Reddit with a specific question that likely has been answered a hundred different ways. And whether you’re a first-time visitor or an old.reddit diehard, search should help you get to where you’re going faster. I’m the first to admit, finding what you’re looking for on Reddit hasn’t always (ever) been easy. We’ve made a lot of progress in the last few years and have many more improvements coming this year, including expanding Reddit Answers and integrating it directly into the core search experience. \n\n**AI + Humans:** An increasing amount of the content you see online is generated by machines—so how does AI fit into the most human place on the internet? First, AI can be incredibly useful for things like summarization, safety, translation, and moderation. That includes filters that reduce the burden on mods by automatically removing spam, hateful, or violent content. And it powers things like [post guidance](https://support.reddithelp.com/hc/en-us/articles/17625458521748-Automations-Post-Comment-Guidance-Set-Up), which can tell a user whether their post violates a subreddit rule before they submit it—this helps new users learn the rules and also saves mods lots of time. Reddit’s strength is in its people, and we want AI tools that help you do what you’re already doing.\n\nThat said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. **Reddit works because it’s human**. It’s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit…Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation. \n\nAt the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn’t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been—and will continue to be—extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to legal requests from governments, law enforcement, and private parties, check out our biannual [Transparency Report](https://redditinc.com/policies/transparency-report-july-to-december-2024).\n\nTo keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But **we never** want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect—including the status quo—but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\n\n**Premium content:** You might’ve seen some headlines about “paid subreddits.” Perhaps those articles were behind paywalls. Let me clarify: we’re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to r/lounge, and we’d like to reimagine this). This would be an optional feature for communities that [want it](https://docs.google.com/forms/d/e/1FAIpQLSezA2xdhjMYEHkPRdIs4pVXyTB2vtqcPMZ4pQt679Yv1Ef05w/viewform).\n\n**Sunsetting old.reddit:** old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn’t scale, it’s impossible to develop on, and it’s ugly af. We will be shutting it down at the end of the month.\n\nJust kidding. I don’t know why I say stuff like this. We’ll figure out how to work around it and keep it online as long as people are using it.\n\n\n\nThank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it’s essential that we share information, express our viewpoints, and find connection. \n\nThe last 20 years have proven how powerful online communities can be—and as we look ahead, I’m even more excited for what the next 20 will bring.\n\nThank you,\n\nSteve aka spez",
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And it powers things like \"},{\"e\":\"link\",\"t\":\"post guidance\",\"u\":\"https://support.reddithelp.com/hc/en-us/articles/17625458521748-Automations-Post-Comment-Guidance-Set-Up\"},{\"e\":\"text\",\"t\":\", which can tell a user whether their post violates a subreddit rule before they submit it\\u2014this helps new users learn the rules and also saves mods lots of time. Reddit\\u2019s strength is in its people, and we want AI tools that help you do what you\\u2019re already doing.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,133,31]],\"t\":\"That said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. Reddit works because it\\u2019s human. It\\u2019s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit\\u2026Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"At the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn\\u2019t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been\\u2014and will continue to be\\u2014extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to\\u00a0 legal requests from governments, law enforcement, and private parties, check out our biannual \"},{\"e\":\"link\",\"t\":\"Transparency Report\",\"u\":\"https://redditinc.com/policies/transparency-report-july-to-december-2024\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,223,8]],\"t\":\"To keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But we never want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect\\u2014including the status quo\\u2014but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,16]],\"t\":\"Premium content: You might\\u2019ve seen some headlines about \\u201cpaid subreddits.\\u201d Perhaps those articles were behind paywalls. Let me clarify: we\\u2019re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to \"},{\"e\":\"r/\",\"l\":false,\"t\":\"lounge\"},{\"e\":\"text\",\"t\":\", and we\\u2019d like to reimagine this). This would be an optional feature for communities that \"},{\"e\":\"link\",\"t\":\"want it\",\"u\":\"https://docs.google.com/forms/d/e/1FAIpQLSezA2xdhjMYEHkPRdIs4pVXyTB2vtqcPMZ4pQt679Yv1Ef05w/viewform\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,22]],\"t\":\"Sunsetting old.reddit: old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn\\u2019t scale, it\\u2019s impossible to develop on, and it\\u2019s ugly af. We will be shutting it down at the end of the month.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Just kidding. I don\\u2019t know why I say stuff like this. We\\u2019ll figure out how to work around it and keep it online as long as people are using it.\"}],\"e\":\"par\"},{\"e\":\"img\",\"id\":\"prh1c0ewzyye1\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it\\u2019s essential that we share information, express our viewpoints, and find connection.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The last 20 years have proven how powerful online communities can be\\u2014and as we look ahead, I\\u2019m even more excited for what the next 20 will bring.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Steve aka spez\"}],\"e\":\"par\"}]}",
"html": "Hi everyone,\nI haven’t posted in a while—and let’s be honest, when I do show up, it usually means something’s gone sideways (and if it’s not gone sideways, it’s probably about to). But I’d like to communicate with you more regularly and directly about what we’re thinking and building. Many of these ideas come from our conversations with mods and users who participate in programs like Mod Council, Partner Communities, and the User Feedback Collective. \nWe recently shared our Q1 earnings results (TL;DR: Solid quarter). Beyond the numbers, I wanted to highlight a few moments from the start of the year:\nIn March, we released a set of tools, including post suggestions, insights, and rule checking, to help users participate successfully in conversations and let mods focus more on leading their communities. Reddit should feel easier to contribute to, especially for first-timers, and these are some of the ways we’re working towards that.\nReddit Answers—our AI-powered search tool—is live in nine countries, including the US, UK, and India with support in English and more countries and languages on the way. It’s being used for everything from “what’s the best espresso machine” to “last night’s episode of The Last of Us.” Still early, but the vision is simple: make Reddit’s seemingly infinite human knowledge easier to access. Most of the conversations on Reddit happen on posts less than a day old. Reddit Answers unlocks the other 20 years. Reddit Answers doesn’t replace conversations—it’s a quicker path towards them.\nIn the first quarter, “reddit” was the 6th most Googled word in the U.S. (and sandwiched between “news” and “trump,” which is, I think, Chaotic Neutral on the internet alignment chart), proving that 1) people want what Reddit has and 2) Reddit search isn’t there quite yet, but we’re right on schedule. \n2.2 million players joined our April Fools’ Day event, r/field (with roughly half in my honor*), and it’s an early proof of what’s possible for games on Reddit. It’s really special to see people creating their own interactive experiences on our Developer Platform, and I trust whatever our users come up with will be far more interesting than anything we build ourselves.\nNext month, Reddit turns 20. Honestly, it blows my mind. A lot has changed on Reddit over the years, and a lot has stayed the same. The core of Reddit’s identity hasn’t changed much—our model is still based on communities, voting, and (mostly) anonymous users, so our conversations remain some of the most real you can find online.\nToday, we see Reddit as having two superpowers: community and knowledge. At the end of last year, we updated our mission statement to reflect both: Empower communities, and make their knowledge accessible to everyone. This captures both our longstanding work in creating a platform for community and for using Reddit as a source for knowledge.\nReddit is unlike any other platform, and that’s by design. While social media feeds you whatever content drives the most engagement, on Reddit, you decide what matters and make it popular through voting. We’re also one of the last major sites that doesn’t require you to sign in to access most features. We do this because we think it’s important, and we believe our open model helps fulfill the internet’s purpose: to bring individuals from all over the world together to discover, engage with, and exchange ideas that matter to them, without barriers and regardless of geography or language.\nAnd as we look ahead, we want to double down on these values. Our goal is to make Reddit the best version of itself by being faster, better, and easier to use. Here’s how we’re bringing that vision to life:\nCore product improvements: Across the platform, we’ll be trying out a range of updates to make things better. We’ll be making it easier to create and read posts and find new subreddits, upgrading profile pages, evolving r/popular, improving wikis, and creating fixing a lot of bugs. We will keep you updated with changes as we go. \nModeration: Moderators make communities, and by definition, without moderators, there are no communities. Moderating subreddits today can be time-consuming, too manual, and at times frustrating. It can be difficult to recruit new mods, and growing a community from scratch is way too hard. Often, a few folks end up carrying the weight, which isn’t fair or sustainable. Our vision is to shift the primary role of a moderator from policing to community cultivation. We’ll get there with better tools—especially more AI-driven automation—that moderators can choose to use in their communities. Focus groups, early product testing, and feedback loops shape how these systems evolve. u/Go_JasonWaterfalls will share more with mods here soon. I want to sincerely thank the many mods who have joined our councils, groups, and feedback sessions over the last couple of years to help us in this journey.\nSearch: We believe search being great on Reddit will make the whole product better. Increasingly, people come to Reddit with a specific question that likely has been answered a hundred different ways. And whether you’re a first-time visitor or an old.reddit diehard, search should help you get to where you’re going faster. I’m the first to admit, finding what you’re looking for on Reddit hasn’t always (ever) been easy. We’ve made a lot of progress in the last few years and have many more improvements coming this year, including expanding Reddit Answers and integrating it directly into the core search experience. \nAI + Humans: An increasing amount of the content you see online is generated by machines—so how does AI fit into the most human place on the internet? First, AI can be incredibly useful for things like summarization, safety, translation, and moderation. That includes filters that reduce the burden on mods by automatically removing spam, hateful, or violent content. And it powers things like post guidance, which can tell a user whether their post violates a subreddit rule before they submit it—this helps new users learn the rules and also saves mods lots of time. Reddit’s strength is in its people, and we want AI tools that help you do what you’re already doing.\nThat said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. Reddit works because it’s human. It’s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit…Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation. \nAt the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn’t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been—and will continue to be—extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to legal requests from governments, law enforcement, and private parties, check out our biannual Transparency Report.\nTo keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But we never want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect—including the status quo—but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\nPremium content: You might’ve seen some headlines about “paid subreddits.” Perhaps those articles were behind paywalls. Let me clarify: we’re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to r/lounge, and we’d like to reimagine this). This would be an optional feature for communities that want it.\nSunsetting old.reddit: old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn’t scale, it’s impossible to develop on, and it’s ugly af. We will be shutting it down at the end of the month.\nJust kidding. I don’t know why I say stuff like this. We’ll figure out how to work around it and keep it online as long as people are using it.\nThank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it’s essential that we share information, express our viewpoints, and find connection. \nThe last 20 years have proven how powerful online communities can be—and as we look ahead, I’m even more excited for what the next 20 will bring.\nThank you,\nSteve aka spez",
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"markdown": "Hi Mods,\n\nI wanted to follow up on the [CSS and redesign post](https://www.reddit.com/r/modnews/comments/66q4is/the_web_redesign_css_and_mod_tools/) from a few weeks back and provide some more information as well as clarify some questions that have emerged.\n\nBased on your feedback, we will allow you to continue to use CSS on top of the new structured styles. This will be the last part of the customization tool we build as we want to make sure the structured options we are offering are rock solid. Also, please keep in mind that if you do choose to use the advanced option, we will no longer be treading as carefully as we have done in the past about breaking styles applied through CSS^1.\n\nTo give you a sense of our approach, we’re starting with a handful of highly-customized communities (e.g. r/overwatch and r/gameofthrones) and seeing how close we can get to their existing appearance using the new system. Logos, images, colors, spoilers, menus, flairs (all kinds), and lots more will be supported. I know you’d like to see a list of everything, but we think the best approach will be to show instead of tell, which we’re racing to as quickly as possible.\n\nThe widget system I mentioned in the last post isn’t directly related. Many communities have added complex functionality over the years (calendars, scoreboards, etc). A widget system will elevate these features to first-class status on Reddit, with the aim of making them both more powerful and reuseable. Yes, we’re evaluating how we would accept user-created widgets. We intend for widgets to be able to be updated via the API, so you’ll still be able to create dynamically updating content in your subreddit sidebar.\n\nThis change, and the redesign in general, is going to happen slowly. We will will not be abruptly cutting everyone over to the new site at once. We know it won’t be perfect at first (unlike the current site), and plan to include plenty of time to solicit feedback and make iterations. Sharing our plans for subreddit customization this far advance with you is part of this process.\n\nWe’ll start with a small alpha group and create a subreddit to solicit feedback. As we continue to add features, we’ll expand the testing group to an opt-in beta. If you’d like to participate in the alpha please add a reply to [this comment](https://www.reddit.com/r/modnews/comments/6auyq9/reddit_is_procss/dhhmebb/). Please note, signing up does not guarantee a spot in the alpha. We want to be able to be responsive to the alpha testers, and keeping the initial group small has proved to be effective in the past.\n\nI’d like thank everyone who has provided feedback on this topic. There have been some very [constructive](https://www.reddit.com/r/ModSupport/comments/677rba/some_brainstorming_about_potential_widgets_in_the) [threads](https://www.reddit.com/r/ModSupport/comments/66rdiy/crowdsourcing_new_subreddit_widgets/). I’d also like to take a moment to appreciate how civil the feedback has been. This is a topic many of you feel passionate about. Thank you for keeping things constructive.\n\nCool?\n\nCool.\n\n \n\n^1 No snark allowed.",
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"markdown": "Hey All,\n\nI just wanted to leave a quick note and say we’re listening to all the feedback around CSS / customization. The quietness on my end is because I’m traveling and won’t have a couple hours to chat until next week, and I want to make sure I have time to answer questions. I appreciate all the feedback so far (and the fact that it’s been overwhelmingly polite!).\n\nCheers,\n\nSteve",
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"postTitle": "The web redesign, CSS, and mod tools",
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"markdown": "Hi Mods,\n\nYou may recall from my [announcement post](https://www.reddit.com/r/announcements/comments/5q4qmg/out_with_2016_in_with_2017/) earlier this year that I mentioned we’re currently working on a full redesign of the site, which brings me to the two topics I wanted to talk to you about today: Custom Styles and Mod Tools.\n\n##**Custom Styles**\n\nCustom community styles are a key component in allowing communities to express their identity, and we want to preserve this in the site redesign. For a long time, we’ve used CSS as the mechanism for subreddit customization, but we’ll be deprecating CSS during the redesign in favor of a new system over the coming months. While CSS has provided a wonderful creative canvas to many communities, it is not without flaws:\n\n* It’s web-only. Increasing users are viewing Reddit on mobile (over 50%), where CSS is not supported. We’d love for you to be able to bring your spice to phones as well.\n* CSS is a pain in the ass: it’s difficult to learn; it’s error-prone; and it’s time consuming.\n* Some changes cause confusion (such as changing the subscription numbers).\n* CSS causes us to move slow. We’d like to make changes more quickly. You’ve asked us to improve things, and one of the things that slows us down is the risk of breaking subreddit CSS (and third-party mod tools).\n\nWe’re designing a new set of tools to address the challenges with CSS but continue to allow communities to express their identities. These tools will allow moderators to select customization options for key areas of their subreddit across platforms. For example, header images and flair colors will be rendered correctly on desktop and mobile.\n\nWe know great things happen when we give users as much flexibility as possible. The menu of options we’ll provide for customization is still being determined. Our starting point is to replicate as many of the existing uses that already exist, and to expand beyond as we evolve.\n\nWe will also natively supporting a lot of the functionality that subreddits currently build into the sidebar via a widget system. For instance, a calendar widget will allow subreddits to easily display upcoming events. We’d like this feature and many like it to be accessible to all communities.\n\nHow are we going to get there? We’ll be working closely with as many of you as possible to design these features. The process will span the next few months. We have a lot of ideas already and are hoping you’ll help us add and refine even more. The transition isn’t going to be easy for everyone, so we’ll assist communities that want help (i.e. we’ll do it for you). u/powerlanguage will be reaching out for alpha testers.\n\n##**Mod Tools**\n\nMod tools have evolved over time to be some of the most complex parts of Reddit, both in terms of user experience and the underlying code. We know that these tools are crucial for the maintaining the health of your communities, and we know many of you who moderate very large subreddits depend on third-party tools for your work. Not breaking these tools is constantly on our mind (for better or worse).\n\nWe’re in contact with the devs of Toolbox, and would like to work together to port it to the redesign. Once that is complete, we’ll begin work on updating these tools, including supporting natively the most requested features from Toolbox.\n\nThe existing site and the redesigned site will run in parallel while we make these changes. That is, we don’t have plans for turning off the current site anytime soon. If you depend on functionality that has not yet been transferred to the redesign, you will still have a way to perform those actions.\n\nWhile we have your attention… we’re also growing our internal team that handles spam and bad-actors. Our current focus is on report abuse. We’ve caught a lot of bad behavior. We hope you notice the difference, and we’ll keep at it regardless.\n\n##**Moving Forward**\n\nWe know moderation can feel janitorial–thankless and repetitive. Thank you for all that you do. Our goal is to take care much of that burden so you can focus on helping your communities thrive.\n\nBig changes are ahead. These are fundamental, core issues that we’ll be grappling with together–changes to how communities are managed and express identity are not taken lightly. We’ll be giving you further details as we move forward, but wanted to give you a heads up early.\n\nThanks for reading.\n\nupdate: now that I've cherry-picked all the easy questions, I'm going to take off and leave the hard ones for u/powerlanguage. I'll be back in a couple hours.",
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Once that is complete, we\\u2019ll begin work on updating these tools, including supporting natively the most requested features from Toolbox.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The existing site and the redesigned site will run in parallel while we make these changes. That is, we don\\u2019t have plans for turning off the current site anytime soon. If you depend on functionality that has not yet been transferred to the redesign, you will still have a way to perform those actions.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"While we have your attention\\u2026 we\\u2019re also growing our internal team that handles spam and bad-actors. Our current focus is on report abuse. We\\u2019ve caught a lot of bad behavior. 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"html": "Hi Mods,\nYou may recall from my announcement post earlier this year that I mentioned we’re currently working on a full redesign of the site, which brings me to the two topics I wanted to talk to you about today: Custom Styles and Mod Tools.\nCustom Styles\nCustom community styles are a key component in allowing communities to express their identity, and we want to preserve this in the site redesign. For a long time, we’ve used CSS as the mechanism for subreddit customization, but we’ll be deprecating CSS during the redesign in favor of a new system over the coming months. While CSS has provided a wonderful creative canvas to many communities, it is not without flaws:\nIt’s web-only. Increasing users are viewing Reddit on mobile (over 50%), where CSS is not supported. We’d love for you to be able to bring your spice to phones as well.\nCSS is a pain in the ass: it’s difficult to learn; it’s error-prone; and it’s time consuming.\nSome changes cause confusion (such as changing the subscription numbers).\nCSS causes us to move slow. We’d like to make changes more quickly. You’ve asked us to improve things, and one of the things that slows us down is the risk of breaking subreddit CSS (and third-party mod tools).\nWe’re designing a new set of tools to address the challenges with CSS but continue to allow communities to express their identities. These tools will allow moderators to select customization options for key areas of their subreddit across platforms. For example, header images and flair colors will be rendered correctly on desktop and mobile.\nWe know great things happen when we give users as much flexibility as possible. The menu of options we’ll provide for customization is still being determined. Our starting point is to replicate as many of the existing uses that already exist, and to expand beyond as we evolve.\nWe will also natively supporting a lot of the functionality that subreddits currently build into the sidebar via a widget system. For instance, a calendar widget will allow subreddits to easily display upcoming events. We’d like this feature and many like it to be accessible to all communities.\nHow are we going to get there? We’ll be working closely with as many of you as possible to design these features. The process will span the next few months. We have a lot of ideas already and are hoping you’ll help us add and refine even more. The transition isn’t going to be easy for everyone, so we’ll assist communities that want help (i.e. we’ll do it for you). u/powerlanguage will be reaching out for alpha testers.\nMod Tools\nMod tools have evolved over time to be some of the most complex parts of Reddit, both in terms of user experience and the underlying code. We know that these tools are crucial for the maintaining the health of your communities, and we know many of you who moderate very large subreddits depend on third-party tools for your work. Not breaking these tools is constantly on our mind (for better or worse).\nWe’re in contact with the devs of Toolbox, and would like to work together to port it to the redesign. Once that is complete, we’ll begin work on updating these tools, including supporting natively the most requested features from Toolbox.\nThe existing site and the redesigned site will run in parallel while we make these changes. That is, we don’t have plans for turning off the current site anytime soon. If you depend on functionality that has not yet been transferred to the redesign, you will still have a way to perform those actions.\nWhile we have your attention… we’re also growing our internal team that handles spam and bad-actors. Our current focus is on report abuse. We’ve caught a lot of bad behavior. We hope you notice the difference, and we’ll keep at it regardless.\nMoving Forward\nWe know moderation can feel janitorial–thankless and repetitive. Thank you for all that you do. Our goal is to take care much of that burden so you can focus on helping your communities thrive.\nBig changes are ahead. These are fundamental, core issues that we’ll be grappling with together–changes to how communities are managed and express identity are not taken lightly. We’ll be giving you further details as we move forward, but wanted to give you a heads up early.\nThanks for reading.\nupdate: now that I've cherry-picked all the easy questions, I'm going to take off and leave the hard ones for u/powerlanguage. I'll be back in a couple hours.",
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"markdown": "I am sad to share that u/deimorz is leaving Reddit (just the company, not the site, hopefully). Chad joined us back in 2013 when the company was only about ten people. He is the author of AutoModerator, which enabled Reddit to grow to its current size, and he is the creator of r/SubredditSimulator, which will ensure our survival after you are all gone. If you have spent any time in r/bugs, r/help, r/ModSupport, r/AutoModerator, r/modhelp, r/redditdev, r/Games, r/TheoryOfReddit, and many others, you have probably met Chad and have likely been helped by him.\n\nChad, Reddit would not be what it is today without you, and we will miss you dearly. Best of luck out there!",
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"markdown": "Today we are excited to announce that [Philippe Beaudette](https://www.reddit.com/u/AchievementUnlockd) has joined us to lead our Community team. He comes from Wikipedia by way of Wikia. At the Wikimedia Foundation (which hosts and supports Wikipedia, among other sites) he was responsible for the team that did community management, user trust and safety, and strategic change management, guiding the community through a time of immense growth and maturation. He spent almost 7 years there, as one of their first community hires, and managed to have his fingers on a huge number of projects, from fundraising (raising money from nearly every country in the world and accepting Wikipedia’s first donation from Antarctica) to community governance and their international elections processes–while dealing with communities working in almost 200 different languages. He’s particularly proud to have led their community interactions around a worldwide [24 hour site shut-down](http://www.huffingtonpost.com/2012/01/17/wikipedia-blackout_n_1212096.html?slideshow=true) to drive awareness of the SOPA bill two years ago, an effort that Reddit also joined.\n\nAfter leaving Wikipedia, Philippe joined Wikia and ran the Community Support and Engagement team there, supporting Wikia’s 350,000 fan-created communities. We are honored to have him on our team. Please welcome Philippe!\n\nIn addition to Philippe, we have brought on an additional five members to the Community and Trust and Safety teams this week. See if you can collect them all!",
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"markdown": "Hi All,\n\nI want to give you all an update with the things that are keeping us busy, and hopefully as a result, making you less busy:\n\n* **Spam**: Last quarter we saw a huge increase in spam, including a handful of heavy attacks. We diverted resources to combat this, and we have made quite a bit of progress, lowering user reported spam by over 60% from its high point last quarter. We still have plenty of work to do, but we are making steady progress. Removing as spam or reporting as such are still the most effective ways to help.\n\n* **Account Take-Overs** (ATOs): In response to our improved spam-fighting measures, the bad-guys have been targeting existing accounts, compromising them for the purpose of spamming and vote cheating. We are fighting ATOs on the engineering side, but ATOs also create a burden on our community team to notify affected users, send password reset emails, etc. We are working on automating the notification and recovery processes to free up our community managers. The root cause of the issue is poor passwords. Please use strong and unique passwords.\n\n* **Support Backlog**: Because of the aforementioned issues, our community team is swamped with support tickets. We are doing a good job keeping up with the incoming flow, but we do have a backlog that is taking time to work through. We are sorry for any delays. The good news is we have a number of new people joining the team over the next few weeks that will help.\n\n* **Modmail**: I am happy to report that we finally have a team dedicated to working on a new system for moderator mail. To this point, we have tried a number of approaches and have had a handful of false starts, but we have not made the sort of progress we would like. The current system is a series of hacks built on an old code base, and because of this, we have decided to build modmail as a new, separate system. This will allow us to develop it without disrupting your current workflows. We know this is where you spend a lot of your time, and we are working hard to make it more effective.\n\nWe appreciate all you do for Reddit as moderators, and we appreciate seeing the questions you ask in this community. We are particularly thankful for those of you who jump in and help the other moderators here and elsewhere.\n\n– The Reddit Team",
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"markdown": "Today we are introducing standardized [API Terms of Use](/wiki/api). You, our community of developers, are important to us, and have been instrumental to the success of the Reddit platform. First and foremost, we want to reaffirm our commitment to providing (and improving!) a public API.\n\nThere are a couple of notable changes to the API terms that I’d like to highlight. The first is that we are requesting all users of the API to register with us. This provides a point of contact for when we have important updates to share; provides a point of contact for when things go wrong; and helps us prevent abuse.\n\nWe are also no longer requiring a special licensing agreement to use our API for commercial purposes. We do request that you seek approval for your monetization model in the registration process.\n\nWe have added clarity about the types of things that the API is not intended for–namely applications that promote illegal activity, disrupt core Reddit functionality, or introduce security risks. But you weren’t doing any of these things anyway.\n\nWe still require users of our API to comply with our User Agreement, Privacy Policy, API Usage Limits, and any other applicable laws or regulations. We will continue to require the use of OAuth2. We understand moving to OAuth2 can take time, so we are giving developers until March 17th to make this change.\n\nWe look forward to working with you more to create great experiences for our communities. There are many wonderful projects built on our API, and we would love to see even more. Thank you for all that you do.\n\nYou can contact the api@reddit.com alias to ask questions about the API service.",
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"markdown": "Hi redditors, \n\nWe announced Reddit’s Q4 and Full Year 2025 Earnings results. During our conference call at **1:30pm PT / 4:30pm ET today,** we’ll discuss these results and answer questions submitted by analysts and redditors.\n\n**How can I participate in today’s conference call?** \n\nListen to the live webcast [here](https://events.q4inc.com/attendee/222726475). \n\n**How can I submit a question?**\n\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman ([u/spez](https://www.reddit.com/user/spez/)); COO, Jen Wong ([u/adsjunkie](https://www.reddit.com/user/adsjunkie/)); and CFO, Drew Vollero ([u/TimingandLuck](https://www.reddit.com/user/TimingandLuck/)) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today. \n\nGeneral guidelines: \n\n* Comments will be **ON** until **4:30pm PT / 7:30pm ET today** \n* Questions must abide by community rules\n\n\n\n\\+++\n\n**Reddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program**\n\n* Daily Active Uniques (“DAUq”) increased 19% year-over-year to 121.4 million\n* Q4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\n* Q4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\n* Q4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\n* Reddit’s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\n\nSAN FRANCISCO, Calif. – February 5, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com/).\n\n>“We’re entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,” said Steve Huffman, Reddit Co-Founder and CEO. “Our focus is on turning Reddit’s authenticity into even more everyday utility.”\n\n**Fourth quarter 2025**\n\n* Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\n* Gross margin was 91.9%, as compared to 92.6% in the prior year\n* Net income was $252 million, an improvement of $181 million from the prior year\n* Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\n* Operating cash flow was $267 million, an improvement of $177 million from the prior year\n* Free Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\n* Basic and diluted earnings per share (“EPS”) were $1.32 and $1.24, respectively\n* Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\n\n**Full year 2025**\n\n* Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\n* Gross margin was 91.2%, an improvement of 70 basis points from the prior year\n* Net income was $530 million, an improvement of $1,014 million from the prior year\n* Adjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\n* Operating cash flow was $691 million, an improvement of $469 million from the prior year\n* Free Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\n* Basic and diluted EPS were $2.84 and $2.62, respectively\n\n\n\n**Financial Outlook**\n\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\n\nIn the first quarter of 2026, we estimate:\n\n* Revenue in the range of $595 million to $605 million\n* Adjusted EBITDA2 in the range of $210 million to $220 million\n\n**Notes**\n\n(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\n\n(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\n\n**Forward-Looking Statements**\n\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\n\nEdit: formatting",
"richtext": "{\"document\":[{\"c\":[{\"e\":\"text\",\"t\":\"Hi redditors,\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,92,28]],\"t\":\"We announced Reddit\\u2019s Q4 and Full Year 2025 Earnings results. During our conference call at\\u00a01:30pm PT / 4:30pm ET today,\\u00a0we\\u2019ll discuss these results and answer questions submitted by analysts and redditors.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,49]],\"t\":\"How can I participate in today\\u2019s conference call?\\u00a0\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Listen to the live webcast\\u00a0\"},{\"e\":\"link\",\"t\":\"here\",\"u\":\"https://events.q4inc.com/attendee/222726475\"},{\"e\":\"text\",\"t\":\".\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,28]],\"t\":\"How can I submit a question?\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Please share your questions about Reddit\\u2019s earnings results in the comments below. Reddit\\u2019s CEO, Steve Huffman (\"},{\"e\":\"link\",\"t\":\"u/spez\",\"u\":\"https://www.reddit.com/user/spez/\"},{\"e\":\"text\",\"t\":\"); COO, Jen Wong (\"},{\"e\":\"link\",\"t\":\"u/adsjunkie\",\"u\":\"https://www.reddit.com/user/adsjunkie/\"},{\"e\":\"text\",\"t\":\"); and CFO, Drew Vollero (\"},{\"e\":\"link\",\"t\":\"u/TimingandLuck\",\"u\":\"https://www.reddit.com/user/TimingandLuck/\"},{\"e\":\"text\",\"t\":\") will answer a couple during the Q\\u0026A portion of today\\u2019s conference call and a few more in the comments below later today.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"General guidelines:\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"f\":[[1,17,2],[1,26,27]],\"t\":\"Comments will be\\u00a0ON\\u00a0until\\u00a04:30pm PT / 7:30pm ET today\\u00a0\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Questions must abide by community rules\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"e\":\"video\",\"id\":\"yg6vq97woqhg1\"},{\"c\":[{\"e\":\"text\",\"t\":\"+++\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,103]],\"t\":\"Reddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Daily Active Uniques (\\u201cDAUq\\u201d) increased 19% year-over-year to 121.4 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Q4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Reddit\\u2019s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"t\":\"SAN FRANCISCO, Calif. \\u2013 February 5, 2026 \\u2013 Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit\\u2019s complete financial results and management commentary can be found in its shareholder letter on Reddit\\u2019s Investor Relations website at\\u00a0\"},{\"e\":\"link\",\"t\":\"https://investor.redditinc.com\",\"u\":\"https://investor.redditinc.com/\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"\\u201cWe\\u2019re entering the next era of Reddit\\u2014defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,\\u201d said Steve Huffman, Reddit Co-Founder and CEO. \\u201cOur focus is on turning Reddit\\u2019s authenticity into even more everyday utility.\\u201d\"}],\"e\":\"par\"}],\"e\":\"blockquote\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,19]],\"t\":\"Fourth quarter 2025\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Gross margin was 91.9%, as compared to 92.6% in the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Net income was $252 million, an improvement of $181 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Operating cash flow was $267 million, an improvement of $177 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Free Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Basic and diluted earnings per share (\\u201cEPS\\u201d) were $1.32 and $1.24, respectively\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,14]],\"t\":\"Full year 2025\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Gross margin was 91.2%, an improvement of 70 basis points from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Net income was $530 million, an improvement of $1,014 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Operating cash flow was $691 million, an improvement of $469 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Free Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Basic and diluted EPS were $2.84 and $2.62, respectively\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"e\":\"img\",\"id\":\"1qtx8w7yoqhg1\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,17]],\"t\":\"Financial Outlook\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The guidance provided below is based on Reddit\\u2019s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit\\u2019s reports on file with the Securities and Exchange Commission (the \\u201cSEC\\u201d). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"In the first quarter of 2026, we estimate:\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Revenue in the range of $595 million to $605 million\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"Adjusted EBITDA2 in the range of $210 million to $220 million\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,5]],\"t\":\"Notes\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,26]],\"t\":\"Forward-Looking Statements\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \\\"may,\\\" \\\"will,\\\" \\\"should,\\\" \\\"expects,\\\" \\\"plans,\\\" \\\"anticipates,\\\" \\\"going to,\\\" \\\"could,\\\" \\\"intends,\\\" \\\"target,\\\" \\\"projects,\\\" \\\"contemplates,\\\" \\\"believes,\\\" \\\"estimates,\\\" \\\"predicts,\\\" \\\"potential\\\" or \\\"continue\\\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit\\u2019s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption \\u201cRisk Factors\\u201d and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the \\u201cSEC\\u201d) from time to time, including Reddit\\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Edit: formatting\"}],\"e\":\"par\"}]}",
"html": "Hi redditors, \nWe announced Reddit’s Q4 and Full Year 2025 Earnings results. During our conference call at 1:30pm PT / 4:30pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.\nHow can I participate in today’s conference call? \nListen to the live webcast here. \nHow can I submit a question?\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today. \nGeneral guidelines: \nComments will be ON until 4:30pm PT / 7:30pm ET today \nQuestions must abide by community rules\n+++\nReddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program\nDaily Active Uniques (“DAUq”) increased 19% year-over-year to 121.4 million\nQ4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion\nQ4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue\nQ4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue\nReddit’s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock\nSAN FRANCISCO, Calif. – February 5, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.\n“We’re entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,” said Steve Huffman, Reddit Co-Founder and CEO. “Our focus is on turning Reddit’s authenticity into even more everyday utility.”\nFourth quarter 2025\nTotal revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million\nGross margin was 91.9%, as compared to 92.6% in the prior year\nNet income was $252 million, an improvement of $181 million from the prior year\nAdjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year\nOperating cash flow was $267 million, an improvement of $177 million from the prior year\nFree Cash Flow(1) was $264 million, an improvement of $174 million from the prior year\nBasic and diluted earnings per share (“EPS”) were $1.32 and $1.24, respectively\nTotal fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)\nFull year 2025\nTotal revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million\nGross margin was 91.2%, an improvement of 70 basis points from the prior year\nNet income was $530 million, an improvement of $1,014 million from the prior year\nAdjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year\nOperating cash flow was $691 million, an improvement of $469 million from the prior year\nFree Cash Flow(1) was $684 million, an improvement of $468 million from the prior year\nBasic and diluted EPS were $2.84 and $2.62, respectively\nFinancial Outlook\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.\nIn the first quarter of 2026, we estimate:\nRevenue in the range of $595 million to $605 million\nAdjusted EBITDA2 in the range of $210 million to $220 million\nNotes\n(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.\n(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\nForward-Looking Statements\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\nEdit: formatting",
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"markdown": "Hi everyone,\n\nThe end of the year is as good a time as any for reflection, and lately, I’ve been thinking a lot about what makes Reddit special.\n\nWhen we started this site 20 years ago (AKA Very, Very Old Reddit), the goal was pretty simple: create a space where people could talk about interesting things they found on the internet. What began as an alternative to traditional media came into its own as an alternative to social media, and now that AI is everywhere, our aim is to keep Reddit the most human place on the internet. No matter what platforms or technology are trending, we’ve always strived to be a more authentic antidote.\n\nOver the years, Reddit’s been stereotyped in all sorts of ways: shaving-challenged basement dwellers, keyboard warriors with too much time on their hands, or—more accurately—the funniest, most interesting, and helpful people on the internet. Take your pick. I’ve never liked the idea of a Reddit hivemind or archetype because Reddit’s not one thing. It never has been. Though I admit it’s always had a certain *vibe*, today even that is entirely dependent on which subreddits you hang out in.\n\nFor a long while, we were known as the “front page of the internet,” but we’ve outgrown a singular front page for everyone. You have different interests than I do, and your Reddit should look different from mine. And from your neighbor’s, or your coworker’s, or your best friend’s. Whether you’re in a community of fellow [first-time parents](https://www.reddit.com/R/NEWPARENTS), aspiring [solo travelers](https://www.reddit.com/r/solotravel/), fans of your favorite [reality show](https://www.reddit.com/r/BravoRealHousewives/), or people who run [ultra-marathons](https://www.reddit.com/r/Ultramarathon/), Reddit is home to all of it. \n\nWhich brings us to r/popular, the default feed for new users. In theory, it’s what’s most popular on Reddit, but it’s actually what is *liked* by the most active users on Reddit—which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we’ll remove it from the core group of feeds in the app. \n\nSaid more directly: r/popular sucks, and we’re moving away from it, and towards better, more relevant and personalized feeds.\n\nWe’re one platform, yes, but with many minds (at least more than one). One of my favorite aspects of Reddit is that every community has its own culture, rules, and sense ([or lack](https://www.reddit.com/r/funny/)) of humor. We are a constantly evolving ecosystem where anyone, anywhere, can connect on almost any topic or belief. And if your perspective isn’t represented, you can create the community you want to see. The freedom to build your own corner of the internet is what makes Reddit, Reddit.\n\nOn Reddit, no strongly held worldview exists unchallenged. For every earnest subreddit, there is a vibrant and more funny circlejerk counterpart lurking in the shadows. That balance—and sometimes tension—reflects how the world actually is.\n\n\n\n\n\nMore people are visiting Reddit than ever before—116 million every day. And when I look at the top-visited communities, it’s not surprising to see that they are (mostly) coming here to laugh, ask questions, judge, and generally be entertained. \n\n\n|Subreddit|Weekly Visitors|\n|:-|:-|\n|AskReddit|15,460,341|\n|whatisit|10,950,600|\n|mildlyinfuriating|10,230,061|\n|interestingasfuck|9,526,443|\n|NoStupidQuestions|8,232,847|\n|pics|6,833,698|\n|PeterExplainsTheJoke|6,827,023|\n|mildlyinteresting|6,658,098|\n|AmIOverreacting|6,537,219|\n|TikTokCringe|6,300,278|\n|CringeTikToks|6,282,550|\n|popculturechat|6,006,960|\n|nextfuckinglevel|5,880,113|\n|explainitpeter|5,740,741|\n|Damnthatsinteresting|5,572,937|\n|movies|5,352,666|\n|todayilearned|5,007,263|\n|MadeMeSmile|5,007,046|\n|LivestreamFail|4,807,041|\n|news|4,724,411|\n\n*Top 20 SFW subreddits by weekly active visitors, as of November 20, 2025.*\n\nReddit thrives when its communities are unique. That’s why we empower them to make their own rules (on top of [ours](https://redditinc.com/policies/reddit-rules)) and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we’re making a few changes.\n\nNamely, we’re [limiting](https://www.reddit.com/r/modnews/comments/1pbkqbu/an_update_on_limits_for_hightraffic_communities/) the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. We’re focused on helping all affected mods and communities through the transition, which you can read about in detail [here](https://www.reddit.com/r/modnews/comments/1ncn0go/evolving_moderation_on_reddit_reshaping_boundaries/).\n\nRelatedly, you may have noticed that we updated how we display community size. We switched from Subscribers—which was really just a measure of age—to Weekly Visitors to reflect actual activity. (And if you really miss subscribers, you can add them back with [this](https://developers.reddit.com/apps/subscriber-count) devvit app.)\n\nThese changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\n\nReddit is for everyone because it’s built by everyone. We’re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\n\nThank you to all of you who make Reddit what it is and what it can be next.\n\nSee you next year,\n\nu/spez\n\n\n\nedit: table editor needs some work.",
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And from your neighbor\\u2019s, or your coworker\\u2019s, or your best friend\\u2019s. Whether you\\u2019re in a community of fellow \"},{\"e\":\"link\",\"t\":\"first-time parents\",\"u\":\"https://www.reddit.com/R/NEWPARENTS\"},{\"e\":\"text\",\"t\":\", aspiring \"},{\"e\":\"link\",\"t\":\"solo travelers\",\"u\":\"https://www.reddit.com/r/solotravel/\"},{\"e\":\"text\",\"t\":\", fans of your favorite \"},{\"e\":\"link\",\"t\":\"reality show\",\"u\":\"https://www.reddit.com/r/BravoRealHousewives/\"},{\"e\":\"text\",\"t\":\", or people who run \"},{\"e\":\"link\",\"t\":\"ultra-marathons\",\"u\":\"https://www.reddit.com/r/Ultramarathon/\"},{\"e\":\"text\",\"t\":\", Reddit is home to all of it.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Which brings us to \"},{\"e\":\"r/\",\"l\":false,\"t\":\"popular\"},{\"e\":\"text\",\"f\":[[2,107,5]],\"t\":\", the default feed for new users. In theory, it\\u2019s what\\u2019s most popular on Reddit, but it\\u2019s actually what is liked by the most active users on Reddit\\u2014which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we\\u2019ll remove it from the core group of feeds in the app.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Said more directly: \"},{\"e\":\"r/\",\"l\":false,\"t\":\"popular\"},{\"e\":\"text\",\"t\":\" sucks, and we\\u2019re moving away from it, and towards better, more relevant and personalized feeds.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"We\\u2019re one platform, yes, but with many minds (at least more than one). 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That\\u2019s why we empower them to make their own rules (on top of \"},{\"e\":\"link\",\"t\":\"ours\",\"u\":\"https://redditinc.com/policies/reddit-rules\"},{\"e\":\"text\",\"t\":\") and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we\\u2019re making a few changes.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Namely, we\\u2019re \"},{\"e\":\"link\",\"t\":\"limiting\",\"u\":\"https://www.reddit.com/r/modnews/comments/1pbkqbu/an_update_on_limits_for_hightraffic_communities/\"},{\"e\":\"text\",\"t\":\" the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. 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(And if you really miss subscribers, you can add them back with \"},{\"e\":\"link\",\"t\":\"this\",\"u\":\"https://developers.reddit.com/apps/subscriber-count\"},{\"e\":\"text\",\"t\":\" devvit app.)\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"These changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Reddit is for everyone because it\\u2019s built by everyone. We\\u2019re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you to all of you who make Reddit what it is and what it can be next.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"See you next year,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"u/\",\"l\":false,\"t\":\"spez\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"edit: table editor needs some work.\"}],\"e\":\"par\"}]}",
"html": "Hi everyone,\nThe end of the year is as good a time as any for reflection, and lately, I’ve been thinking a lot about what makes Reddit special.\nWhen we started this site 20 years ago (AKA Very, Very Old Reddit), the goal was pretty simple: create a space where people could talk about interesting things they found on the internet. What began as an alternative to traditional media came into its own as an alternative to social media, and now that AI is everywhere, our aim is to keep Reddit the most human place on the internet. No matter what platforms or technology are trending, we’ve always strived to be a more authentic antidote.\nOver the years, Reddit’s been stereotyped in all sorts of ways: shaving-challenged basement dwellers, keyboard warriors with too much time on their hands, or—more accurately—the funniest, most interesting, and helpful people on the internet. Take your pick. I’ve never liked the idea of a Reddit hivemind or archetype because Reddit’s not one thing. It never has been. Though I admit it’s always had a certain vibe, today even that is entirely dependent on which subreddits you hang out in.\nFor a long while, we were known as the “front page of the internet,” but we’ve outgrown a singular front page for everyone. You have different interests than I do, and your Reddit should look different from mine. And from your neighbor’s, or your coworker’s, or your best friend’s. Whether you’re in a community of fellow first-time parents, aspiring solo travelers, fans of your favorite reality show, or people who run ultra-marathons, Reddit is home to all of it. \nWhich brings us to r/popular, the default feed for new users. In theory, it’s what’s most popular on Reddit, but it’s actually what is liked by the most active users on Reddit—which is not the same thing. Having it as a default feed gives the false impression of a singular Reddit culture, one that is neither representative of Reddit nor appealing to new users (or anyone at all, IMO). Which is why, in the near future, we'll stop showing it to new users, and unless you read it regularly, we’ll remove it from the core group of feeds in the app. \nSaid more directly: r/popular sucks, and we’re moving away from it, and towards better, more relevant and personalized feeds.\nWe’re one platform, yes, but with many minds (at least more than one). One of my favorite aspects of Reddit is that every community has its own culture, rules, and sense (or lack) of humor. We are a constantly evolving ecosystem where anyone, anywhere, can connect on almost any topic or belief. And if your perspective isn’t represented, you can create the community you want to see. The freedom to build your own corner of the internet is what makes Reddit, Reddit.\nOn Reddit, no strongly held worldview exists unchallenged. For every earnest subreddit, there is a vibrant and more funny circlejerk counterpart lurking in the shadows. That balance—and sometimes tension—reflects how the world actually is.\nMore people are visiting Reddit than ever before—116 million every day. And when I look at the top-visited communities, it’s not surprising to see that they are (mostly) coming here to laugh, ask questions, judge, and generally be entertained. \nSubreddit\nWeekly Visitors\nAskReddit\n15,460,341\nwhatisit\n10,950,600\nmildlyinfuriating\n10,230,061\ninterestingasfuck\n9,526,443\nNoStupidQuestions\n8,232,847\npics\n6,833,698\nPeterExplainsTheJoke\n6,827,023\nmildlyinteresting\n6,658,098\nAmIOverreacting\n6,537,219\nTikTokCringe\n6,300,278\nCringeTikToks\n6,282,550\npopculturechat\n6,006,960\nnextfuckinglevel\n5,880,113\nexplainitpeter\n5,740,741\nDamnthatsinteresting\n5,572,937\nmovies\n5,352,666\ntodayilearned\n5,007,263\nMadeMeSmile\n5,007,046\nLivestreamFail\n4,807,041\nnews\n4,724,411\nTop 20 SFW subreddits by weekly active visitors, as of November 20, 2025.\nReddit thrives when its communities are unique. That’s why we empower them to make their own rules (on top of ours) and grow the way they want to. But distinct communities require distinct leaders. A situation where someone moderates an unlimited number of massive communities is not that, which is why we’re making a few changes.\nNamely, we’re limiting the number of high-traffic communities any single person can moderate. This is a major shift with a lot of nuance, so we're not rushing. We’re focused on helping all affected mods and communities through the transition, which you can read about in detail here.\nRelatedly, you may have noticed that we updated how we display community size. We switched from Subscribers—which was really just a measure of age—to Weekly Visitors to reflect actual activity. (And if you really miss subscribers, you can add them back with this devvit app.)\nThese changes are all part of the same goal: making Reddit more conducive to how people actually use it today.\nReddit is for everyone because it’s built by everyone. We’re a vibrant city of coffee shops, nightclubs, arenas, and yes, a few weird basements (neckbeard not required). Sure, you can come here to argue, but like in real life, most people come here to connect. We want to help you do more of that.\nThank you to all of you who make Reddit what it is and what it can be next.\nSee you next year,\nu/spez\nedit: table editor needs some work.",
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"markdown": "Hi redditors, \n\nWe announced Reddit’s Q3 2025 earnings results. During our conference call at **2pm PT / 5pm ET today,** we’ll discuss these results and answer questions submitted by analysts and redditors. \n\n**How can I participate in today’s conference call?** \n\nListen to the live webcast [here](https://events.q4inc.com/attendee/614522871). \n\n**How can I submit a question?**\n\nPlease share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.\n\nGeneral guidelines: \n\n* Comments will be **ON** until **5:00pm PT / 8:00pm ET today** \n* Questions must abide by community rules\n\n\n\n\\+++\n\n**Reddit Announces Third Quarter 2025 Results**\n\n* Daily Active Uniques (“DAUq”) increased 19% year-over-year to 116.0 million\n* Revenue grew 68% year-over-year to $585 million\n* Gross margin expanded year-over-year to 91.0%\n* Net income of $163 million, 28% of revenue. Diluted EPS of $0.80\n* Adjusted EBITDA1 of $236 million, 40% of revenue\n* Operating cash flow of $185 million\n* Fully diluted shares of 206.1 million, down both sequentially and year-over-year\n\nSAN FRANCISCO, Calif. – October 30, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com).\n\n>“Reddit provides something rare on the Internet,” said Steve Huffman, Reddit Co-Founder and CEO. “444 million people come here each week for authentic conversations they can’t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.\n\n**Third Quarter 2025 Financial Highlights**\n\n\n\n**Financial Outlook**\n\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.\n\nIn the fourth quarter of 2025, we estimate:\n\n* Revenue in the range of $655 million to $665 million\n* Adjusted EBITDA2 in the range of $275 million to $285 million\n\n**Earnings Conference Call Information and Community Update**\n\nReddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com) and investor relations subreddit, r/RDDT, at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/). A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/) on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit’s Investor Relations website at [https://investor.redditinc.com](https://investor.redditinc.com) and r/RDDT at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/). Reddit uses the investor relations page on its website [https://investor.redditinc.com](https://investor.redditinc.com), as well as the subreddits r/RDDT and r/reddit, available at [https://www.reddit.com/r/RDDT/](https://www.reddit.com/r/RDDT/) and [https://www.reddit.com/r/reddit/](https://www.reddit.com/r/reddit/), respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.\n\n\\--\n\n**Notes**\n\n^(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages [10](https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.zf5mk2t6233w)\\-[11](https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.1cavpg6stwe1).\n\n^(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\n\n**Forward-Looking Statements**\n\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\n\n>Thank you for your questions, everyone! Learn more about our investor relations \n>\n>[here.](https://investor.redditinc.com/overview/default.aspx)",
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A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages\\u00a0\"},{\"e\":\"link\",\"t\":\"10\",\"u\":\"https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.zf5mk2t6233w\"},{\"e\":\"text\",\"t\":\"-\"},{\"e\":\"link\",\"t\":\"11\",\"u\":\"https://docs.google.com/document/d/1L1KrKjn28EFgJ8CnhLLUmX8wj4s69FwgILWMBWLWw54/edit?tab=t.0#bookmark=kix.1cavpg6stwe1\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[32,0,1]],\"t\":\"2\\u00a0We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. 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In some cases, you can identify forward-looking statements because they contain words such as \\\"may,\\\" \\\"will,\\\" \\\"should,\\\" \\\"expects,\\\" \\\"plans,\\\" \\\"anticipates,\\\" \\\"going to,\\\" \\\"could,\\\" \\\"intends,\\\" \\\"target,\\\" \\\"projects,\\\" \\\"contemplates,\\\" \\\"believes,\\\" \\\"estimates,\\\" \\\"predicts,\\\" \\\"potential\\\" or \\\"continue\\\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit\\u2019s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. 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Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.\nGeneral guidelines: \nComments will be ON until 5:00pm PT / 8:00pm ET today \nQuestions must abide by community rules\n+++\nReddit Announces Third Quarter 2025 Results\nDaily Active Uniques (“DAUq”) increased 19% year-over-year to 116.0 million\nRevenue grew 68% year-over-year to $585 million\nGross margin expanded year-over-year to 91.0%\nNet income of $163 million, 28% of revenue. Diluted EPS of $0.80\nAdjusted EBITDA1 of $236 million, 40% of revenue\nOperating cash flow of $185 million\nFully diluted shares of 206.1 million, down both sequentially and year-over-year\nSAN FRANCISCO, Calif. – October 30, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.\n“Reddit provides something rare on the Internet,” said Steve Huffman, Reddit Co-Founder and CEO. “444 million people come here each week for authentic conversations they can’t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.\nThird Quarter 2025 Financial Highlights\nFinancial Outlook\nThe guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.\nIn the fourth quarter of 2025, we estimate:\nRevenue in the range of $655 million to $665 million\nAdjusted EBITDA2 in the range of $275 million to $285 million\nEarnings Conference Call Information and Community Update\nReddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/ on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT at https://www.reddit.com/r/RDDT/. Reddit uses the investor relations page on its website https://investor.redditinc.com, as well as the subreddits r/RDDT and r/reddit, available at https://www.reddit.com/r/RDDT/ and https://www.reddit.com/r/reddit/, respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.\n--\nNotes\n(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.\n(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.\nForward-Looking Statements\nThis communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"going to,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.\nThank you for your questions, everyone! Learn more about our investor relations\nhere.",
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"markdown": "Hi everyone,\n\nI haven’t posted in a while—and let’s be honest, when I do show up, it usually means something’s gone sideways (and if it’s not gone sideways, it’s probably about to). But I’d like to communicate with you more regularly and directly about what we’re thinking and building. Many of these ideas come from our conversations with mods and users who participate in programs like Mod Council, Partner Communities, and the User Feedback Collective. \n\nWe recently shared our [Q1 earnings results](https://www.reddit.com/r/RDDT/comments/1kcibvm/reddit_announces_q125_earnings_plus_ama/) (TL;DR: Solid quarter). Beyond the numbers, I wanted to highlight a few moments from the start of the year:\n\n* In March, we [released a set of tools](https://www.reddit.com/r/reddit/comments/1j4z42x/making_contributing_easier_on_reddit_new_tools/), including post suggestions, insights, and rule checking, to help users participate successfully in conversations and let mods focus more on leading their communities. Reddit should feel easier to contribute to, especially for first-timers, and these are some of the ways we’re working towards that.\n* [Reddit Answers](https://www.reddit.com/answers)—our AI-powered search tool—is live in nine countries, including the US, UK, and India with support in English and more countries and languages on the way. It’s being used for everything from “what’s the best espresso machine” to “last night’s episode of The Last of Us.” Still early, but the vision is simple: make Reddit’s seemingly infinite human knowledge easier to access. Most of the conversations on Reddit happen on posts less than a day old. Reddit Answers unlocks the other 20 years. Reddit Answers doesn’t replace conversations—it’s a quicker path towards them.\n* In the first quarter, “reddit” was the 6th most Googled word in the U.S. (and sandwiched between “news” and “trump,” which is, I think, Chaotic Neutral on the internet alignment chart), proving that 1) people want what Reddit has and 2) Reddit search isn’t there quite yet, but [we’re right on schedule](https://www.reddit.com/r/announcements/comments/59k22p/comment/d992fwq/?context=1). \n* 2.2 million players joined our April Fools’ Day event, [r/field](https://www.reddit.com/r/Field/) (with roughly half in my honor\\*), and it’s an early proof of what’s possible for [games on Reddit](https://www.reddit.com/r/GamesOnReddit/). It’s really special to see people creating their own interactive experiences on our [Developer Platform](https://developers.reddit.com/), and I trust whatever our users come up with will be far more interesting than anything we build ourselves.\n\n![img](84rkh6lyzyye1 \"*Mentions of “fuck spez” on Reddit\")\n\nNext month, Reddit turns 20. Honestly, it blows my mind. A lot has changed on Reddit over the years, and a lot has stayed the same. The core of Reddit’s identity hasn’t changed much—our model is still based on communities, voting, and (mostly) anonymous users, so our conversations remain some of the most real you can find online.\n\nToday, we see Reddit as having two superpowers: community and knowledge. At the end of last year, we updated our mission statement to reflect both: **Empower communities, and make their knowledge accessible to everyone.** This captures both our longstanding work in creating a platform for community and for using Reddit as a source for knowledge.\n\nReddit is unlike any other platform, and that’s by design. While social media feeds you whatever content drives the most engagement, on Reddit, you decide what matters and make it popular through voting. We’re also one of the last major sites that doesn’t require you to sign in to access most features. We do this because we think it’s important, and we believe our open model helps fulfill the internet’s purpose: to bring individuals from all over the world together to discover, engage with, and exchange ideas that matter to them, without barriers and regardless of geography or language.\n\nAnd as we look ahead, we want to double down on these values. Our goal is to make Reddit the best version of itself by being faster, better, and easier to use. Here’s how we’re bringing that vision to life:\n\n**Core product improvements:** Across the platform, we’ll be trying out a range of updates to make things better. We’ll be making it easier to create and read posts and find new subreddits, upgrading profile pages, evolving r/popular, improving wikis, and ~~creating~~ fixing a lot of bugs. We will keep you updated with changes as we go. \n\n**Moderation:** Moderators make communities, and by definition, without moderators, there are no communities. Moderating subreddits today can be time-consuming, too manual, and at times frustrating. It can be difficult to recruit new mods, and growing a community from scratch is way too hard. Often, a few folks end up carrying the weight, which isn’t fair or sustainable. Our vision is to shift the primary role of a moderator from policing to community cultivation. We’ll get there with better tools—especially more AI-driven automation—that moderators can choose to use in their communities. Focus groups, early product testing, and feedback loops shape how these systems evolve. u/Go_JasonWaterfalls will share more with mods here soon. I want to sincerely thank the many mods who have joined our councils, groups, and feedback sessions over the last couple of years to help us in this journey.\n\n**Search:** We believe search being great on Reddit will make the whole product better. Increasingly, people come to Reddit with a specific question that likely has been answered a hundred different ways. And whether you’re a first-time visitor or an old.reddit diehard, search should help you get to where you’re going faster. I’m the first to admit, finding what you’re looking for on Reddit hasn’t always (ever) been easy. We’ve made a lot of progress in the last few years and have many more improvements coming this year, including expanding Reddit Answers and integrating it directly into the core search experience. \n\n**AI + Humans:** An increasing amount of the content you see online is generated by machines—so how does AI fit into the most human place on the internet? First, AI can be incredibly useful for things like summarization, safety, translation, and moderation. That includes filters that reduce the burden on mods by automatically removing spam, hateful, or violent content. And it powers things like [post guidance](https://support.reddithelp.com/hc/en-us/articles/17625458521748-Automations-Post-Comment-Guidance-Set-Up), which can tell a user whether their post violates a subreddit rule before they submit it—this helps new users learn the rules and also saves mods lots of time. Reddit’s strength is in its people, and we want AI tools that help you do what you’re already doing.\n\nThat said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. **Reddit works because it’s human**. It’s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit…Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation. \n\nAt the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn’t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been—and will continue to be—extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to legal requests from governments, law enforcement, and private parties, check out our biannual [Transparency Report](https://redditinc.com/policies/transparency-report-july-to-december-2024).\n\nTo keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But **we never** want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect—including the status quo—but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\n\n**Premium content:** You might’ve seen some headlines about “paid subreddits.” Perhaps those articles were behind paywalls. Let me clarify: we’re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to r/lounge, and we’d like to reimagine this). This would be an optional feature for communities that [want it](https://docs.google.com/forms/d/e/1FAIpQLSezA2xdhjMYEHkPRdIs4pVXyTB2vtqcPMZ4pQt679Yv1Ef05w/viewform).\n\n**Sunsetting old.reddit:** old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn’t scale, it’s impossible to develop on, and it’s ugly af. We will be shutting it down at the end of the month.\n\nJust kidding. I don’t know why I say stuff like this. We’ll figure out how to work around it and keep it online as long as people are using it.\n\n\n\nThank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it’s essential that we share information, express our viewpoints, and find connection. \n\nThe last 20 years have proven how powerful online communities can be—and as we look ahead, I’m even more excited for what the next 20 will bring.\n\nThank you,\n\nSteve aka spez",
"richtext": "{\"document\":[{\"c\":[{\"e\":\"text\",\"t\":\"Hi everyone,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"I haven\\u2019t posted in a while\\u2014and let\\u2019s be honest, when I do show up, it usually means something\\u2019s gone sideways (and if it\\u2019s not gone sideways, it\\u2019s probably about to). But I\\u2019d like to communicate with you more regularly and directly about what we\\u2019re thinking and building. Many of these ideas come from our conversations with mods and users who participate in programs like Mod Council, Partner Communities, and the User Feedback Collective.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"We recently shared our \"},{\"e\":\"link\",\"t\":\"Q1 earnings results\",\"u\":\"https://www.reddit.com/r/RDDT/comments/1kcibvm/reddit_announces_q125_earnings_plus_ama/\"},{\"e\":\"text\",\"t\":\" (TL;DR: Solid quarter). Beyond the numbers, I wanted to highlight a few moments from the start of the year:\"}],\"e\":\"par\"},{\"c\":[{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"In March, we \"},{\"e\":\"link\",\"t\":\"released a set of tools\",\"u\":\"https://www.reddit.com/r/reddit/comments/1j4z42x/making_contributing_easier_on_reddit_new_tools/\"},{\"e\":\"text\",\"t\":\", including post suggestions, insights, and rule checking, to help users participate successfully in conversations and let mods focus more on leading their communities. Reddit should feel easier to contribute to, especially for first-timers, and these are some of the ways we\\u2019re working towards that.\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"link\",\"t\":\"Reddit Answers\",\"u\":\"https://www.reddit.com/answers\"},{\"e\":\"text\",\"t\":\"\\u2014our AI-powered search tool\\u2014is live in nine countries, including the US, UK, and India with support in English and more countries and languages on the way. It\\u2019s being used for everything from \\u201cwhat\\u2019s the best espresso machine\\u201d to \\u201clast night\\u2019s episode of The Last of Us.\\u201d Still early, but the vision is simple: make Reddit\\u2019s seemingly infinite human knowledge easier to access. Most of the conversations on Reddit happen on posts less than a day old. Reddit Answers unlocks the other 20 years. Reddit Answers doesn\\u2019t replace conversations\\u2014it\\u2019s a quicker path towards them.\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"In the first quarter, \\u201creddit\\u201d was the 6th most Googled word in the U.S. (and sandwiched between \\u201cnews\\u201d and \\u201ctrump,\\u201d which is, I think, Chaotic Neutral on the internet alignment chart), proving that 1) people want what Reddit has and 2) Reddit search isn\\u2019t there quite yet, but \"},{\"e\":\"link\",\"t\":\"we\\u2019re right on schedule\",\"u\":\"https://www.reddit.com/r/announcements/comments/59k22p/comment/d992fwq/?context=1\"},{\"e\":\"text\",\"t\":\".\\u00a0\"}],\"e\":\"par\"}],\"e\":\"li\"},{\"c\":[{\"c\":[{\"e\":\"text\",\"t\":\"2.2 million players joined our April Fools\\u2019 Day event, \"},{\"e\":\"link\",\"t\":\"r/field\",\"u\":\"https://www.reddit.com/r/Field/\"},{\"e\":\"text\",\"t\":\" (with roughly half in my honor*), and it\\u2019s an early proof of what\\u2019s possible for \"},{\"e\":\"link\",\"t\":\"games on Reddit\",\"u\":\"https://www.reddit.com/r/GamesOnReddit/\"},{\"e\":\"text\",\"t\":\". It\\u2019s really special to see people creating their own interactive experiences on our \"},{\"e\":\"link\",\"t\":\"Developer Platform\",\"u\":\"https://developers.reddit.com/\"},{\"e\":\"text\",\"t\":\", and I trust whatever our users come up with will be far more interesting than anything we build ourselves.\"}],\"e\":\"par\"}],\"e\":\"li\"}],\"e\":\"list\",\"o\":false},{\"c\":\"*Mentions of \\u201cfuck spez\\u201d on Reddit\",\"e\":\"img\",\"id\":\"84rkh6lyzyye1\"},{\"c\":[{\"e\":\"text\",\"t\":\"Next month, Reddit turns 20. Honestly, it blows my mind. A lot has changed on Reddit over the years, and a lot has stayed the same. The core of Reddit\\u2019s identity hasn\\u2019t changed much\\u2014our model is still based on communities, voting, and (mostly) anonymous users, so our conversations remain some of the most real you can find online.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,148,69]],\"t\":\"Today, we see Reddit as having two superpowers: community and knowledge. At the end of last year, we updated our mission statement to reflect both: Empower communities, and make their knowledge accessible to everyone. This captures both our longstanding work in creating a platform for community and for using Reddit as a source for knowledge.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Reddit is unlike any other platform, and that\\u2019s by design. While social media feeds you whatever content drives the most engagement, on Reddit, you decide what matters and make it popular through voting. We\\u2019re also one of the last major sites that doesn\\u2019t require you to sign in to access most features. We do this because we think it\\u2019s important, and we believe our open model helps fulfill the internet\\u2019s purpose: to bring individuals from all over the world together to discover, engage with, and exchange ideas that matter to them, without barriers and regardless of geography or language.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"And as we look ahead, we want to double down on these values. Our goal is to make Reddit the best version of itself by being faster, better, and easier to use. Here\\u2019s how we\\u2019re bringing that vision to life:\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,26]],\"t\":\"Core product improvements: Across the platform, we\\u2019ll be trying out a range of updates to make things better. We\\u2019ll be making it easier to create and read posts and find new subreddits, upgrading profile pages, evolving \"},{\"e\":\"r/\",\"l\":false,\"t\":\"popular\"},{\"e\":\"text\",\"f\":[[8,23,8]],\"t\":\", improving wikis, and creating fixing a lot of bugs. We will keep you updated with changes as we go.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,11]],\"t\":\"Moderation: Moderators make communities, and by definition, without moderators, there are no communities. Moderating subreddits today can be time-consuming, too manual, and at times frustrating. It can be difficult to recruit new mods, and growing a community from scratch is way too hard. Often, a few folks end up carrying the weight, which isn\\u2019t fair or sustainable. Our vision is to shift the primary role of a moderator from policing to community cultivation. We\\u2019ll get there with better tools\\u2014especially more AI-driven automation\\u2014that moderators can choose to use in their communities. Focus groups, early product testing, and feedback loops shape how these systems evolve. \"},{\"e\":\"u/\",\"l\":false,\"t\":\"Go_JasonWaterfalls\"},{\"e\":\"text\",\"t\":\" will share more with mods here soon. I want to sincerely thank the many mods who have joined our councils, groups, and feedback sessions over the last couple of years to help us in this journey.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,7]],\"t\":\"Search: We believe search being great on Reddit will make the whole product better. Increasingly, people come to Reddit with a specific question that likely has been answered a hundred different ways. And whether you\\u2019re a first-time visitor or an old.reddit diehard, search should help you get to where you\\u2019re going faster. I\\u2019m the first to admit, finding what you\\u2019re looking for on Reddit hasn\\u2019t always (ever) been easy. We\\u2019ve made a lot of progress in the last few years and have many more improvements coming this year, including expanding Reddit Answers and integrating it directly into the core search experience.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,12]],\"t\":\"AI + Humans: An increasing amount of the content you see online is generated by machines\\u2014so how does AI fit into the most human place on the internet? First, AI can be incredibly useful for things like summarization, safety, translation, and moderation. That includes filters that reduce the burden on mods by automatically removing spam, hateful, or violent content. And it powers things like \"},{\"e\":\"link\",\"t\":\"post guidance\",\"u\":\"https://support.reddithelp.com/hc/en-us/articles/17625458521748-Automations-Post-Comment-Guidance-Set-Up\"},{\"e\":\"text\",\"t\":\", which can tell a user whether their post violates a subreddit rule before they submit it\\u2014this helps new users learn the rules and also saves mods lots of time. Reddit\\u2019s strength is in its people, and we want AI tools that help you do what you\\u2019re already doing.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,133,31]],\"t\":\"That said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. Reddit works because it\\u2019s human. It\\u2019s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit\\u2026Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"At the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn\\u2019t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been\\u2014and will continue to be\\u2014extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to\\u00a0 legal requests from governments, law enforcement, and private parties, check out our biannual \"},{\"e\":\"link\",\"t\":\"Transparency Report\",\"u\":\"https://redditinc.com/policies/transparency-report-july-to-december-2024\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,223,8]],\"t\":\"To keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But we never want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect\\u2014including the status quo\\u2014but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,16]],\"t\":\"Premium content: You might\\u2019ve seen some headlines about \\u201cpaid subreddits.\\u201d Perhaps those articles were behind paywalls. Let me clarify: we\\u2019re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to \"},{\"e\":\"r/\",\"l\":false,\"t\":\"lounge\"},{\"e\":\"text\",\"t\":\", and we\\u2019d like to reimagine this). This would be an optional feature for communities that \"},{\"e\":\"link\",\"t\":\"want it\",\"u\":\"https://docs.google.com/forms/d/e/1FAIpQLSezA2xdhjMYEHkPRdIs4pVXyTB2vtqcPMZ4pQt679Yv1Ef05w/viewform\"},{\"e\":\"text\",\"t\":\".\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"f\":[[1,0,22]],\"t\":\"Sunsetting old.reddit: old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn\\u2019t scale, it\\u2019s impossible to develop on, and it\\u2019s ugly af. We will be shutting it down at the end of the month.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Just kidding. I don\\u2019t know why I say stuff like this. We\\u2019ll figure out how to work around it and keep it online as long as people are using it.\"}],\"e\":\"par\"},{\"e\":\"img\",\"id\":\"prh1c0ewzyye1\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it\\u2019s essential that we share information, express our viewpoints, and find connection.\\u00a0\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"The last 20 years have proven how powerful online communities can be\\u2014and as we look ahead, I\\u2019m even more excited for what the next 20 will bring.\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Thank you,\"}],\"e\":\"par\"},{\"c\":[{\"e\":\"text\",\"t\":\"Steve aka spez\"}],\"e\":\"par\"}]}",
"html": "Hi everyone,\nI haven’t posted in a while—and let’s be honest, when I do show up, it usually means something’s gone sideways (and if it’s not gone sideways, it’s probably about to). But I’d like to communicate with you more regularly and directly about what we’re thinking and building. Many of these ideas come from our conversations with mods and users who participate in programs like Mod Council, Partner Communities, and the User Feedback Collective. \nWe recently shared our Q1 earnings results (TL;DR: Solid quarter). Beyond the numbers, I wanted to highlight a few moments from the start of the year:\nIn March, we released a set of tools, including post suggestions, insights, and rule checking, to help users participate successfully in conversations and let mods focus more on leading their communities. Reddit should feel easier to contribute to, especially for first-timers, and these are some of the ways we’re working towards that.\nReddit Answers—our AI-powered search tool—is live in nine countries, including the US, UK, and India with support in English and more countries and languages on the way. It’s being used for everything from “what’s the best espresso machine” to “last night’s episode of The Last of Us.” Still early, but the vision is simple: make Reddit’s seemingly infinite human knowledge easier to access. Most of the conversations on Reddit happen on posts less than a day old. Reddit Answers unlocks the other 20 years. Reddit Answers doesn’t replace conversations—it’s a quicker path towards them.\nIn the first quarter, “reddit” was the 6th most Googled word in the U.S. (and sandwiched between “news” and “trump,” which is, I think, Chaotic Neutral on the internet alignment chart), proving that 1) people want what Reddit has and 2) Reddit search isn’t there quite yet, but we’re right on schedule. \n2.2 million players joined our April Fools’ Day event, r/field (with roughly half in my honor*), and it’s an early proof of what’s possible for games on Reddit. It’s really special to see people creating their own interactive experiences on our Developer Platform, and I trust whatever our users come up with will be far more interesting than anything we build ourselves.\nNext month, Reddit turns 20. Honestly, it blows my mind. A lot has changed on Reddit over the years, and a lot has stayed the same. The core of Reddit’s identity hasn’t changed much—our model is still based on communities, voting, and (mostly) anonymous users, so our conversations remain some of the most real you can find online.\nToday, we see Reddit as having two superpowers: community and knowledge. At the end of last year, we updated our mission statement to reflect both: Empower communities, and make their knowledge accessible to everyone. This captures both our longstanding work in creating a platform for community and for using Reddit as a source for knowledge.\nReddit is unlike any other platform, and that’s by design. While social media feeds you whatever content drives the most engagement, on Reddit, you decide what matters and make it popular through voting. We’re also one of the last major sites that doesn’t require you to sign in to access most features. We do this because we think it’s important, and we believe our open model helps fulfill the internet’s purpose: to bring individuals from all over the world together to discover, engage with, and exchange ideas that matter to them, without barriers and regardless of geography or language.\nAnd as we look ahead, we want to double down on these values. Our goal is to make Reddit the best version of itself by being faster, better, and easier to use. Here’s how we’re bringing that vision to life:\nCore product improvements: Across the platform, we’ll be trying out a range of updates to make things better. We’ll be making it easier to create and read posts and find new subreddits, upgrading profile pages, evolving r/popular, improving wikis, and creating fixing a lot of bugs. We will keep you updated with changes as we go. \nModeration: Moderators make communities, and by definition, without moderators, there are no communities. Moderating subreddits today can be time-consuming, too manual, and at times frustrating. It can be difficult to recruit new mods, and growing a community from scratch is way too hard. Often, a few folks end up carrying the weight, which isn’t fair or sustainable. Our vision is to shift the primary role of a moderator from policing to community cultivation. We’ll get there with better tools—especially more AI-driven automation—that moderators can choose to use in their communities. Focus groups, early product testing, and feedback loops shape how these systems evolve. u/Go_JasonWaterfalls will share more with mods here soon. I want to sincerely thank the many mods who have joined our councils, groups, and feedback sessions over the last couple of years to help us in this journey.\nSearch: We believe search being great on Reddit will make the whole product better. Increasingly, people come to Reddit with a specific question that likely has been answered a hundred different ways. And whether you’re a first-time visitor or an old.reddit diehard, search should help you get to where you’re going faster. I’m the first to admit, finding what you’re looking for on Reddit hasn’t always (ever) been easy. We’ve made a lot of progress in the last few years and have many more improvements coming this year, including expanding Reddit Answers and integrating it directly into the core search experience. \nAI + Humans: An increasing amount of the content you see online is generated by machines—so how does AI fit into the most human place on the internet? First, AI can be incredibly useful for things like summarization, safety, translation, and moderation. That includes filters that reduce the burden on mods by automatically removing spam, hateful, or violent content. And it powers things like post guidance, which can tell a user whether their post violates a subreddit rule before they submit it—this helps new users learn the rules and also saves mods lots of time. Reddit’s strength is in its people, and we want AI tools that help you do what you’re already doing.\nThat said, unwelcome AI in communities is a serious concern. It is the worry I hear most often these days from users and mods alike. Reddit works because it’s human. It’s one of the few places online where real people share real opinions. That authenticity is what gives Reddit its value. If we lose trust in that, we lose what makes Reddit…Reddit. Our focus is, and always will be, on keeping Reddit a trusted place for human conversation. \nAt the same time, anonymity is essential to Reddit. People come here to share experiences they wouldn’t post anywhere else because they know they are safe to do so. To make this possible, historically, Reddit has required practically no information to create an account. We have been—and will continue to be—extremely protective of your personal information, and will continue to push back against excessive or unreasonable demands from public or private authorities. If you want to know more about how we respond to legal requests from governments, law enforcement, and private parties, check out our biannual Transparency Report.\nTo keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information. Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But we never want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else. No solution is perfect—including the status quo—but we will do our best to preserve both the humanness and anonymity of Reddit. We will share more as we go.\nPremium content: You might’ve seen some headlines about “paid subreddits.” Perhaps those articles were behind paywalls. Let me clarify: we’re not putting Reddit behind a paywall. We are thinking about how to empower communities to monetize through premium experiences and exclusive spaces. One way to do that is by enabling communities to offer a separate space for their most leaned-in members (back in the day, the most loved feature of Reddit Gold was access to r/lounge, and we’d like to reimagine this). This would be an optional feature for communities that want it.\nSunsetting old.reddit: old.reddit is the version of Reddit that we built back in the mid-2000s. It doesn’t scale, it’s impossible to develop on, and it’s ugly af. We will be shutting it down at the end of the month.\nJust kidding. I don’t know why I say stuff like this. We’ll figure out how to work around it and keep it online as long as people are using it.\nThank you all for being a part of this. Reddit works because you contribute, upvote, downvote, moderate, and create spaces where real conversations happen. The internet is changing rapidly, and human perspectives have never been more important. More than ever, it’s essential that we share information, express our viewpoints, and find connection. \nThe last 20 years have proven how powerful online communities can be—and as we look ahead, I’m even more excited for what the next 20 will bring.\nThank you,\nSteve aka spez",
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"markdown": "Hi Mods,\n\nI wanted to follow up on the [CSS and redesign post](https://www.reddit.com/r/modnews/comments/66q4is/the_web_redesign_css_and_mod_tools/) from a few weeks back and provide some more information as well as clarify some questions that have emerged.\n\nBased on your feedback, we will allow you to continue to use CSS on top of the new structured styles. This will be the last part of the customization tool we build as we want to make sure the structured options we are offering are rock solid. Also, please keep in mind that if you do choose to use the advanced option, we will no longer be treading as carefully as we have done in the past about breaking styles applied through CSS^1.\n\nTo give you a sense of our approach, we’re starting with a handful of highly-customized communities (e.g. r/overwatch and r/gameofthrones) and seeing how close we can get to their existing appearance using the new system. Logos, images, colors, spoilers, menus, flairs (all kinds), and lots more will be supported. I know you’d like to see a list of everything, but we think the best approach will be to show instead of tell, which we’re racing to as quickly as possible.\n\nThe widget system I mentioned in the last post isn’t directly related. Many communities have added complex functionality over the years (calendars, scoreboards, etc). A widget system will elevate these features to first-class status on Reddit, with the aim of making them both more powerful and reuseable. Yes, we’re evaluating how we would accept user-created widgets. We intend for widgets to be able to be updated via the API, so you’ll still be able to create dynamically updating content in your subreddit sidebar.\n\nThis change, and the redesign in general, is going to happen slowly. We will will not be abruptly cutting everyone over to the new site at once. We know it won’t be perfect at first (unlike the current site), and plan to include plenty of time to solicit feedback and make iterations. Sharing our plans for subreddit customization this far advance with you is part of this process.\n\nWe’ll start with a small alpha group and create a subreddit to solicit feedback. As we continue to add features, we’ll expand the testing group to an opt-in beta. If you’d like to participate in the alpha please add a reply to [this comment](https://www.reddit.com/r/modnews/comments/6auyq9/reddit_is_procss/dhhmebb/). Please note, signing up does not guarantee a spot in the alpha. We want to be able to be responsive to the alpha testers, and keeping the initial group small has proved to be effective in the past.\n\nI’d like thank everyone who has provided feedback on this topic. There have been some very [constructive](https://www.reddit.com/r/ModSupport/comments/677rba/some_brainstorming_about_potential_widgets_in_the) [threads](https://www.reddit.com/r/ModSupport/comments/66rdiy/crowdsourcing_new_subreddit_widgets/). I’d also like to take a moment to appreciate how civil the feedback has been. This is a topic many of you feel passionate about. Thank you for keeping things constructive.\n\nCool?\n\nCool.\n\n \n\n^1 No snark allowed.",
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"markdown": "Hi Mods,\n\nYou may recall from my [announcement post](https://www.reddit.com/r/announcements/comments/5q4qmg/out_with_2016_in_with_2017/) earlier this year that I mentioned we’re currently working on a full redesign of the site, which brings me to the two topics I wanted to talk to you about today: Custom Styles and Mod Tools.\n\n##**Custom Styles**\n\nCustom community styles are a key component in allowing communities to express their identity, and we want to preserve this in the site redesign. For a long time, we’ve used CSS as the mechanism for subreddit customization, but we’ll be deprecating CSS during the redesign in favor of a new system over the coming months. While CSS has provided a wonderful creative canvas to many communities, it is not without flaws:\n\n* It’s web-only. Increasing users are viewing Reddit on mobile (over 50%), where CSS is not supported. We’d love for you to be able to bring your spice to phones as well.\n* CSS is a pain in the ass: it’s difficult to learn; it’s error-prone; and it’s time consuming.\n* Some changes cause confusion (such as changing the subscription numbers).\n* CSS causes us to move slow. We’d like to make changes more quickly. You’ve asked us to improve things, and one of the things that slows us down is the risk of breaking subreddit CSS (and third-party mod tools).\n\nWe’re designing a new set of tools to address the challenges with CSS but continue to allow communities to express their identities. These tools will allow moderators to select customization options for key areas of their subreddit across platforms. For example, header images and flair colors will be rendered correctly on desktop and mobile.\n\nWe know great things happen when we give users as much flexibility as possible. The menu of options we’ll provide for customization is still being determined. Our starting point is to replicate as many of the existing uses that already exist, and to expand beyond as we evolve.\n\nWe will also natively supporting a lot of the functionality that subreddits currently build into the sidebar via a widget system. For instance, a calendar widget will allow subreddits to easily display upcoming events. We’d like this feature and many like it to be accessible to all communities.\n\nHow are we going to get there? We’ll be working closely with as many of you as possible to design these features. The process will span the next few months. We have a lot of ideas already and are hoping you’ll help us add and refine even more. The transition isn’t going to be easy for everyone, so we’ll assist communities that want help (i.e. we’ll do it for you). u/powerlanguage will be reaching out for alpha testers.\n\n##**Mod Tools**\n\nMod tools have evolved over time to be some of the most complex parts of Reddit, both in terms of user experience and the underlying code. We know that these tools are crucial for the maintaining the health of your communities, and we know many of you who moderate very large subreddits depend on third-party tools for your work. Not breaking these tools is constantly on our mind (for better or worse).\n\nWe’re in contact with the devs of Toolbox, and would like to work together to port it to the redesign. Once that is complete, we’ll begin work on updating these tools, including supporting natively the most requested features from Toolbox.\n\nThe existing site and the redesigned site will run in parallel while we make these changes. That is, we don’t have plans for turning off the current site anytime soon. If you depend on functionality that has not yet been transferred to the redesign, you will still have a way to perform those actions.\n\nWhile we have your attention… we’re also growing our internal team that handles spam and bad-actors. Our current focus is on report abuse. We’ve caught a lot of bad behavior. We hope you notice the difference, and we’ll keep at it regardless.\n\n##**Moving Forward**\n\nWe know moderation can feel janitorial–thankless and repetitive. Thank you for all that you do. Our goal is to take care much of that burden so you can focus on helping your communities thrive.\n\nBig changes are ahead. These are fundamental, core issues that we’ll be grappling with together–changes to how communities are managed and express identity are not taken lightly. We’ll be giving you further details as we move forward, but wanted to give you a heads up early.\n\nThanks for reading.\n\nupdate: now that I've cherry-picked all the easy questions, I'm going to take off and leave the hard ones for u/powerlanguage. I'll be back in a couple hours.",
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"markdown": "Hi All,\n\nI want to give you all an update with the things that are keeping us busy, and hopefully as a result, making you less busy:\n\n* **Spam**: Last quarter we saw a huge increase in spam, including a handful of heavy attacks. We diverted resources to combat this, and we have made quite a bit of progress, lowering user reported spam by over 60% from its high point last quarter. We still have plenty of work to do, but we are making steady progress. Removing as spam or reporting as such are still the most effective ways to help.\n\n* **Account Take-Overs** (ATOs): In response to our improved spam-fighting measures, the bad-guys have been targeting existing accounts, compromising them for the purpose of spamming and vote cheating. We are fighting ATOs on the engineering side, but ATOs also create a burden on our community team to notify affected users, send password reset emails, etc. We are working on automating the notification and recovery processes to free up our community managers. The root cause of the issue is poor passwords. Please use strong and unique passwords.\n\n* **Support Backlog**: Because of the aforementioned issues, our community team is swamped with support tickets. We are doing a good job keeping up with the incoming flow, but we do have a backlog that is taking time to work through. We are sorry for any delays. The good news is we have a number of new people joining the team over the next few weeks that will help.\n\n* **Modmail**: I am happy to report that we finally have a team dedicated to working on a new system for moderator mail. To this point, we have tried a number of approaches and have had a handful of false starts, but we have not made the sort of progress we would like. The current system is a series of hacks built on an old code base, and because of this, we have decided to build modmail as a new, separate system. This will allow us to develop it without disrupting your current workflows. We know this is where you spend a lot of your time, and we are working hard to make it more effective.\n\nWe appreciate all you do for Reddit as moderators, and we appreciate seeing the questions you ask in this community. We are particularly thankful for those of you who jump in and help the other moderators here and elsewhere.\n\n– The Reddit Team",
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"markdown": "Today we are introducing standardized [API Terms of Use](/wiki/api). You, our community of developers, are important to us, and have been instrumental to the success of the Reddit platform. First and foremost, we want to reaffirm our commitment to providing (and improving!) a public API.\n\nThere are a couple of notable changes to the API terms that I’d like to highlight. The first is that we are requesting all users of the API to register with us. This provides a point of contact for when we have important updates to share; provides a point of contact for when things go wrong; and helps us prevent abuse.\n\nWe are also no longer requiring a special licensing agreement to use our API for commercial purposes. We do request that you seek approval for your monetization model in the registration process.\n\nWe have added clarity about the types of things that the API is not intended for–namely applications that promote illegal activity, disrupt core Reddit functionality, or introduce security risks. But you weren’t doing any of these things anyway.\n\nWe still require users of our API to comply with our User Agreement, Privacy Policy, API Usage Limits, and any other applicable laws or regulations. We will continue to require the use of OAuth2. We understand moving to OAuth2 can take time, so we are giving developers until March 17th to make this change.\n\nWe look forward to working with you more to create great experiences for our communities. There are many wonderful projects built on our API, and we would love to see even more. Thank you for all that you do.\n\nYou can contact the api@reddit.com alias to ask questions about the API service.",
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"markdown": "Hey Everyone, I'm Steve, aka spez, the new CEO around here. For those of you who don't know me, I founded reddit ten years ago with my college roommate Alexis, aka kn0thing. Since then, reddit has grown far larger than my wildest dreams. I'm so proud of what it's become, and I'm very excited to be back.\n\nI know we have a lot of work to do. One of my first priorities is to re-establish a relationship with the community. This is the first of what I expect will be many AMAs (I'm thinking I'll do these weekly).\n\nMy proof: it's me!\n\nedit: I'm done for now. Time to get back to work. Thanks for all the questions!",
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}🤖 Why Code When AI Can Do It For You?
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Reddit username
Sort order, default is NEW Options: NEW, TOP, HOT, CONTROVERSIAL
Pagination parameter, used to fetch the next page
Whether to clean/sanitize the data
The response is of type object.