$RDDT · Schwab Network · 2026-10-29
Reddit第三季度营收（增长53%至8.95亿美元）和每股收益（1.40美元）均超预期，但搜索引荐流量大幅下降，公司警告若这一趋势持续，日活跃用户可能降至10%出头的区间；第四季度营收10亿至10.3亿美元、调整后EBITDA 4.8亿至5.1亿美元的指引低于预测。与会者称这对Reddit是件大事，自上次财报以来股价已下跌约30%，并表示投资者希望看到其能展示平台价值的证据。
逐段跳播
但当我们进入下一个话题时，如果我们看看 Reddit，我们会发现它已经下跌了超过10%。他们第三季度的收入同比增长53%至8.95亿美元。这超过了8.69亿美元的预期。本季度净利润为2.833亿美元。
这相当于每股摊薄收益1.40美元。两者均同比增长70%并超出预期。调整后EBITDA为4.023亿美元，同比增长70%。这也高于预期。
But as we move on to the next topic, if we take a look at Reddit, we see that it has dropped by more than 10%. Their revenue in the third quarter increased 53% year-on-year to $895 million.
This exceeded the forecast of $869 million. Net income for the quarter was $283.3 million. This equates to diluted EPS of $1.40 per share. Both grew 70% year-on-year and exceeded expectations.
Adjusted EBITDA was $402.3 million, up 70% year-on-year. This was also higher than forecast.
本季度日活跃用户数为1.303亿。这低于目标，但仅差300万用户。第三季度搜索推荐流量显著下降。Reddit 警告称，如果搜索推荐流量的下降持续下去，日活跃用户数可能会降至10%出头的低区间。
The number of daily active users for the quarter was 130.3 million. This is below the target , but only by 3 million users. Search referral traffic decreased significantly in the third quarter.
Reddit has warned that if this decline in search referral traffic continues, the number of daily active users could drop to the low 10 percent range.
对于第四季度，他们预测收入为10亿至10.3亿美元。调整后EBITDA为4.8亿至5.1亿美元，两者均低于预测。
And for the fourth quarter, they forecast revenue of $1 billion to $1.03 billion. Adjusted EBITDA is $480 to $510 million, both of which are lower than forecasts.
Sam，我想知道你对这件事的看法。我们仍然下跌7.5%，但搜索推荐流量和 Reddit 已经成为与 Google 和 Gemini 对话的一部分，以及这些 AI 代理如何影响他们的流量。
但现在我们得到了真实信号。我的意思是，他们说第三季度显著下降。如果他们无法达成协议来恢复这些数字，对 Reddit 来说会有多灾难性？
Sam, I would like to know your opinion on this matter. We're still down 7.5%, but search referral traffic and Reddit has become part of this conversation with Google and Gemini and how these AI agents are impacting their traffic.
But now we are getting real signals. I mean, they're saying it dropped significantly in the third quarter. How disastrous could it be for Reddit if they ca n't come to a deal to restore these numbers?
是的，我认为这对 Reddit 来说是个大问题，因为自上次财报以来股价下跌了约30%。考虑到我们从 Google 搜索听到的情况，这非常有趣，因为分析师称其被蚕食或以今天的方式被消耗。
我的问题是，就推荐流量而言，这对 Reddit 意味着什么？
Yes, I think this is a big deal for Reddit because the stock is down about 30% since the last earnings. This is very interesting in the context of what we are hearing from Google search , as analysts are referring to it as being cannibalized or consumed in the way it is today.
My question is, what will this mean for Reddit in terms of referral traffic?
在所有这些 AI 智能体之中，投资者本质上是在要求公司去了解人们彼此之间是如何互动的，而这也是一种期待，即公司会努力凸显其平台的价值。所以，看看他们在电话会上怎么说吧，尤其是因为存在一种预期和可能性，即他们会试图把话题往那个方向引导。我认为投资者只是想看到这方面的证据。
Amidst all these AI agents, investors are essentially asking the company to learn how people are interacting with each other, and this is the expectation that the company will try to highlight the value of its platform.
So, let's see what they say on the call, especially since there is an expectation and possibility that they will try to turn the issue in that direction. I think investors just want to see proof of that.
Reddit 股价下跌了约10%。
Reddit shares fell by about 10%.
观察点
这个频道对 $RDDT 的历次判断
Schwab Network 在这只股票上共 4 条判断，这里只列相邻的几条。