$RDDT · Schwab Network · 2026-10-30
Reddit的强势地位已出现裂痕：财报发布后股价下跌逾20%，今年以来累计跌幅已超过43%，因其与Alphabet的搜索合作关系连续第二个季度降温。上一季度的超预期表现如今已无关紧要；美国用户下降2%，CEO警告称，随着搜索推荐流量每周减少逾100万，第四季度用户可能以两位数速度下滑，而投资者怀疑24%的国际增长能否抵消美国市场的放缓；强制登录测试可能只能奏效一次。
逐段跳播
不过我们先来谈谈 Reddit。这已经是连续第二个季度，Reddit 与 Alphabet 的关系在变冷，而且这已经造成了重大影响。
but let's talk about Reddit for a moment. This is the second quarter in a row where this relationship with Alphabet is getting colder and it has had a major impact.
是的，Reddit 的强势地位确实已经出现裂痕，从今天股价承受的压力就能看出来。Reddit 股价已下跌超过 20%，跌势仍在延续。这是一次大幅下跌，跌幅约 25%。要知道，今天开盘时它自年初以来就已经下跌超过 43%，所以这进一步加重了本已存在的压力。
Yes, Reddit's strong position has definitely cracked and you can see it in the pressure on the shares today. Reddit shares have fallen by more than 20%, so the decline continues.
This is a steep decline , down about 25%. Keep in mind, at the start of the day today it was already down more than 43% since the start of the year , so this is adding further pressure to the pressure.
他们上一季度实际上超出了预期，但现在这已经不重要了。每股收益为 1.40 美元，营收为 8.95 亿美元。
They actually exceeded expectations last quarter, but that does n't matter now. Earnings per share were $1.40, revenue was $895 million.
问题在于美国用户增长的情况。用户增长了 12%，但低于预期，活跃用户为 1.303 亿。美国用户实际上减少了 2%。国际用户则以 24% 的快速速度增长。
The problem is what US user growth looks like. It grew by 12% , but that was less than expected , so they had 130.3 million active users. US users actually decreased by 2%. International users grew at a rapid pace of 24%.
所以问题是，海外扩张能否弥补美国的放缓？在投资者看来，目前这显然还不够。点击量正在下降，因为 Alphabet 与 Google 之间存在那种关系：你搜索之后就会进入 Reddit。
So the question is, can overseas expansion make up for the slowdown in the United States? According to investors, that is clearly not enough at the moment. And the clicks are getting lower because Alphabet had that relationship with Google where if you searched you would go to Reddit.
你本可以点击进去，但 CEO 说搜索引荐量正在减少，这就是 Google 流量的运作方式。他说 10 月份平均每周下降超过 100 万。
You could have clicked on it, but the CEO says that search referrals are decreasing, which is how Google traffic works. He said it was dropping by an average of more than 1 million per week in October.
他警告说，如果这一趋势持续下去，第四季度的用户数可能会在当前基数上以两位数速度下降，也就是处于低位、但仍是两位数的降幅。
If this trend continues, he warns that the number of users in the fourth quarter could decline at a double-digit rate from the current base, i.e. at a low, but still double-digit rate.
所以，他们计划测试另一件事，而我作为用户也亲身经历过，因为我个人曾通过 Google 搜索使用 Reddit，不想登录。但现在我亲身经历了强制登录。他们计划测试强制用户登录。他们说会从美国以外开始。
So, they're planning to test another thing , and I've seen it myself as a user, because I personally used Reddit through Google search, not wanting to log in. But now I have personally experienced forced login.
They plan to test forcing users to log in. They say it will start outside the United States.
你好，我在美国。Reddit 面临的压力正在加大，Alex。是的，这似乎是 Reddit 的一步棋，类似于 Netflix 收紧密码共享的做法。
Hello, I am here in the United States. The pressure on Reddit is mounting , Alex. Yes, this seems to be a move by Reddit, similar to Netflix's password tightening.
这个策略只能用一次，我们看看它是否像 Netflix 的尝试那样成功。
This strategy can only be used once, let's see if it is as successful as Netflix's attempt.
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。