$RDDT: Growth Without the Noise

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Stop SaaD in its tracks

Amid the market’s relentless rally this year, one stock has moved to its own rhythm: Reddit $RDDT ( ▲ 1.89% ) . Once dismissed as a niche social platform, the company has quietly built one of the most engaged audiences on the web—now the #3 most visited site in the U.S., ahead of Amazon $AMZN ( ▼ 0.55% ) , according to Similarweb $SMWB ( ▲ 0.84% ) data. With AI models feeding on Reddit’s unique data and user interactions, the platform is increasingly positioned as both a cultural and technological backbone of the internet.

Yet, investors have spent much of the year questioning Reddit’s staying power. Concerns over its reliance on data licensing and speculation around AI-related revenue sources briefly overshadowed its fundamentals. That changed with the company’s latest Q3 results, which delivered a sharp rebound in sentiment. Revenue surged 68% year over year to $585 million, smashing expectations by a wide margin. Despite the beat and the upbeat outlook management provided, shares have barely moved, creating a good entry point for long-term investors. Let’s take a deeper dive.

What’s Driving Reddit’s Momentum

The core of Reddit’s strength lies in engagement—and more importantly, in where that engagement is coming from. U.S. user growth was the biggest surprise in Q3. Many analysts had predicted saturation after flat sequential daily active users (DAUs) in Q2, but Reddit added 1.3 million new U.S. users, reaching 51.6 million DAUs, a 7% year-over-year gain. International growth was even stronger, up 31% year over year, fueled by machine translation that now localizes English-language content across 30 additional languages. That effort has made Reddit far more global than in its pre-IPO days, transforming it into a truly cross-border social ecosystem.

Revenue per user also tells a compelling story. U.S. ARPU surged 54% to $9.04, while international ARPU jumped 39% to $1.84. These figures reflect advertisers’ growing confidence in Reddit’s platform.

Unlike traditional social media, Reddit hosts authentic, unfiltered discussions that brands increasingly view as fertile ground for high-intent advertising. Conversion rates have improved sharply, driven by machine learning optimizations and the rollout of Dynamic Product Ads—an early but promising lower-funnel ad format. Advertiser count grew 75% year over year, with notable traction among small and mid-sized businesses.

Financials That Defy the Skeptics

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