Reddit Inc (RDDT) 2025 Q2 法說會逐字稿

Good afternoon. My name is [Krista], and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's second-quarter 2025 earnings call. (Operator Instructions)

午安.我的名字是 [Krista]，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Reddit 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Jesse Rose, Head of Investor Relations. Jesse, you may begin your conference.

現在我想將電話轉給投資者關係主管傑西羅斯 (Jesse Rose)。傑西，你可以開始你的會議了。

Hi, everyone. Welcome to Reddit's second-quarter 2025 earnings call. Joining me are Steve Hoffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO.

大家好。歡迎參加 Reddit 2025 年第二季財報電話會議。與我一起參加的還有 Reddit 聯合創始人兼執行長 Steve Hoffman、Reddit 營運長 Jen Wong 和 Reddit 財務長 Drew Vollero。

I'd like to remind you that our remarks today will include forward-looking statements and actual results may vary. Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call and we undertake no obligation to update any forward-looking statements. During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders.

我想提醒您，我們今天的評論將包括前瞻性陳述，實際結果可能會有所不同。有關可能導致這些結果變化的風險和其他因素的資訊包含在我們的 SEC 文件中。這些前瞻性陳述僅代表我們截至本次電話會議之日的展望，我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務狀況。在我們致股東的信中可以找到 GAAP 與非 GAAP 財務狀況的對帳表。

Our second-quarter letter to shareholders and earnings press release are available on our Investor Relations website and Investor Relations subreddit.

我們第二季致股東的信和收益新聞稿可在我們的投資者關係網站和投資者關係 subreddit 上查閱。

And now I'll turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thanks, Jesse. Hi, everyone, and thank you for joining our Q2 earnings call. It's been another strong quarter for Reddit with particularly strong performance on the revenue and profitability lines and I'm proud of how the company is executing as we move into the second half of 2025.

謝謝，傑西。大家好，感謝您參加我們的第二季財報電話會議。對於 Reddit 來說，這又是一個強勁的季度，收入和盈利能力表現尤為出色，我對公司在進入 2025 年下半年時的表現感到自豪。

A personal highlight for me was meeting with advertisers in Cannes earlier this summer. The trip was a good barometer for how brands view Reddit today. They want to work with us. They understand our distinct role on the Internet and they recognize we deliver real value to their businesses. During a demo of Reddit Insights, our new AI-powered brand insights product, a client remarked, this will be our Super Bowl ad next year.

對我個人來說，最精彩的一次是今年夏初在坎城與廣告商的會面。這次旅行很好地體現了品牌如今對 Reddit 的看法。他們想和我們合作。他們了解我們在網路上的獨特角色，並認識到我們為他們的業務帶來真正的價值。在我們新推出的人工智慧品牌洞察產品 Reddit Insights 的展示過程中，一位客戶評論道，這將成為我們明年的超級盃廣告。

Okay, on to the numbers. Revenue grew 78% year over year to $500 million, our fastest quarterly growth rate since 2022. Daily active users grew to 110 million, up 21% year over year with growth in both the US and international markets. This was driven mainly by product improvements and increased marketing activity. And this was our most profitable quarter yet. These results are a testament to our work, our users,1 and the power of Reddit's communities.

好的，繼續討論數字。營收年增 78%，達到 5 億美元，這是自 2022 年以來最快的季度成長率。每日活躍用戶成長至 1.1 億，年增 21%，美國和國際市場均成長。這主要得益於產品改進和行銷活動的增加。這是我們迄今為止獲利最多的一個季度。這些結果證明了我們的工作、我們的用戶 1 以及 Reddit 社群的力量。

We'll get to Q2 shortly, but what excites me most is what's ahead. The world and the Internet are rapidly changing, and I believe Reddit has a once-in-a-generation opportunity. For people, conversation and connection are becoming more valuable and rare. In a world increasingly dominated by algorithms and automation the need for human voices has never been greater. We see this every day as nearly 50 million scrollers come to Reddit for their favorite communities and 60 million seekers land on Reddit in search of better answers to their questions.

我們很快就會進入第二季度，但最讓我興奮的是未來會發生什麼。世界和網路正在迅速變化，我相信 Reddit 面臨著千載難逢的機會。對人們來說，對話和聯繫變得越來越珍貴和稀有。在這個日益被演算法和自動化所主導的世界裡，對人類聲音的需求從未如此強烈。我們每天都會看到這樣的情況：有近 5000 萬瀏覽者來到 Reddit 尋找他們最喜歡的社區，有 6000 萬搜索者來到 Reddit 尋找問題的更好答案。

In fact, 80% of users in a recent survey that they believe some questions can only be answered by humans as opposed to AI-generated summaries. For LLMs and AI search engines, these conversations and the knowledge they create are essential for training. Platforms like Reddit where people discuss every aspect of life from the trivial to the transformative of a backbone of building AI that actually works. That's why Reddit is the number one most-cited domain for AI across all models per data collected by ProFound.

事實上，最近的一項調查顯示，80% 的用戶認為有些問題只有人類才能回答，而不是人工智慧產生的摘要。對於法學碩士和人工智慧搜尋引擎來說，這些對話和他們創造的知識對於培訓至關重要。在 Reddit 這樣的平台上，人們可以討論生活的方方面面，從瑣碎的小事到構建真正有效的人工智慧的支柱的變革。這就是為什麼根據 ProFound 收集的數據，Reddit 是所有模型中 AI 領域被引用最多的領域。

In an automated world that depends on human knowledge, we view Reddit as one of the most important and differentiated data sources. We believe this validates what we've always thought, human conversation is not being replaced by AI. Instead, it's becoming more important. AI doesn't invent knowledge. It learns from us from real people sharing real perspectives. You can't have artificial intelligence without actual intelligence.

在依賴人類知識的自動化世界中，我們將 Reddit 視為最重要和最差異化的資料來源之一。我們相信這證實了我們一直以來的想法，即人類對話不會被人工智慧取代。相反，它變得越來越重要。人工智慧不會發明知識。它透過真實的人分享真實的觀點向我們學習。沒有實際的智慧就不可能有人工智慧。

And for brands, Reddit's authenticity creates something rare, a direct connection with people when they're seeking trustworthy opinions. As more of the content you see online is synthesized, summarized, and sanitized by AI, Reddit stands out for its honesty and subjectivity. For many questions, there isn't a single objective answer. People want multiple viewpoints and live experiences. This is why Reddit is synonymous with product and service recommendations. People turn to Reddit when they want to make informed decisions fast.

對於品牌來說，Reddit 的真實性創造了一些罕見的東西，當人們尋求可信的意見時，它與人們建立了直接的聯繫。隨著人們在網路上看到的內容越來越多地由人工智慧合成、總結和淨化，Reddit 因其誠實性和主觀性而脫穎而出。對於許多問題，沒有一個客觀的答案。人們想要多種觀點和現場體驗。這就是為什麼 Reddit 是產品和服務推薦的代名詞。當人們想要快速做出明智的決定時，他們就會求助於 Reddit。

We see tremendous potential to grow our user base and deepen engagement, and we're moving quickly to align priorities and resources to capture that opportunity. As a first step, we clarified our product strategy and our investing and making Reddit a better experience for everyone who comes to the platform, whether they're scrolling their favorite subreddit, seeking input on a purchase or discover new -- a new community for the first time.

我們看到了擴大用戶群和深化參與的巨大潛力，我們正在迅速調整優先事項和資源以抓住這一機會。作為第一步，我們明確了我們的產品策略和投資，讓 Reddit 為來到這個平台的每個人提供更好的體驗，無論他們是在瀏覽自己喜歡的 subreddit、尋求購買意見還是第一次發現新的社群。

The focus on the areas that matter most, we are deprioritizing a few initiatives, including our work on the user economy. It's still an opportunity we believe in, but we're concentrating our resources on the areas that will drive results for our most pressing needs, improving the core product, making Reddit a go-to search engine, and expanding internationally. This is what we're working on right now.

我們把重點放在最重要的領域，降低了一些措施的優先級，包括我們在用戶經濟方面的工作。我們仍然相信這是一個機會，但我們會將資源集中在能夠滿足我們最迫切需求的領域，改進核心產品，使 Reddit 成為首選搜尋引擎，並進行國際擴張。這就是我們現在正在做的事情。

Let's start with the core product. First impressions matter, and we want to make your first moments on Reddit sticky and worth coming back for. We're zeroing in on a few key areas, making onboarding even more intuitive and search forward, lowering barriers to log in and contribute, and using AI to help people find their home, whether that's through real-time personalization or smarter community discovery. We're also moving fast on human verification to preserve Reddit's authenticity, something our users have repeatedly asked for and were eager to deliver on.

讓我們從核心產品開始。第一印像很重要，我們希望讓您在 Reddit 上的第一印象留下深刻印象，值得再次光臨。我們專注於幾個關鍵領域，使入職更加直觀和搜尋更深入，降低登入和貢獻的門檻，並使用人工智慧來幫助人們找到自己的家，無論是透過即時個人化還是更聰明的社群發現。我們也在快速推進人工驗證，以維護 Reddit 的真實性，這是我們的用戶反覆要求並渴望實現的。

Second is search. Reddit is one of the few platforms positioned to become a true search destination. We offer something special, a breadth of conversations and knowledge you can't find anywhere else. Every week, hundreds of millions of people come to Reddit looking for advice and returning more of that intent into active users of Reddit's native search. We're seeing good traction here as our core search product now has 70 million weekly users and Reddit Answers has grown to 6 million, up from 1 million last quarter.

第二是搜尋。Reddit 是少數定位於成為真正搜尋目的地的平台之一。我們提供一些特別的東西，廣泛的對話和知識，您在其他任何地方都找不到。每週，數億人來到 Reddit 尋求建議，並將更多的意圖轉化為 Reddit 原生搜尋的活躍用戶。我們看到了良好的發展勢頭，因為我們的核心搜尋產品現在每週擁有 7000 萬用戶，Reddit Answers 的用戶數量已從上一季的 100 萬增長到 600 萬。

Next, we're expanding Reddit Answers globally, integrating it more deeply into the core search experience and making search a central feature across Reddit. Preparing these product updates with marketing initiatives to increase awareness and adoption of Reddit Answers worldwide.

接下來，我們將在全球擴展 Reddit Answers，將其更深入地融入核心搜尋體驗，並使搜尋成為 Reddit 的核心功能。透過行銷活動準備這些產品更新，以提高全球對 Reddit Answers 的認識和採用。

And finally, international expansion. Machine translation is now live in 23 languages unlocking Reddit for millions of people across Asia, Europe, and Latin America. This is just the start of a growth flywheel. Translation and marketing bring people in, localized content and app experience deep in relevancy, and skilled moderator recruitment creates stronger ecosystems.

最後，國際擴張。機器翻譯現已支援 23 種語言，為亞洲、歐洲和拉丁美洲的數百萬人解鎖 Reddit。這只是成長飛輪的開始。翻譯和行銷吸引人才，在地化內容和應用體驗具有深度相關性，而熟練的主持人招募則創造了更強大的生態系統。

Our goal is for Reddit to be self-sustaining in these countries and the early results are promising. Recently, we celebrated Reddit's 20th year. And I've never been more excited about our business and the potential than I am today. The Internet is evolving and our role as a community-powered platform for human connection is only becoming more critical. This next chapter is ours to write and we're finishing the first pages already.

我們的目標是讓 Reddit 在這些國家實現自我維持，早期的成果是令人鼓舞的。最近，我們慶祝了 Reddit 成立 20 週年。我從未像今天這樣對我們的業務和潛力感到興奮。互聯網正在不斷發展，我們作為人類聯繫的社區平台的作用變得越來越重要。下一章由我們來書寫，我們已經完成了第一頁。

As I said before, we control our own destiny, and we're focused on building Reddit into the most human trusted place on the Internet. Thank you to our team, the moderators and users for making Reddit what it is today.

正如我之前所說，我們掌握著自己的命運，我們致力於將 Reddit 打造成為網路上最受人類信賴的地方。感謝我們的團隊、版主和用戶，是你們讓 Reddit 成為了今天的樣子。

With that, I'll hand it over to Jen to take you through the consumer and ask product strategy in more detail. Jen?

接下來，我將把主題交給 Jen，讓她更詳細地介紹消費者和產品策略。珍？

Thanks, Steve. Good afternoon, everyone. The second quarter demonstrated continued growth and strong execution with total revenue reaching $500 million, up 78% year over year. Our unique proposition and ad-platform improvements continue to deliver differentiated growth and positive outcomes for advertisers.

謝謝，史蒂夫。大家下午好。第二季度表現出持續的成長和強勁的執行力，總收入達到 5 億美元，年增 78%。我們獨特的主張和廣告平台的改進繼續為廣告商帶來差異化的成長和積極的成果。

Before discussing the ads business, I'll share some thoughts on the consumer product strategy and initiatives. You heard Steve discuss our three consumer product priorities: core product, search, and internationalization. I'm incredibly excited by the opportunity ahead for us to deliver fresh, helpful, and ending conversations to a broader audience and build a best-in-class search product that brings real perspectives from real people.

在討論廣告業務之前，我想先分享一些關於消費產品策略和舉措的想法。您聽到史蒂夫討論了我們的三個消費產品重點：核心產品、搜尋和國際化。我對我們未來的機會感到非常興奮，我們將為更廣泛的受眾提供新鮮、有益和結束的對話，並建立一個一流的搜尋產品，帶來真實的人的真實觀點。

Steve and I, are working closely to refine the product road map and aligning our investments to deliver more substantive improvements that we believe can drive consistent user growth and engagement. In addition, we're complementing our product investments with paid marketing strategy. We're testing a full-funnel-consumer-marketing approach designed to grow user awareness and consideration increase engagement and find new users by educating a wider audience on Reddit's use cases and value proposition.

史蒂夫和我正在密切合作，完善產品路線圖，並調整我們的投資，以提供更實質的改進，我們相信這些改進可以推動用戶的持續成長和參與度。此外，我們也透過付費行銷策略補充我們的產品投資。我們正在測試一種全通路消費者行銷方法，旨在透過向更廣泛的受眾介紹 Reddit 的用例和價值主張來提高用戶意識和考慮度，增加參與度並尋找新用戶。

We're encouraged by the brand campaign in France that's boosting awareness of Reddit and its local communities and bringing in new users to a more robust, French, immersive, global, and local experience. These initiatives are early, but we're moving quickly and we'll have more to share in the coming quarters.

我們對法國的品牌活動感到鼓舞，該活動提高了人們對 Reddit 及其當地社區的認識，並吸引了新用戶來體驗更強大、更法國化、更身臨其境、更全球化和更本地化的體驗。這些舉措尚處於早期階段，但我們正在迅速推進，並將在未來幾季分享更多資訊。

Now moving to monetization. The advertising business grew 84% year over year in Q2, reaching $465 million. The growth was driven by broad-based strength across the business, with the majority of our growth coming from existing advertisers who are deepening their investments and retaining their share of spend with us. We also continue to acquire new customers. Total active advertiser count expanded by over 50% year over year in Q2, spinning large, mid-market and small- and medium-sized businesses.

現在轉向貨幣化。第二季廣告業務年增84%，達4.65億美元。這一增長是由整個業務的廣泛實力推動的，其中大部分增長來自現有廣告商，他們正在深化投資並保留在我們這裡的支出份額。我們還在繼續招募新客戶。第二季活躍廣告主總數較去年同期成長超過 50%，吸引了大中型企業和中小型企業。

Moving to our ad stack. Our strategy is focused on making all businesses successful on Reddit, by, one, driving performance across objectives; two, improving usability for advertisers and productivity for our sales force; and three, offering our advertisers ready unique solutions and ad formats.

轉到我們的廣告堆疊。我們的策略重點是讓所有企業在 Reddit 上取得成功，首先，推動跨目標的績效；其次，提高廣告商的可用性和銷售人員的生產力；第三，為我們的廣告商提供現成的獨特解決方案和廣告格式。

We made meaningful progress against each of these areas in Q2. First, ongoing investments in our ad models and formats are driving performance improvements, including higher click and conversion volume and incremental return on ad spend. Our shopping solution, dynamic product ads or DPA, is now generally available after a successful beta that delivered strong performance across verticals.

我們在第二季度針對上述每個領域都取得了有意義的進展。首先，我們對廣告模式和格式的持續投資正在推動績效的提升，包括更高的點擊量和轉換量以及廣告支出的增量回報。我們的購物解決方案、動態產品廣告或 DPA，在成功測試並在各個垂直領域表現出色後，現已普遍可用。

Reddit advertisers are integrating DPA into their full-funnel strategies as an always-on lever and consistently achieving a return on ad spend that is on average two times higher than standard conversion campaigns. Growing adoption of our measurement tools, including our conversion API, is strengthening our lower-funnel strategy with CAPI covered conversion revenue tripling year over year in Q2.

Reddit 廣告主正在將 DPA 整合到他們的全通路策略中，作為一種始終有效的槓桿，並持續實現比標準轉換活動平均高出兩倍的廣告支出回報率。我們的測量工具（包括我們的轉換 API）的採用率不斷提高，這加強了我們的低漏斗策略，CAPI 覆蓋的轉換收入在第二季度同比增長了兩倍。

Second, improving usability for our advertisers and productivity for our sales force. We're continuing to enable advertisers to activate Reddit campaigns through connections into third-party tools used for multichannel strategies. Our new Smartly integration that launched to all advertisers in Q2 combines Reddit audience and performance with Smartly's AI-powered advertising platform. This makes it easier for advertisers to launch, scale and optimize ready campaigns, including DPA.

其次，提高廣告客戶的可用性和銷售人員的工作效率。我們將繼續幫助廣告商透過連接到用於多管道策略的第三方工具來啟動 Reddit 活動。我們在第二季向所有廣告商推出的全新 Smartly 整合將 Reddit 受眾和效能與 Smartly 的人工智慧廣告平台結合在一起。這使得廣告主可以更輕鬆地啟動、擴展和優化現成的廣告活動，包括 DPA。

Third, building Reddit unique solutions and ad formats. We're excited to introduce our trademark Reddit Community Intelligence at the Cannes Lion Conference in June. Reddit Community Intelligence is the collective knowledge from the billions of human conversations across Reddit. It powers our ads and insights products to help marketers drive performance and make more informed business decisions.

第三，建構Reddit獨特的解決方案和廣告格式。我們很高興在六月的坎城國際創意節大會上推出我們的商標「Reddit Community Intelligence」。Reddit 社群情報是 Reddit 上數十億人次對話的集體知識。它為我們的廣告和洞察產品提供支持，幫助行銷人員提高績效並做出更明智的商業決策。

Two early-stage products demonstrate its value and potential. Reddit Insights for agencies and AI-powered listing tool that uncovers strategic value from two decades of ready conversations, for example, what people think about a brand, product, service and its position relative to competitors, offering real-time insights for campaign strategy, creative testing and better decision-making.

兩款早期產品展示了其價值和潛力。Reddit Insights 是面向機構和人工智慧驅動的清單工具，可以從二十年的現成對話中發現戰略價值，例如，人們對品牌、產品、服務及其相對於競爭對手的地位的看法，為活動策略、創意測試和更好的決策提供即時洞察。

And Conversation Summary add-ons, an ad feature that integrates positive ready user conversations directly into ads, allowing people to see what communities think about a product or brand. So far, this new ad format is delivering over 10% higher click-through rates than standard image ads.

對話摘要附加元件是一項廣告功能，它將積極的用戶對話直接整合到廣告中，讓人們了解社群對產品或品牌的看法。到目前為止，這種新廣告形式的點擊率比標準圖片廣告高出 10% 以上。

And finally, to support businesses with building an organic presence on Reddit, we continue to enhance Reddit Pro with new profile tools. Now, businesses can use AI tools to more easily generate profile bios and cross-post community discussions directly from Reddit Pro to build their presence and connect with Reddit's 100,000-plus communities. When official brands and entities advertise and engage on Reddit, it not only improves the Reddit experience for users, but it also makes advertisers and businesses more successful.

最後，為了支持企業在 Reddit 上建立自然形象，我們繼續透過新的個人資料工具增強 Reddit Pro。現在，企業可以使用 AI 工具更輕鬆地直接從 Reddit Pro 生成個人簡介和交叉發布社群討論，以建立自己的影響力並與 Reddit 的 100,000 多個社群建立聯繫。當官方品牌和實體在 Reddit 上做廣告和互動時，它不僅可以改善用戶的 Reddit 體驗，還可以使廣告商和企業更加成功。

Overall, Q2 was another strong quarter for Reddit. I'm proud of the progress and the improvements we're delivering for our communities and advertising partners. Reddit has never felt more essential to people and businesses, and we believe there's a lot of opportunity ahead.

總體而言，第二季對 Reddit 來說又是一個強勁的季度。我為我們為社區和廣告合作夥伴的進步和改進感到自豪。Reddit 對個人和企業來說從未如此重要，我們相信未來還有很多機會。

Now I'll turn the call over to Drew.

現在我將把電話轉給德魯。

Thank you, Jen, and good afternoon, everyone. Our strong second-quarter results demonstrated the financial model continues to scale very well here at Reddit. The catalyst this quarter was the top line, which grew 78%, the highest growth in over three years, which in turn fueled new highs in net income and adjusted EBITDA. In the quarter, we had strong execution across our five financial strategies and the results speak for themselves.

謝謝你，Jen，大家下午好。我們強勁的第二季業績表明，Reddit 的財務模型繼續保持良好的擴展性。本季的催化劑是營業收入成長了 78%，這是三年來的最高增幅，進而推動淨收入和調整後 EBITDA 創下新高。本季度，我們強而有力地執行了五項財務策略，其結果不言而喻。

These strategies include: one, differentiated revenue growth. Revenues reached $500 million, over $70 million higher than our previous top selling quarter. Revenues grew 78% in Q2, accelerating 17% sequentially. That's well above peers.

這些策略包括：一、差異化收入成長。營收達到 5 億美元，比我們上一季的最高銷售額高出 7,000 多萬美元。第二季營收成長 78%，比上一季成長 17%。這遠高於同行。

Second, scaling profitably. Adjusted EBITDA hit $167 million in Q2 and GAAP net income reached $89 million. We found a sweet spot this quarter with both revenue growth and profitability. Our combined revenue growth rate and adjusted EBITDA margin hit 111%, a new high for Reddit.

第二，擴大獲利。第二季調整後 EBITDA 達到 1.67 億美元，GAAP 淨收入達到 8,900 萬美元。本季度，我們找到了營收成長和獲利的最佳平衡點。我們的綜合營收成長率和調整後的 EBITDA 利潤率達到 111%，創下 Reddit 的新高。

Three, expanding margins. Adjusted EBITDA margin reached 33%, up over 1,900 basis points year over year, and the net income margin was 18%, up from a loss last year. On the product side, gross margins expanded 130 basis points to 90.8%, our fourth consecutive quarter of 90% plus.

三、擴大利潤空間。調整後的 EBITDA 利潤率達到 33%，年成長超過 1,900 個基點，淨利潤率為 18%，高於去年的虧損。在產品方面，毛利率擴大 130 個基點至 90.8%，這是我們連續第四個季度達到 90% 以上。

Fourth, generating positive cash flow Q2 free cash flow ended $111 million, and our free cash flow margin for the quarter was 22% of revenue. Our free cash flow was $237 million through the first two quarters.

第四，產生正現金流第二季自由現金流結束於1.11億美元，本季我們的自由現金流利潤率為營收的22％。前兩季我們的自由現金流為 2.37 億美元。

And fifth, minimizing dilution. This quarter, we made our annual grants to employees, but share increases were still modest, up 575,000 shares to 206.6 million shares and the total dilution is up less than 1% for the year to date.

第五，盡量減少稀釋。本季度，我們向員工發放了年度獎勵，但股份增幅仍然很小，增加了 575,000 股，達到 2.066 億股，今年迄今為止的總稀釋度增加不到 1%。

I'll provide a bit more color on these headlines. First, Q2 revenue of $500 million was driven by our advertising revenue, which grew 84% year over year to $465 million as we saw growing traction across objectives, verticals, geographies and channels. Other revenue, which includes revenue from our data licensing business reached $35 million, growing 24% year over year. Average revenue per user, ARPU grew 47% year over year to $4.53, which is still low on an absolute basis and remains an opportunity.

我將對這些標題進行更詳細的說明。首先，第二季 5 億美元的收入由我們的廣告收入推動，隨著我們在目標、垂直行業、地理和管道方面看到日益增長的吸引力，廣告收入同比增長 84% 至 4.65 億美元。其他收入（包括我們的數據授權業務收入）達到 3,500 萬美元，較去年同期成長 24%。每位用戶平均收入 (ARPU) 年增 47% 至 4.53 美元，從絕對值來看仍然較低，但仍是一個機會。

Regionally, revenue grew 79% and 71% year over year in the US and international, respectively. Europe had a strong quarter anchored by solid growth in England, the Netherlands, and France. In the quarter, four revenue drivers fueled our growth.

從地區來看，美國和國際市場的收入分別年增 79% 和 71%。歐洲本季表現強勁，主要得益於英國、荷蘭和法國的穩健成長。本季度，四大收入驅動因素推動了我們的成長。

First, performance ads and brand ads had strong quarters, both growing more than 80% year over year. Second, impression growth remains our key driver, but we also saw a nice tailwind from pricing in the quarter, a trend that started in Q1 and accelerated a bit in Q2 as we continue to deliver value and favorable outcomes to advertisers.

首先，效果廣告和品牌廣告表現強勁，較去年同期成長均超過 80%。其次，印象成長仍然是我們的主要驅動力，但我們也看到本季定價帶來了良好的順風，這一趨勢始於第一季度，並在第二季度有所加速，因為我們繼續為廣告商提供價值和有利的結果。

Third, we saw strength up and down the funnel with growth ranging from the high-double digits to the low-triple digits in the upper, mid- and lower-funnel segments. And fourth, we continue to see diversified strength by verticals. We had 9 of our top 15 verticals grow revenues by 75% or more.

第三，我們看到漏斗上下游都呈現強勁勢頭，上部、中部和下部漏斗段的成長率均在兩位數以上到三位數以下。第四，我們持續看到垂直產業的多元化實力。我們前 15 個垂直行業中有 9 個的收入成長了 75% 或更多。

Moving to costs. Total adjusted costs were $333 million, up 38% year over year. That's faster expense growth than we've seen over the prior year, reflecting two things: first, higher variable cost expenses from accelerating revenues in areas like hosting, sales commission and incentives; and second, our strategic investments. Over the past few quarters, we've been investing in two areas: sales and search/ml. In this quarter, we made a new investment into a third area, marketing.

轉向成本。調整後總成本為 3.33 億美元，年增 38%。這項費用成長速度比去年同期更快，反映了兩個因素：第一，託管、銷售佣金和獎勵等領域的收入加速成長導致可變成本費用增加；第二，我們的策略性投資。在過去的幾個季度中，我們一直在兩個領域進行投資：銷售和搜尋/機器學習。本季度，我們對第三個領域——行銷——進行了新的投資。

Let me expand on each. First, in the quarter, total head count increased 17% year over year, up sequentially about 100 people. But 70% of those hired were focused in consumer-facing areas like sales, marketing, and ad tech. Historically, these investments have been a critical catalyst to the revenue acceleration we saw in Q2 and for the past few quarters.

讓我對每一個進行詳細說明。首先，本季總員工人數較去年同期成長17%，較上季增加約100人。但 70% 的受聘人員專注於面向消費者的領域，如銷售、行銷和廣告技術。從歷史上看，這些投資是我們在第二季和過去幾季看到的營收加速成長的關鍵催化劑。

Second, we continue to make investments in cost of revenue, driven by new ML features for our consumer and ad platforms, scaling search and better optimizing site speed and performance. And third, during the second quarter, we began testing Reddit marketing spends to drive a series of desired global outcomes.

其次，我們繼續在收入成本方面進行投資，這得益於我們為消費者和廣告平台提供的新的機器學習功能、擴大搜尋規模以及更好地優化網站速度和效能。第三，在第二季度，我們開始測試 Reddit 行銷支出，以推動一系列期望的全球成果。

Spends were both strategic and tactical, looking to drive both top-of-funnel brand awareness and lower funnel performance outcomes. Investments were made both in the US and international markets. Total investment costs this quarter were a few percentage points of Q2 revenues. We plan to continue these investments for the second half of the year. We will modulate our spend levels by market depending on traction, user retention levels, and investment returns.

支出既有策略性，也有戰術性，旨在提高漏斗頂端的品牌知名度和漏斗下端的績效成果。投資範圍涵蓋美國和國際市場。本季的總投資成本佔第二季營收的幾個百分點。我們計劃在今年下半年繼續這些投資。我們將根據市場吸引力、用戶保留水準和投資回報來調整我們的支出水準。

Reddit's strong business model gives us an opportunity to both invest in new areas like marketing and grow very profitably. Reddit's incremental adjusted EBITDA margins were 58% in the quarter, remaining well above our 50% long-term target.

Reddit 強大的商業模式為我們提供了投資行銷等新領域並實現獲利成長的機會。Reddit 本季增量調整後 EBITDA 利潤率為 58%，遠高於我們 50% 的長期目標。

A couple of quick call outs for the rest of the numbers. In Q2, our CapEx was $500,000, year to date is less than $2 million, so operating and free cash flow remain in lockstep here. Cash and investments crossed $2 billion for the first time, which is great to see. We ended at $2.06 billion, up $109 million sequentially. That's a healthy gain. The expense for stock-based compensation and related taxes was down sequentially from $107 million to $95 million, less than 20% of revenue.

快速呼出其餘的幾個數字。在第二季度，我們的資本支出為 50 萬美元，年初至今不到 200 萬美元，因此營運和自由現金流保持同步。現金和投資首次突破 20 億美元，令人欣喜。我們的營收最終達到 20.6 億美元，比上一季成長 1.09 億美元。這是一個健康的收穫。股票薪資及相關稅費支出從上一季的 1.07 億美元下降至 9,500 萬美元，佔營收的比重不到 20%。

Year to date, SPC is 23% of revenue, well in line with peers. We continue to view SPC as a cost, and we're pleased to see some leverage in Q2. Net income was $89 million or $0.48 per basic share and $0.45 per diluted share. Last year was a loss per share. As we look ahead, we'll share our internal thoughts on revenue and adjusted EBITDA for the third quarter, which is where we have the greatest visibility.

今年迄今為止，SPC 佔營收的 23%，與同業持平。我們繼續將 SPC 視為一種成本，我們很高興看到第二季的一些槓桿作用。淨收入為 8,900 萬美元，即每股基本收入 0.48 美元，每股稀釋收入 0.45 美元。去年每股虧損。展望未來，我們將分享我們對第三季營收和調整後 EBITDA 的內部想法，這是我們最重視的。

In the third-quarter 2025, we estimate revenue in the range of $535 million to $545 million, representing 54% to 56% year-over-year revenue growth with a midpoint of about 55%. Adjusted EBITDA in the range of $185 million to $195 million, representing approximately 100% to 110% year-over-year growth, and an adjusted EBITDA margin of 35% at the midpoint.

我們預計 2025 年第三季的營收將在 5.35 億美元至 5.45 億美元之間，年增 54% 至 56%，中位數約為 55%。調整後的 EBITDA 在 1.85 億美元至 1.95 億美元之間，年增約 100% 至 110%，調整後的 EBITDA 利潤率中間值為 35%。

So in summary, it's great to see Reddit's it's highly differentiated business model shine again. We saw terrific leverage and cash flow generation in the first half of the year, thanks to differentiated revenue growth solid gross margins and low CapEx. After a strong Q1 and Q2, we now turn our attention to the seasonally important back half of the year.

總而言之，很高興看到 Reddit 高度差異化的商業模式再次大放異彩。由於差異化收入成長、穩健的毛利率和較低的資本支出，我們在上半年看到了極好的槓桿率和現金流產生。在經歷了第一季和第二季的強勁表現後，我們現在將注意力轉向具有重要季節性的下半年。

That concludes my comments. So let me turn the call back over to Steve.

我的評論到此結束。那麼讓我把電話轉回給史蒂夫。

Thanks, Drew. Thanks, Jen. As usual, we're going to start with a few questions from the Reddit community asked on r/RDDT and I'll do those now.

謝謝，德魯。謝謝，Jen。像往常一樣，我們將從 Reddit 社群在 r/RDDT 上提出的幾個問題開始，我現在就回答這些問題。

First question. What is one memorable discussion you had at the Cannes Lions festival?

第一個問題。您在坎城國際創意節上進行過的一次令人難忘的討論是什麼？

There were a couple. We demoed our new Community Insights product I mentioned one in the script, where an advertiser got an idea on the spot for potential Super Bowl ad next year, which was really cool. And then we had another customer realizing they had an entire customer segment that they were previously unaware of, showing a huge opportunity there.

有一對夫婦。我們示範了我們在腳本中提到的新產品 Community Insights，其中一位廣告商當場獲得了明年超級盃廣告的潛在想法，這真的很酷。然後，我們的另一位客戶意識到他們擁有一個之前從未意識到的整個客戶群，這意味著一個巨大的機會。

I was at dinner, I sat next to an ad agency exec and he was just raving about the quality of our team, how much you love working with our folks, which is just really nice to hear a lot of our people come from other agencies and many of our competitors. And so it's nice to see what a great reputation of bringing our company.

有一次吃飯時，我坐在一位廣告公司高層旁邊，他對我們團隊的素質讚不絕口，說他喜歡和我們的員工一起工作，聽到我們很多員工來自其他公司和競爭對手，真是令人高興。很高興看到我們公司享有如此好的聲譽。

And then finally, I also got the chat with Rick Astley, the author of never going to give you up song from back in the '80s, popularized by Reddit as the Rick role, one of the first means on Reddit. I know it's just really interesting hearing how critical he was for the second act of his career being a part of that.

最後，我還與 Rick Astley 進行了聊天，他是 80 年代歌曲《Never going to give you up》的作者，這首歌在 Reddit 上以 Rick 角色的形式廣為人知，也是 Reddit 上最早的手段之一。我知道聽到他參與其中對於他職業生涯的第二幕有多麼重要真的很有趣。

Second question, you mentioned that you want to deprioritize the user economy in favor of some more pressing projects. What projects are these? And are they focused more on user engagement, getting new users or increasing ARPU?

第二個問題，您提到您想降低用戶經濟的優先級，轉而支持一些更緊迫的項目。這些是什麼項目？他們是否更注重用戶參與、獲取新用戶或提高 ARPU？

It's basically the first -- improving user engagement through core app improvements, onboarding, relevance, I think that's just the most pressing need right now, diversifying the top of funnel sources of traffic for Reddit, and making sure that the product supports new users with more relevant content in every geo. Right now, they more or less see kind of the same feed. And so I think there's a lot to gain by making a more relevant intuitive first-time user experience.

這基本上是第一步——透過核心應用程式的改進、入門和相關性來提高用戶參與度，我認為這是目前最迫切的需求，使 Reddit 的流量來源多樣化，並確保產品支援新用戶在每個地區都獲得更相關的內容。現在，他們或多或少看到的是相同的訊息。因此，我認為，透過提供更相關、更直覺的首次使用者體驗，我們可以獲得許多好處。

Third question, have you ever played Flappy Goose?

第三個問題，你有玩過Flappy Goose嗎？

So the context here is Flappy Goose is a user-created game on our developer platform. It's one of the more popular games, I have played. It's too hard. I can only survive a second because there's a cult-following has emerged around this game to make the hardest levels possible, which itself is might be a metaphor for all of Reddit. And so consider this a feature request for easier levels for us to beginners.

這裡的背景是 Flappy Goose 是我們開發者平台上的用戶創建的遊戲。這是我玩過的最受歡迎的遊戲之一。太難了。我只能存活一秒鐘，因為這款遊戲周圍出現了一群狂熱追隨者，他們希望將關卡難度做到極致，這本身可能是整個 Reddit 的隱喻。因此，請考慮這是一個功能請求，以便為初學者提供更簡單的等級。

But what makes me excited about this is seeing that sort of kind of really deep engagement on something like this. I think it's one of the early signs of success that we've been looking forward to users going really, really deep on something that they created that we would have never created. So really excited to see that.

但讓我感到興奮的是看到人們對這樣的事情有如此深入的參與。我認為這是成功的早期標誌之一，我們一直期待著用戶真正深入研究他們所創造的、而我們永遠不會創造的東西。看到這一幕我真的很興奮。

Okay. Now, I'll turn it over to the professionals for their questions.

好的。下面我把問題交給各位專業人士回答。

Great. Thanks, Steve. Krista, let's please open the line and take some questions from folks on the line.

偉大的。謝謝，史蒂夫。克里斯塔，請我們開通熱線並回答在線各位提出的一些問題。

(Operator Instructions)

（操作員指示）

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Maybe two. The first one, Steve, is on US user trends. It seems like things may have gotten better throughout the second quarter. Maybe talk to us about what you are seeing in the US user trends throughout 2Q and then sort of importantly, into 3Q, what is sort of going on in the US user base and what's driven the improvement?

或許是兩個。第一個是史蒂夫，他談論的是美國用戶趨勢。看起來第二季的情況可能會有所改善。也許您可以和我們談談您在第二季度看到的美國用戶趨勢，然後更重要的是，在第三季度，美國用戶群的情況如何，推動這種改善的因素是什麼？

Then the second question is, Jen, is the ad business is doing incredible. Talk to us about sort of some of the innovations you're most excited about in the back half to sort of continue to deliver more ROAs and scaling up of ad buys across your advertiser base?

那麼第二個問題是，Jen，廣告業務表現是否令人難以置信。請與我們談談您在下半年最興奮的一些創新，以繼續提供更多的 ROA 並擴大整個廣告客戶群的廣告購買量？

Thanks, Brian. Okay. So in Q2, as we mentioned on the last call, we got off to a slower start in April. We saw a better traction as the quarter played out. And a combination of intentional work on the product side and marketing and user acquisition all benefited. Traffic from Google varies from week to week. But overall, it was a headwind in Q2. But looking into Q3, our Q2 exit number was higher than the Q2 average of 110 million. And in July, we added DAUqs in both the US and internationally. So we'll see how the rest of the quarter plays out.

謝謝，布萊恩。好的。因此，正如我們上次電話會議中提到的那樣，在第二季度，我們 4 月的開局比較緩慢。隨著本季的結束，我們看到了更好的發展勢頭。產品方面的刻意工作以及行銷和用戶獲取的結合都使公司受益匪淺。來自 Google 的流量每週都在變化。但總體而言，第二季仍面臨阻力。但縱觀第三季度，我們第二季度的退出數量高於第二季度的平均 1.1 億。7 月份，我們在美國和國際上增加了 DAUq。因此，我們將看看本季剩餘時間的表現如何。

Our primary focus remains on strategy and the product road map. And Jen has started working with me directly on the product, and it's been great across both dimensions. She's bringing interesting ideas on the product road map and adding a particular focus on user growth execution.

我們的主要關注點仍然是策略和產品路線圖。Jen 已經開始直接與我合作開發產品，並且在兩個方面都取得了很大的進展。她為產品路線圖帶來了有趣的想法，並特別關注用戶成長的執行。

Jen, the second question was for you.

Jen，第二個問題是問你的。

Okay. Thanks, Brian. So there's a lot to be excited about in our road map. And some of it is the things we've launched, say, in Q2 that I think will be able to deploy more broadly in go-to-market. So dynamic product ads, which is basically shopping. I think we're really excited about. We're at the beginning of that road map, but the advertisers are seeing really nice return on ad spend. So I think there's a lot more adoption there.

好的。謝謝，布萊恩。因此，我們的路線圖中有很多令人興奮的內容。其中一些是我們在第二季推出的產品，我認為它們將能夠在市場上得到更廣泛的部署。動態產品廣告基本上就是購物。我想我們真的非常興奮。我們正處於該路線圖的開始階段，但廣告商已經看到了非常可觀的廣告支出回報。所以我認為那裡的採用率會更高。

There's some more work in automation. We release auto bidding. We talked about some of the results in auto bidding. But just more around automation throughout our platform. We've integrated Memorable AI into our upfront part around creative, really excited about some of the automation work there that will make it easier to onboard advertisers and also can drive performance.

自動化方面還有一些工作要做。我們發布了自動競價。我們討論了自動競價的一些結果。但更多的是圍繞我們整個平台的自動化。我們已將 Memorable AI 整合到我們的前期創意部分，我們對其中的一些自動化工作感到非常興奮，這將使我們更容易吸引廣告商並提高績效。

And then, finally, again, the things that we mentioned at Cannes, the trademark Community Intelligence with these two initial products, one, Reddit Insights, and two, Community add-ons, it's just early. We've just gotten them out the door. And I think they've been very well received. So really excited to see more broad-based adoption and impact from them.

最後，再次強調，我們在坎城提到的事情，社群智慧商標，以及這兩個初始產品，一個是 Reddit Insights，另一個是社群附加元件，現在還為時過早。我們剛剛把他們送出門。我認為它們受到了熱烈歡迎。因此真的很高興看到它們得到更廣泛的採用和影響。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

One for you, Steven, one for you, Jen. Steve, I wanted to touch a little bit more on search just given Reddit increasingly becoming an LLM search engine. And I think in the letter, you talked about search becoming more central. So I wanted to hear more of your thoughts on answers now that it's rolling out globally and it being potentially more central to be experienced. Talk just about the plans to build out answers as sort of the search experience on Reddit.

一個給你，史蒂文，一個給你，珍。史蒂夫，鑑於 Reddit 日益成為 LLM 搜尋引擎，我想多談談搜尋。我認為在信中您談到了搜索將變得更加重要。因此，我想聽聽你們對這個問題的更多看法，因為這個問題現在正在全球範圍內推廣，而且可能會變得更加重要。只談論在 Reddit 上建立答案作為搜尋體驗的計劃。

And then, Jen, maybe higher-level question, but with advertising up 84%, active advertiser count growing 50%-plus. I just would love to hear how your relationships or just the relationships overall with advertisers have evolved over the last year or so. From then until now.

然後，Jen，這可能是一個更高層次的問題，但隨著廣告增加 84%，活躍廣告商數量增加 50% 以上。我只是想了解一下過去一年來您與廣告商的關係，或者說與廣告商的整體關係是如何發展的。從那時到現在。

Thanks, Ron. So on your first question about Answers. So Answers is our kind of LLM search product. Our focus right now is on unifying the Reddit search, like traditional search on Reddit, which is very widely used on Reddit and the new Reddit Answers product, which helps -- which answers objective questions across the entire Reddit Corpus. So we're unifying those into a single search experience. And we're going to bring that front and center in the app.

謝謝，羅恩。關於你的第一個問題，關於答案。Answers 是我們的一種 LLM 搜尋產品。我們目前的重點是統一 Reddit 搜索，例如 Reddit 上廣泛使用的傳統搜索和新的 Reddit Answers 產品，它可以回答整個 Reddit 語料庫中的客觀問題。因此，我們將它們統一為單一的搜尋體驗。我們將把它放在應用程式的首要位置。

So whether you're a new user opening the app for the first time or returning user opening the app, that search box will be present immediately for users who open the app looking for something specific, right. Sometimes people are opening the app with a question. We call those seekers. Sometimes they're opening the app because they want to just consume Reddit, we call them scrollers. So bringing that seeker experience front and center in the app, and then, of course, letting the users who don't want to run a search in that minute, just kind of score past it.

因此，無論您是首次開啟應用程式的新用戶還是開啟應用程式的回訪用戶，搜尋框都會立即顯示給開啟應用程式尋找特定內容的用戶，對吧。有時人們打開應用程式時會有一個疑問。我們稱這些人為探索者。有時他們打開應用程式只是因為他們想要使用 Reddit，我們稱他們為滾動者。因此，將搜尋者的體驗放在應用程式的首要位置，然後，當然，讓那些不想在那一刻進行搜尋的用戶直接跳過這一步。

So this is under heavy development for us right now and we hope to get that out before too long in the hands of users. So excited about that unification. So I think it will capture both use cases up at it on that first screen.

因此，我們目前正在大力開發此功能，並希望能夠盡快將其交付到用戶手中。對於這種統一我感到非常興奮。所以我認為它會在第一個螢幕上捕獲這兩個用例。

And Jen, over to you for that second question about advertising relationships.

Jen，第二個問題是關於廣告關係的。

Sure. So I think, look, we've been growing our active advertiser base really nicely. And -- but most of our growth still comes from existing advertisers that are well-retained and having a great experience. A few things. Some of our larger customers, we actually created a global accounts team because they want to work with us on a larger global scale basis.

當然。所以我認為，我們的活躍廣告客戶群一直在穩步成長。但我們的大部分成長仍來自於保留良好且擁有豐富體驗的現有廣告商。有幾件事。對於我們的一些大客戶，我們實際上創建了一個全球客戶團隊，因為他們希望在更大的全球範圍內與我們合作。

And so we didn't move to service them in a very global way because you're seeing what reach they can get in many -- across many, many countries. So we've actually changed, I think how we some of these top accounts. which I think is really exciting. That's a normal evolution as you get deeper and bigger relationships.

因此，我們並沒有以非常全球化的方式為他們提供服務，因為你可以看到他們在許多國家/地區都能夠獲得廣泛的覆蓋範圍。所以我們實際上已經改變了一些頂級帳戶，我認為這真的令人興奮。隨著你們的關係變得越來越深厚，這是一個正常的演變過程。

The next is there are -- we're seeing a lot of demand in market and some advertisers they want us to plug into some of the third-party ecosystem pieces that they use that can unleash more demand and take up more friction. So for example, like our Smartly partnership, that's an example of us plugging into the advertising ecosystem on behalf of demand from our customers to make it easier for them to access Reddit ads and launch campaigns.

接下來是——我們看到市場上有很多需求，一些廣告商希望我們加入他們使用的第三方生態系統，以釋放更多需求並解決更多摩擦。舉例來說，像我們與 Smartly 的合作，就是我們根據客戶需求融入廣告生態系統的一個例子，以便他們更輕鬆地訪問 Reddit 廣告並發起廣告活動。

And then the third, I'll say is I'm really pleased to see that many more advertisers are just working with us across the funnel across multiple objectives. I think that's really exciting to see. That's how you get the best of Reddit. So they're really becoming much more diversified in the way that they work with us.

第三，我要說的是，我很高興看到越來越多的廣告商正在透過多種管道與我們合作，實現多個目標。我認為這確實令人興奮。這就是您充分利用 Reddit 的方法。因此，他們與我們合作的方式確實變得更加多樣化。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. So Steve, you highlighted being the most-cited domain on the Internet for LLM models. How is that translating into user trends. And similarly, how is that evolving your thoughts around the data licensing opportunity, just given the fact that your partners appear to be really benefiting from Reddit content.

偉大的。所以史蒂夫，你強調了 LLM 模式在網路上被引用最多的網域。這如何轉化為用戶趨勢？同樣，考慮到您的合作夥伴似乎確實從 Reddit 內容中受益，您對數據許可機會的想法有何變化？

And then just on the marketing strategy, what were the key learnings so far? And sort of in terms of the new users you're onboarding, can you talk about the characteristics you're seeing there? Is there any difference in engagement and retention rate for instance?

那麼就行銷策略而言，到目前為止的主要經驗是什麼？就您所接納的新用戶而言，您能談談他們的特質嗎？例如，參與度和保留率有什麼區別嗎？

Thanks, Ben. So I think one of the things that we've learned, particularly through the data licensing deals is -- I mean not just we, but I think both our partners there. And I think just folks on the Internet more broadly is how essential Reddit is to AI or LLMs as we know them and the next generation of search. And so I think a lot has changed over the last couple of years. Every variable has changed since we signed those first deals.

謝謝，本。所以我認為我們學到的一件事，特別是透過數據授權協議——我的意思是不僅僅是我們，而且我認為我們的合作夥伴也是如此。我認為網路上的人們更廣泛地了解 Reddit 對於我們所知的人工智慧或法學碩士以及下一代搜尋的重要性。所以我認為過去幾年發生了很多變化。自從我們簽署第一批協議以來，每個變數都發生了變化。

Our Corpus is bigger, it's more distinct, more essential. But we believe Reddit is in a really good strategic position as a result of this. And of course, on our own products, we're seeing that the Corpus is deeper and broader than I think even we realized before we built Reddit Answers. And so what we're seeing is that I think there's a huge opportunity to provide users really kind of brought and varied viewpoints on subjective questions, which I think is an important category of questions that users have on the Internet.

我們的語料庫更大、更獨特、更重要。但我們相信，Reddit 因此處於非常有利的戰略地位。當然，在我們自己的產品上，我們發現 Corpus 比我們在創建 Reddit Answers 之前意識到的還要更深更廣。因此，我們看到，我認為有巨大的機會為用戶提供有關主觀問題的真正多樣化觀點，我認為這是用戶在互聯網上提出的一個重要問題類別。

So I think a lot of opportunity here. Going forward, we're still learning -- we're still, I think, getting a sense of how much people really depend on our data and what it's used for. So we'll see how it continues to develop. But if the future is anything like the past couple of years, I think a lot of opportunities will be created.

所以我認為這裡有很多機會。展望未來，我們仍在學習——我認為，我們仍在了解人們到底有多依賴我們的數據以及這些數據的用途。因此我們將觀察它如何繼續發展。但如果未來與過去幾年類似，我認為將會出現許多機會。

Jen, the second question was key learnings from our marketing efforts.

Jen，第二個問題是我們從行銷工作中獲得的關鍵經驗。

Sure. I'm happy to take that. So it's very early. We're just building this capability and starting to do some initial testing. But I'll share a couple of thoughts.

當然。我很高興接受這個。所以現在還很早。我們正在建立這種能力並開始進行一些初步測試。但我想分享一些想法。

I mean one is especially outside of the US, I think our awareness and consideration are an opportunity. And so we want to invest in that. That's why you heard a little bit about the investments around sort of awareness and consideration because that foundation that we have in sort of English markets in the US is a little different outside of that territory. So that's something we want to build that foundation.

我的意思是，特別是在美國以外，我認為我們的意識和考慮是一個機會。因此我們想對此進行投資。這就是為什麼你會聽到一些關於意識和考慮方面的投資，因為我們在美國英語市場的基礎與該地區以外的市場略有不同。這就是我們想要建立的基礎。

I think we've done the brand campaign in France. And I think it does reveal to us that the product is getting better in terms of the content and this machine-translated immersive experience where you come in the front door, it is better. And we're getting positive feedback from that. Still more to be done, but I think it's nice to see the progress there.

我認為我們已經在法國開展了品牌活動。我認為它確實向我們表明，產品在內容方面正在變得更好，而且這種機器翻譯的沉浸式體驗在你進門時會變得更好。我們得到了正面的回饋。還有很多工作要做，但我認為看到那裡的進展是件好事。

And finally, I think we are on this journey of building a Reddit unique search experience. A lot of people type in Reddit in search. But the process of using Reddit Search will be a new motion coming directly. And so Steve talked about integrating search throughout our products. So we're doing that work now. And then we will want to invest behind marketing and reminding people to search on Reddit creating that new behavior.

最後，我認為我們正在建立 Reddit 獨特的搜尋體驗。很多人在搜尋時輸入“Reddit”。但使用Reddit Search的過程將會是個直接到來的新動作。因此史蒂夫談到了在我們的產品中整合搜尋功能。所以我們現在正在做這項工作。然後，我們將投資行銷並提醒人們在 Reddit 上搜尋以創造新的行為。

So that's something that is also an opportunity for us. But again, we're so early in our journey here, but it gives you a sense of the kinds of things that we want to put marketing behind.

所以這對我們來說也是一個機會。不過，我們才剛開始這段旅程，但它能讓你了解我們想要在行銷上投入哪些精力。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Maybe for Steve or Jen. Just any comment on engagement and time spent. Your peer who reported last night appears to be making very nice time spent gains with greater personalization and leveraging ML models. Just curious what you're seeing on that front.

也許對史蒂夫或詹來說。只是對參與度和所花費的時間的任何評論。昨晚報告的同事似乎透過更個人化和利用 ML 模型獲得了非常好的時間效益。只是好奇你在這方面看到了什麼。

And then maybe for Drew, to pick up on the marketing comment in another direction. It looks like a pretty solid step-up in sales and marketing spend quarter on quarter from 1Q into 2Q. Just curious if that step-up, I think from roughly $90 million to $120 million, is that driven by the outbound traffic-related marketing campaigns. Any other factor driving that sequential increase?

然後，也許對德魯來說，可以從另一個方向來看行銷評論。從第一季到第二季度，銷售和行銷支出似乎逐季穩定成長。我只是好奇，這種從大約 9000 萬美元到 1.2 億美元的增長是否是由出站流量相關的營銷活動推動的。還有什麼其他因素推動了這一連續成長嗎？

Sure. Thanks, Tom. So on engagement and time spent, both continue to be solid. Look, I think -- my answer here is the obvious things and probably aligns with what anybody in this business would say relevance equals retention, retention equals growth. And so that's a core focus of ours. I think this is what I was referring to in my script and my answer to the community question.

當然。謝謝，湯姆。因此，就參與度和花費的時間而言，兩者都繼續保持穩固。看，我認為——我的答案是顯而易見的，可能與這個行業的任何人所說的相關性等於保留，保留等於成長一致。這是我們關注的核心。我想這就是我在腳本中提到的以及我對社區問題的回答。

I think as they user -- when a user logs into Reddit and uses Reddit more and more, it becomes more personalized and more relevant and then engagement just deepens quite significantly over time. Even measured in years users subscribe more and more subreddit and spend more and more time on Reddit. And so our work is to get more of that.

我認為，當用戶登入 Reddit 並越來越多地使用 Reddit 時，它會變得更加個人化和更加相關，隨著時間的推移，參與度會顯著加深。即使以年份來計算，用戶訂閱的 subreddit 也越來越多，而且在 Reddit 上花費的時間也越來越多。因此我們的工作就是獲得更多這樣的機會。

And so what we're building towards this year is to have product at personalizing instantly, removing as many barriers as we can for a new user to start finding their home on Reddit. And so what you'll see is today, we have what I would describe as kind of a heavy-handed onboarding approach. You open the app and you get a lot of questions about like what are you into?

因此，我們今年的目標是讓產品能夠即時個人化，為新用戶在 Reddit 上找到自己的家掃除盡可能多的障礙。所以今天你會看到，我們採取了一種我稱之為嚴厲的入職培訓方式。你打開應用程序，你會看到很多問題，例如你喜歡什麼？

We want to move to something much, much simpler. A search box. So if you are inclined, you can tell us exactly what you're into. And maybe you'll get a Reddit Answers guide to Reddit or parts of Reddit that are relevant to you.

我們希望轉向更簡單的事情。搜尋框。因此，如果您有興趣，您可以告訴我們您感興趣的內容。也許您會得到 Reddit Answers 指南，或者 Reddit 中與您相關的部分內容。

But also in that first experience, getting a feed that instantly start personalizing to you in a feed that starts off relevant to kind of where you are or potentially if you're coming from a new channel or a known channel a feed that specific to the context in which you came to Reddit. And so all of these things we're working on now. And I think we'll have meaningful improvements because for in many cases, a new user comes to Reddit and the feed is not relevant to that. And so I think that's that represents a pretty large opportunity for us.

但在第一次體驗中，您會獲得一個立即開始個性化的 feed，該 feed 最初與您所在的位置相關，或者如果您來自新頻道或已知頻道，則可能會獲得特定於您來到 Reddit 的環境的 feed。所以我們現在正在努力做所有這些事情。我認為我們會取得有意義的改進，因為在許多情況下，新用戶來到 Reddit，但資訊流與此並不相關。所以我認為這對我們來說是一個相當大的機會。

Okay. Second question, Drew, was the sales and marketing spend and how that's --

好的。第二個問題，Drew，是銷售和行銷支出，以及這些支出是如何--

Right. Right. Tom. Yes. So the cost growth here the last couple of quarters have been growing in the high teens. To your point, in the second quarter, it grew out in the high-30% range, really the drivers of that acceleration are threefold. One is, obviously, the top line here was a big number. We have variable costs in our business. That's the biggest driver of the variable cost.

正確的。正確的。湯姆。是的。因此，過去幾季這裡的成本成長率一直保持在高位。正如您所說，第二季度，成長率達到了 30% 以上，實際上推動這一加速的因素有三方面。顯然，第一行的數字很大。我們的業務中存在變動成本。這是變動成本的最大驅動因素。

The second piece is hiring. We hired over 100 people sequentially in the quarter. That will be a cost driver. The third piece on the sales and marketing side, which is really the spirit of your question, I quantified that it's a couple of points of revenue. So I think it's fair on a $500 million base in the quarter to think that, that was kind of a low double-digit million spend in the quarter. So I think that explains kind of where we've been.

第二部分是招募。本季我們連續招募了 100 多名員工。這將成為成本驅動因素。第三部分是關於銷售和行銷方面的，這實際上是你問題的核心，我量化了它是幾個收入點。因此，我認為，以本季 5 億美元為基礎，認為這筆支出在本季達到數億美元是合理的。所以我認為這解釋了我們所處的情況。

In terms of where we're going, as Jen said, we're really doing a lot of work to try to figure out what the right investment is to do here. And so we're going to take a look up and down the funnel. We're also going to look by market here. We gave you a sense on kind of where we'll be in the third quarter, which if you kind of do the math from the $185 million to $195 million guide, that kind of puts our cost structure again in that high 30% growth range. And so that's how we're thinking about things.

關於我們的目標，正如 Jen 所說，我們確實在做大量工作，試圖弄清楚在這裡應該做什麼正確的投資。因此，我們將對漏斗進行上下檢查。我們還將按市場進行調查。我們向您介紹了我們第三季的狀況，如果您根據 1.85 億美元到 1.95 億美元的指導價進行計算，您會發現我們的成本結構將再次處於 30% 的高成長範圍內。這就是我們思考問題的方式。

We're going to -- depending on what kind of traction we do get on marketing, we could modulate our costs depending on what we want to invest in. But I think that's a good way to think about this next quarter as -- again, the cost growth will probably be in the high-30% range. That's where we're thinking about things now. And then depending on the traction we're getting in the business, we'll see if we take that up or down. But that's where we're giving you some guidance on in the third quarter.

我們將根據我們在行銷上的進展，根據我們想要投資的方向來調整成本。但我認為這是思考下一季的好方法——成本成長可能仍將達到 30% 的高點。這就是我們現在正在思考的事情。然後，根據我們在業務中獲得的牽引力，我們將看看是否提高或降低這一水平。但這就是我們在第三季為您提供的一些指導。

Mark Shmulik, Bernstein Research.

伯恩斯坦研究公司 (Bernstein Research) 的馬克‧施穆里克 (Mark Shmulik)。

I appreciate the color in the shareholder letter about on the weekly basis, the 50 million scrollers, 60 million seekers. Curious how you think about that mix shift going forward? Should we be looking for a kind of similar mix or kind of a focus area on one versus the other?

我很欣賞股東信中關於每週 5000 萬滾動者和 6000 萬搜尋者的描述。好奇您對未來混合轉變有何看法？我們是否應該尋找類似的組合或一種專注於某一方面的重點領域？

And then a second question just on search. The 70 million weekly, as you think about kind of the cohorts or vintages of search behavior, particularly with Reddit Answers, is it kind of those early users that you're seeing a lot more usage of -- or is it really the broadening out of incremental users kind of using the new Reddit Answers product?

然後第二個問題只是關於搜尋。每週 7000 萬次搜索，當您考慮搜索行為的群組或年份時，特別是對於 Reddit Answers，您看到的使用率更高的是那些早期用戶嗎？還是說，這實際上是使用新 Reddit Answers 產品的增量用戶的擴大？

Thanks, Mark. So on the mix shift of scrollers and seekers -- we don't have a, I think, preference of the mix of those over the long term. What we would actually expect is for a single user to be both in a single day. And in fact, I think for most of our users, this is already true, whether they're running a search on Reddit directly or using a third-party search product and coming to Reddit, which is just about anybody using Google at this point, will end up on Reddit at some point, those users also can be core Reddit users. And so it's not a stretch to say that our core users are already scrollers and seekers.

謝謝，馬克。因此，在滾動型用戶和搜尋型用戶的混合轉變方面——我認為，從長遠來看，我們對這兩者的組合沒有偏好。我們實際上期望的是單一使用者能夠在一天內同時完成這兩項任務。事實上，我認為對於我們的大多數用戶來說，這已經是事實了，無論他們是直接在 Reddit 上進行搜索，還是使用第三方搜索產品並來到 Reddit，基本上任何現在使用谷歌的人最終都會在 Reddit 上搜索，這些用戶也可以成為 Reddit 的核心用戶。因此可以毫不誇張地說，我們的核心用戶已經是滾動者和搜尋者了。

And I think a user may open the app -- a core user may open the app with either of those use cases in mind. And so we want to service both of those use cases as effectively as possible. So I suppose as I talk my answer should be -- I would expect it to be balanced. But external search will continue to be a big driver of new users but both use cases are really important to Reddit.

我認為用戶可能會打開該應用程式——核心用戶可能會在考慮上述任一用例的情況下打開該應用程式。因此，我們希望盡可能有效地滿足這兩個用例。所以我想我的回答應該是——我希望它是平衡的。但外部搜尋將繼續成為新用戶的主要驅動力，但這兩個用例對 Reddit 來說都非常重要。

And in terms of the 70 million weekly users that we see running Search on Reddit today, what we call Reddit Answers, right now in the app is basically a second product from the core Reddit Search. It's down in the nav area of the app. And so I think it's really important that we start to merge those two.

就目前我們看到的每週 7000 萬用戶在 Reddit 上運行搜尋而言，我們稱之為 Reddit Answers，目前該應用程式中的產品基本上是核心 Reddit 搜尋的第二個產品。它位於應用程式的導航區域。因此我認為開始將這兩者合併非常重要。

And so you'll probably hear us in the coming quarters, talk less and less about Reddit Answers as a product and more as a capability that we just layer into core search and integrate throughout the product. And there's many areas outside of a search bar where we can do that integration. Basically, anywhere in the app today where we might present you a list of lengths. So of course, that's search, but it's also at the bottom of a comment page or post detail page where we show you other things you might be interested in. I think that's a good opportunity for the Reddit Answers capability to do the work for the user.

因此，在接下來的幾個季度中，您可能會聽到我們越來越少地談論 Reddit Answers 作為一種產品，而更多地談論它作為一種功能，我們只是將其分層到核心搜尋中並整合到整個產品中。除了搜尋欄之外，我們還可以在許多地方實現這種整合。基本上，今天我們可能會在應用程式的任何地方向您顯示長度清單。當然，這是搜索，但它也位於評論頁面或帖子詳細資訊頁面的底部，我們會向您展示您可能感興趣的其他內容。我認為這是 Reddit Answers 為用戶服務的一個好機會。

So instead of the tapping a bunch more Reddit post, they can get a sense of what's inside them already with that capability. So that's how we see that developing. So I think the mix shift will continue to be balanced. We expect to grow our users should do both in a day. And integrating that Reddit Answers capability throughout the whole app rather than it being a kind of distinct experience.

因此，他們無需點擊大量的 Reddit 帖子，而是可以透過該功能了解自己內心的想法。這就是我們所看到的發展。所以我認為混合轉變將繼續保持平衡。我們希望我們的用戶能夠在一天內完成這兩件事。並將 Reddit Answers 功能整合到整個應用程式中，而不是將其作為一種獨特的體驗。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

This is Maggie on for Doug. I was curious about any early learnings you can share from testing Reddit internationally, both from an engagement perspective and just your view on the opportunity to better monetize that user interface and also just how you're thinking about more of a broader rollout.

這是 Maggie 為 Doug 主持的節目。我很好奇，您是否可以分享在國際範圍內測試 Reddit 的早期經驗，包括從參與度的角度，以及您對更好地將用戶界面貨幣化的機會的看法，以及您對更廣泛推廣的看法。

Sure. So Reddit Lite was a -- basically a rebuild of the core app experience that we tested internationally. What we're doing right now is what we learned, no surprise to make the app easier and easier on the eyes. A lot of things we care about start to move in the right direction. Our focus right now is bringing those UI improvements to mass market, including the US as quickly as possible.

當然。因此，Reddit Lite 基本上是我們在全球測試過的核心應用體驗的重建。我們現在所做的就是我們所學到的知識，毫無疑問，就是讓應用程式變得越來越好看。我們關心的很多事情開始朝著正確的方向發展。我們現在的重點是盡快將這些 UI 改善推向大眾市場，包括美國。

And so within Reddit Lite, we tested simpler post -- tested kind of what we call a more unified post view, some simpler core interactions from the feed to the comments and back stripping out some of the things in the app that might be distracting to a new user. And so I'd say from that test, we saw what we needed to see, which is -- these are good initiatives. And now our focus is on incorporating that into the core app. And that's what we want to do in front of users as soon as possible.

因此，在 Reddit Lite 中，我們測試了更簡單的帖子——測試了我們所說的更統一的帖子視圖，從提要到評論的一些更簡單的核心交互，並剝離了應用程序中可能會分散新用戶注意力的一些內容。所以我想說，從那次測試中，我們看到了我們需要看到的東西，那就是——這些都是很好的舉措。現在我們的重點是將其融入核心應用程式。而這正是我們想要盡快在使用者面前實現的。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

The NFL decided that keeping Sunday Ticket exclusive was more valuable versus licensing it to multiple platforms. I'm wondering Steve, as you talk about sort of the value or the unique value and growing value of Reddit data in an LLM, Gen AI world, -- is there a world where we could imagine Reddit data being only licensed to one LLM and block access to all others and maybe even incorporate traffic guarantees so that you ensure that the LLM that you work with doesn't impact traffic to Reddit over the long term? I'd least love your reaction to how you think about that dynamic.

NFL 認為，保持《週日門票》的獨家性比將其授權給多個平台更有價值。我想知道，史蒂夫，當你談論 Reddit 數據在法學碩士、人工智慧世界中的價值或獨特價值和不斷增長的價值時——我們是否可以想像在這樣一個世界裡，Reddit 數據只授權給一個法學碩士，並阻止所有其他人訪問，甚至可能加入流量保證，這樣你就可以確保你使用的法學碩士不會長期影響 Reddit 的流量？我最不喜歡聽到你對這種動態的看法的反應。

Thanks, Rich. I think it's too soon to say what the shape of kind of future partnerships, maybe -- what we've done -- what we've learned since we did those deals is that the Reddit Corpus is not just essential, but appears to be growing in importance to some of the largest players on the Internet. And so of course, this puts us in, I think, a really good strategic position. I think everybody can see that Reddit data is extremely valuable.

謝謝，里奇。我認為現在談論未來的合作關係形式還為時過早，也許——我們所做的——自從我們達成這些交易以來，我們所學到的是，Reddit Corpus 不僅是必不可少的，而且對於互聯網上的一些最大的參與者來說，其重要性似乎正在日益增長。所以，我認為這當然讓我們處於一個非常好的戰略地位。我想每個人都能看到 Reddit 數據非常有價值。

But we're still learning how much folks depend our data, what they use it for. I think we've spent some time before we need to kind of answer these questions in terms of what structures might look like going forward. So for the time being, it's continue to learn on the partnership side and continuing to build the best products we can on our Corpus as well, and we'll see how that develops over the next couple of years.

但我們仍在了解人們有多依賴我們的數據，以及他們用這些數據做什麼。我認為我們已經花了一些時間來回答這些問題，即未來的結構可能會是什麼樣子。因此，就目前而言，我們將繼續在合作方面學習，並繼續在我們的 Corpus 上建立最好的產品，我們將看看未來幾年的發展。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Two kind of Google-related questions. One, we saw some of our Google testing expanded in more discussions in forum's results. Can you share any thoughts on that? It would seem like that could be a positive for you?

兩種與 Google 相關的問題。首先，我們發現我們的一些 Google 測試在論壇結果的更多討論中得到了擴展。能分享一下對此的看法嗎？這對你來說似乎是件好事？

And then second, any comments on how you think AI mode impacts or can drive traffic to Reddit? if AI mode was to kind of become a default versus AIO reviews.

其次，您認為 AI 模式如何影響或推動 Reddit 的流量？如果 AI 模式成為預設模式，則與 AIO 模式進行比較。

Thanks, Jason. So Yes, Google is testing lots on our side. I think their product is evolving rapidly and that affects everybody in the ecosystem. But I think you're right. We've seen some puts and takes there. But I think there's a couple of things that are foundational. One is that the Reddit Corpus is really important to these products and important to people more broadly.

謝謝，傑森。是的，谷歌正在為我們進行大量測試。我認為他們的產品正在快速發展，這影響著生態系統中的每個人。但我認為你是對的。我們在那裡看到了一些事情。但我認為有幾件事是基礎性的。一是 Reddit Corpus 對這些產品以及更廣泛的人來說確實很重要。

It's why the word Reddit is one of the most searched-for terms on Google, because users around the Internet go to Google with the intention of ending up on Reddit. And so I think the natural thing to do is to give the user what they want. And so we expect to see kind of more product movement there. But I think as long as the Reddit Corpus continues to grow users will continue to seek it out by name. And we believe that will benefit us over the long term.

這就是為什麼 Reddit 這個詞是 Google 上搜尋次數最多的詞條之一，因為網路上的用戶造訪 Google 的目的都是找到 Reddit。所以我認為最自然的做法就是滿足使用者想要的東西。因此我們期望在那裡看到更多的產品流動。但我認為，只要 Reddit 語料庫繼續成長，用戶就會繼續透過名稱來尋找它。我們相信從長遠來看這將使我們受益。

And my answer to your second question is basically the same. How does AI mode impact traffic. Look, again, what users want is the Reddit perspective. And so as long as this is true, I think that's a great thing. And so regardless of how they get to Reddit, our job is to help Internet consumers find the kind of answers to their questions and turn that into helping those users become kind of regular core Reddit users has both the seekers and the scrollers. So a lot of movement here, of course, but I think it's created kind of a net opportunity for us.

我對您的第二個問題的回答基本上相同。AI模式對流量有何影響？再說一遍，用戶想要的是 Reddit 的視角。只要這是真的，我認為這是一件好事。因此，無論他們如何進入 Reddit，我們的工作都是幫助網路消費者找到他們問題的答案，並將其轉化為幫助這些用戶成為 Reddit 的常規核心用戶，既包括搜尋者，也包括滾動者。當然，這裡有很多動靜，但我認為這為我們創造了一個淨機會。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Steve, in your letter in prepared remarks, you talked about reaching self-sustaining international markets. Can you talk a little bit about where you are in that progress? And what else you guys need to do to really unlock the international opportunity. And then, Jen, I think the second quarter was 50% growth of your advertiser base. Can you talk about just the product road map to ensure that you guys do continue to widen the breadth of your ad auction?

史蒂夫，在你準備好的演講信中，你談到了進入自給自足的國際市場。能稍微談談目前進展如何嗎？你們還需要做些什麼才能真正開啟國際機會？然後，Jen，我認為第二季你們的廣告客戶群成長了 50%。您能否談談產品路線圖以確保您們繼續擴大廣告拍賣的廣度？

Thanks, Andrew. So -- everything we've mentioned on the call so far applies, but having a product that delivers value to users immediately in their first session, so the search experience, relevance of personalization. And of course, with internationalization, we have to develop the content base to support that as well. So in the short and medium term, we've used machine translation of predominantly English Corpus to do that, and that's going very well.

謝謝，安德魯。所以——我們在電話會議上提到的一切都適用，但是擁有一款能夠在用戶第一次會話中立即為他們帶來價值的產品，因此搜尋體驗、個人化的相關性。當然，隨著國際化的發展，我們也必須發展內容基礎來支持這一點。因此，在短期和中期內，我們主要使用基於英語語料庫的機器翻譯來實現這一目標，而且進展非常順利。

But what we really want to see are local communities created by local users. And so to facilitate this, we're doing a lot of moderator outreach. We're making moderation, much easier, much simpler. We can use AI and LLM to help there quite a bit. And we're building out more tools for moderator recruitment. So users can recruit more mods to their communities and help get them off the ground more quickly.

但我們真正希望看到的是本地用戶創建的本地社區。為了促進這一點，我們正在進行大量的主持人外展活動。我們正在使審核變得更加容易、更簡單。我們可以使用 AI 和 LLM 來提供很大幫助。我們正在開發更多招募版主的工具。因此，用戶可以為他們的社群招募更多的模組，並幫助他們更快地起步。

And then the personalization aspect of this, it's not just to bring relevant content to users but also to -- it serves as now the primary way that new communities are discovered. And so as the personalization becomes faster and more effective, new users will get to discover new communities. And so that will help new communities get off the ground and grow and thrive more effectively. And so it's both really kind of every aspect of our work kind of comes together to grow internationally. The product quality, the kind of community and moderator community development and then the community discovery to get all these things off the ground.

然後，它的個人化方面，不僅為用戶帶來相關內容，而且——它現在是發現新社群的主要方式。隨著個人化變得更快、更有效，新用戶將發現新的社群。這將有助於新社區起步、發展並更有效地繁榮。因此，我們工作的各個方面實際上都結合在一起，以實現國際化發展。產品品質、社群類型和版主社群發展以及社群發現使所有這些事情得以順利進行。

Jen, the second question was to you about the has product roadmap.

Jen，第二個問題是關於產品路線圖的。

I think the question was around just continuing to grow the active advertiser rate was that taking the road map. So there's so many more advertisers that can be on Reddit. A lot of them are logos in large customer portfolios, that's our direct team going out and building those relationships. But many more are in the scale segment in mid-market and SMB businesses. They're smaller and what they require is ease of use. So they won't really need very simple automation that delivers the performance that they need.

我認為問題在於繼續增加活躍廣告商率，這是路線圖。因此，Reddit 上可以吸引更多的廣告主。其中許多都是大型客戶組合中的標誌，這是我們的直接團隊出去建立這些關係。但更多的是處於中型市場和中小企業的規模部分。它們體積較小，而且需要易於使用。因此，他們實際上並不需要非常簡單的自動化來實現他們所需的效能。

And working on automation, where what I would call, semi-automated in a number of key modules, including performance. We are not yet end-to-end automated. So that is something that we're working on each of the modules and putting them together. But I think end-to-end automation is on our radar as something that's important for especially smaller advertisers.

並致力於自動化，其中包括性能等多個關鍵模組的半自動化。我們尚未實現端到端的自動化。所以，我們正在對每個模組進行研究，並將它們組合在一起。但我認為端到端自動化已進入我們的關注範圍，對於小型廣告商來說尤其重要。

The second thing is, once you have that capability, there's just the raw acquisition engine and marketing, making sure that you acquire those advertisers onto your platform. And we do that today, but I think we can do that at even larger scale as we have that capability to onboard them even at even more scale.

第二件事是，一旦你擁有了這種能力，就只需要原始的獲取引擎和行銷，確保你將那些廣告商吸引到你的平台上。我們今天就是這樣做的，但我認為我們可以在更大範圍內做到這一點，因為我們有能力在更大規模上讓他們加入。

Like I'll just give you an example, feature of automation. Some companies come with no creative or very rudimentary creative that you want to augment. And the great news is Gen AI and a company like Memorable will help us do that, but we have to build that and integrate it into our ad platform. So we're on that journey. It's on our radar, but those are the things that need to come together for really large, large-scale active advertisers.

就像我給你舉的一個例子，自動化的特徵。有些公司根本沒有您想要增強的創意，或是創意非常簡陋。好消息是，Gen AI 和 Memorable 這樣的公司將幫助我們做到這一點，但我們必須建立它並將其整合到我們的廣告平台中。所以，我們正踏上這段旅程。這在我們的關注範圍內，但對於真正大型、大規模的活躍廣告商來說，這些都是需要結合在一起的東西。

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

I guess first, just how do you think you're doing in terms of kind of where are you in the evolution of how you grow as compared to other social channels. And in cases where you are winning a lot of these incremental dollars. Do you feel like you're securing brand-new budget from these advertisers? Or is it maybe coming from other platforms? That's my first one.

我想首先，您認為與其他社群管道相比，您在發展演變方面做得如何？在您贏得大量增量美元的情況下。您是否覺得您從這些廣告主那裡獲得了全新的預算？或者它可能來自其他平台？這是我的第一個。

And then the second one, you mentioned the new business profile sign-ups picking up. Is it fair to assume that you're converting some of those profiles into ad customers? And I guess, just generally, how fruitful of a channel do you think that can be over time?

然後第二個問題，您提到新商業資料註冊量正在增加。您是否可以合理地假設您正在將其中一些個人資料轉化為廣告客戶？我想，總的來說，您認為隨著時間的推移，這個管道能有多大的成效？

Sure. So we -- where customers share with us, ROAS, we certainly benchmark ourselves. I would say we are consistently getting better and better and more competitive. And to the extent that we are giving the information or tracking. It's something that our teams are very focused on. I think there's a lot more there. I think we can do even better. But these advertisers the reason why the objective grows is because they're seeing the results. I mean it's very definitive based on return on ad spend or your CPA, your cost per acquisitions.

當然。因此，當客戶與我們分享 ROAS 時，我們當然會對自己進行基準測試。我想說的是，我們正在不斷進步，競爭力也越來越強。以及我們提供資訊或追蹤的程度。這是我們的團隊非常關注的事情。我認為還有很多東西。我認為我們可以做得更好。但這些廣告商的目標之所以成長，是因為他們看到了成果。我的意思是，它非常明確地基於廣告支出回報率或 CPA（每次獲取成本）。

So I think the growth that we've seen in that objective is directly an output in the performance that people are seeing in our increased competitiveness. Where that budget comes from? I think, overall in the market, I think there is consolidation. I think we are seeing that. I think when people see performance, they will consolidate around it and move budgets toward that. So I'd like to think it's probably a little bit of both. The market is also growing. So and that's an opportunity for us as a platform, so both.

因此，我認為，我們在這目標中看到的成長直接體現在我們競爭力的提升。這些預算從何而來？我認為，總體而言，市場正在整合。我想我們正在看到這一點。我認為，當人們看到業績時，他們會圍繞它進行整合，並將預算轉向該方向。所以我想這可能兩者都有一點。市場也在不斷成長。所以，對於我們這個平台來說，這是一個機會，兩者都有。

Reddit Pro is still early in its life, but we -- one of the things that we really like about it is that more and more, we are getting businesses coming to us to ask how they engage on Reddit both in a paid-marketing way and in an organic way because they know the two together are just so important to their business. So we are seeing businesses come on to Reddit join. And then we are building the sort of pipeline between connections between folks who have come on to Reddit Pro and then the connections into our ads manager.

Reddit Pro 仍處於早期階段，但我們真正喜歡它的一點是，越來越多的企業向我們詢問如何以付費行銷方式和有機方式參與 Reddit，因為他們知道這兩者結合起來對他們的業務非常重要。因此我們看到企業紛紛加入 Reddit。然後，我們在 Reddit Pro 用戶之間的聯繫和我們的廣告管理器之間的聯繫之間建立一種管道。

I'll give you an example. There's an ad product that we've worked on, which is where you can make an organic post and then you can boost it in the ads manager. And the Insights and Reddit Pro helped give you some early indications on where you might want to boost that where you might have resonance. We're so early in building those connections, but we do see the opportunity to convert from one to the other.

我給你舉個例子。我們正在開發廣告產品，您可以在其中發布有機帖子，然後可以在廣告管理器中推廣它。Insights 和 Reddit Pro 可以幫助您提前了解哪些方面可能需要改進，哪些方面可能會產生共鳴。我們還處於建立這些聯繫的早期階段，但我們確實看到了從一種聯繫轉換為另一種聯繫的機會。

Hey, Krista, I think we're bumping up against time here. So we're going to wrap there. I want to thank everyone for joining. We appreciate it and look forward to speaking to you all again soon.

嘿，克里斯塔，我想我們在這裡遇到了時間問題。所以我們要到那裡去。我要感謝大家的加入。我們對此表示感謝，並期待很快再次與大家交談。

This concludes Reddit's second-quarter 2025 earnings call. You may now disconnect.

Reddit 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。