Reddit, Inc. (RDDT) 2026 Q3 法說會逐字稿

Good afternoon. My name is Jonathan, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's Q3 2026 earnings call. (Operator Instructions) I would now like to turn the call over to Jesse Rose, Head of Investor Relations. You may begin your conference.

下午好。我叫 Jonathan，今天將擔任各位的電話會議主持人。此刻，我想歡迎各位參加 Reddit 2026 年第三季財報電話會議。(接線員指示) 現在我想把電話會議交給投資人關係主管 Jesse Rose。您可以開始您的會議。

Thanks, Jonathan. Hi, everyone. Welcome to Reddit's Third Quarter 2026 Earnings Call. Joining me are Steve Huffman, Reddit's Co-Founder and CEO; Jen Wong, Reddit's COO; and Drew Vollero, Reddit's CFO. I'd like to remind you that our remarks today will include forward-looking statements and actual results may vary.

謝謝你，Jonathan。各位好。歡迎參加 Reddit 2026 年第三季財報電話會議。與我一同出席的有 Reddit 共同創辦人暨執行長 Steve Huffman；Reddit 營運長 Jen Wong；以及 Reddit 財務長 Drew Vollero。我想提醒各位，我們今天的發言將包含前瞻性陳述，實際結果可能有所不同。

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

有關可能導致這些結果出現差異的風險及其他因素之資訊，已載於我們向 SEC 提交的文件中。這些前瞻性陳述僅代表截至本次電話會議日期的展望，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，我們將同時討論 GAAP 與非 GAAP 財務數據。GAAP 與非 GAAP 財務數據之調節表可於我們致股東函中查閱。我們的第三季致股東函與財報新聞稿可在投資人關係網站以及投資人關係 subreddit 上取得。

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

現在我把電話會議交給 Steve。

Thanks, Jesse. Hi, everyone. Thank you for joining us, and welcome to our quarterly earnings call. In Reddit's 21 years, the Internet has changed in ways that would have been impossible to predict. We've gone from flip phones to smartphones to personal AI agents.

謝謝你，Jesse。各位好。感謝各位加入，歡迎參加我們的季度財報電話會議。在 Reddit 的 21 年歷史中，網際網路以許多當初不可能預測的方式改變。我們從翻蓋手機走到智慧型手機，再到個人 AI 代理。

And through it all, Reddit has always owned our own corner of the Internet, offering people something that no one else does. Social media has evolved from friends and families to followers and famous people and from status updates to the mindless scroll. Web search is evolving from a gateway to the web to becoming an AI-powered destination itself. While extraordinarily useful and powerful, AI search solves a different problem than Reddit. AI does not fulfill people's fundamental need for community connection and belonging with other people, and it lacks context and nuance.

而在這一切變化之中，Reddit 始終擁有我們在網際網路上的一隅，為人們提供其他任何人都無法提供的東西。社群媒體已從親友互動演變為追隨者與名人，並從狀態更新演變為無意識的滑動瀏覽。網路搜尋也正從通往網路世界的入口，演變為本身成為 AI 驅動的目的地。AI 搜尋雖然極其有用且強大，但它解決的是與 Reddit 不同的問題。AI 無法滿足人們對社群連結與歸屬感的根本需求，也缺乏情境與細膩差異。

The Reddit experience captures the human experience in a way that no other platform can replicate. Only Reddit can help people navigate life's journey through the lens of other people's lived experiences. Only Reddit can help you feel both like a multifaceted, unique individual and a part of a greater whole and do so without needing to reveal your real-world identity. That's why Reddit is and always has been a distinct and direct destination. People seek out Reddit because we meet a universal need they simply can't get anywhere else online.

Reddit 的體驗以其他平台無法複製的方式捕捉人類經驗。只有 Reddit 能透過他人親身經歷的視角，幫助人們走過人生旅程。只有 Reddit 能讓你同時感覺自己是多面向、獨特的個體，又是更大整體的一部分，而且無需揭露你在現實世界的身分。這就是為什麼 Reddit 一直以來都是一個獨特且直接的目的地。人們會主動尋找 Reddit，因為我們滿足了一種普遍需求，而他們在網路上其他地方根本得不到。

Our work now is about doubling down on what makes Reddit Reddit and making Reddit more of a daily habit. We come into that work with clear advantages and revenue momentum in the business. And you can see that in the exceptional commercial results we delivered in the third quarter. We generated 53% revenue growth, something few companies are doing, and it's even more significant when you consider that's on top of nearly 70% revenue growth last year. Those results in Q3 helped us cross $3 billion in revenue over the last 12 months.

我們現在的工作，是加倍投入讓 Reddit 成為 Reddit 的核心特質，並讓 Reddit 更成為每日習慣。我們帶著清晰的優勢與業務上的營收動能投入這項工作。你們可以從我們在第三季交出的卓越商業成果中看到這一點。我們實現了 53% 的營收成長，能做到這點的公司不多；而且考量到去年營收成長接近 70%，這一成績更顯得意義重大。第三季的成果也讓我們在過去 12 個月的營收突破 30 億美元。

Our margins, which were already industry-leading, expanded across the board. Reddit's continued growth at scale is proof of the strength of our business, the demand for our platform and the value we provide advertisers. And it's that consistent delivery of growth and profitability that earned us a place in the S&P 500 Index earlier this year -- earlier this quarter, excuse me. Yet while our business continues to grow significantly, Internet search and how people discover things online continues to change rapidly and significantly. Our search referral traffic was down meaningfully in Q3 with the decline accelerating later in the quarter.

我們原本就領先同業的利潤率全面擴張。Reddit 在規模化下持續成長，證明了我們業務的韌性、平台需求，以及我們為廣告主提供的價值。也正是這種持續交付成長與獲利的表現，讓我們在今年稍早——更正，是在本季稍早——被納入標普 500 指數。然而，儘管我們的業務仍在顯著成長，網路搜尋以及人們在線上發現事物的方式仍在快速且大幅地改變。第三季我們來自搜尋的導流流量明顯下滑，且在季度後段下滑速度加快。

The biggest impact was on logged out and web traffic, but some of the impact flows through to logged in and app traffic since search referral is a common source of reengagement for users. The company helped to offset the declines by both driving reach primarily through user marketing and also by continuing to improve the product. These declines have continued into the early part of Q4. During October, we have seen that search traffic has dropped by more than 1 million referrals on average per week. If this rate of decline continues, current trends would suggest that total DAUqs could fall in Q4 by a low double-digit percentage from our current base of 130 million DAUqs.

影響最大的是未登入與網頁端流量，但由於搜尋導流是使用者重新互動的常見來源之一，部分影響也會傳導至已登入與 App 端流量。公司透過兩方面來協助抵銷下滑：一是主要透過使用者行銷擴大觸及，二是持續改善產品。這些下滑在第四季初期仍在延續。10 月期間，我們觀察到搜尋流量平均每週減少超過 100 萬次導流。若此下滑速度持續，依目前趨勢推估，第四季總 DAUqs 可能會在目前 1.3 億 DAUqs 的基礎上下降低雙位數百分比。

However, search referral trends do not determine our relevancy, and they do not define our future. Logged-in and app DAU are our most valuable users, and they are our primary focus. And we grew Logged-in and app DAU sequentially. Together, these make up the vast majority of engagement and over 80% of the monetization on Reddit. Growing this high-value audience speaks to the strength of Reddit as a destination.

然而，搜尋導流的趨勢並不決定我們的相關性，也不定義我們的未來。已登入與 App 端 DAU 是我們最有價值的使用者，也是我們的主要聚焦。而我們的已登入與 App 端 DAU 亦呈現季對季成長。合計而言，這兩者構成了絕大多數的互動量，並貢獻 Reddit 超過 80% 的變現。高價值受眾的成長，反映了 Reddit 作為目的地的強勁實力。

And this is what matters for the long-term health of our platform and our business. So as we look ahead, our strategy to make Reddit a direct daily habit for more people is simple: make Reddit awesome, grow community and belonging, and bring in new audiences. Making Reddit awesome means making it more relevant and easier to navigate, getting to personalization faster and creating fun new experiences on Reddit. This will both improve retention of new users and deepen engagement of our core users. Our work in ML feeds and app performance is delivering results.

而這才是我們平台與業務長期健康發展的關鍵。因此展望未來，我們讓更多人把 Reddit 當作直接的每日習慣之策略很簡單：把 Reddit 做得更棒、壯大社群與歸屬感、並引入新受眾。把 Reddit 做得更棒，意味著讓它更相關、更容易瀏覽，更快達到個人化，並在 Reddit 上打造有趣的新體驗。這將同時提升新使用者留存，並加深核心使用者的互動。我們在機器學習（ML）動態資訊流與 App 效能方面的工作正在產生成果。

The percentage of new users who returned the first week after installing the Reddit app is up double digits quarter-over-quarter and over 50% year-over-year. Video creation and consumption are both up, as are chained video views. We'll continue our work in these areas in the coming quarters, and I'm particularly excited about some of the areas we'll be testing to make the core feed experience more consistent and predictable and to grow some of our new experiences like games and visual podcasts. To grow community and belonging, we've been making it easier to create, grow and contribute to communities on Reddit. This quarter, we've continued to grow the number of communities on Reddit and increase the contribution from our users.

安裝 Reddit App 後第一週回訪的新使用者比例，季對季提升達雙位數，年對年提升超過 50%。影片創作與觀看量皆上升，串連式影片觀看也同樣增加。未來幾季我們將持續在這些領域投入；我也特別期待我們將測試的一些方向，以讓核心動態資訊流體驗更一致、更可預期，並推動一些新體驗的成長，例如遊戲與視覺化 Podcast。為了壯大社群與歸屬感，我們一直在讓使用者更容易在 Reddit 上建立、成長並為社群做出貢獻。本季我們持續增加 Reddit 上的社群數量，並提升使用者的貢獻度。

We added another 1 billion posts and comments to our corpus. Looking forward, our work will be to make subreddits more distinct to deepen the sense of belonging by making joining subreddits more intentional and significant and to make moderation much easier and more consistent by giving moderators AI-powered tools. This approach has helped our own enforcement team reduce the median time to action on violating content from 58 hours to 5 seconds this year. Our current opportunity is to better retain the large cohort of users who try Reddit for the first time every day by executing on the above. We see a large number of unattributed, aka word-of-mouth, installs every day.

我們的語料庫又新增了 10 億則貼文與留言。展望未來，我們的工作將是讓各個 subreddit 更具辨識度，透過讓加入 subreddit 的行為更有意圖、更具意義來加深歸屬感；同時也將透過提供版主 AI 驅動的工具，讓版務管理更容易且更一致。這種做法已協助我們的執法團隊在今年將對違規內容採取行動的中位時間從 58 小時縮短至 5 秒。我們目前的機會在於：透過落實上述工作，更好地留住每天首次嘗試 Reddit 的龐大使用者群。我們每天都看到大量無法歸因的（亦即口碑）安裝。

We also have a large number of reinstalls, which we can mitigate through things like an improved incognito mode in the app. And of course, we will continue to convert our still significant number of search referred users from mobile web to app. Currently, only about 13% of eligible mobile-web users are seeing the app conversion prompt. So this has room to scale. While early, so far, we have seen that app users that come to Reddit through marketing retain at rates similar to app users that come organically, so we will continue to invest here.

我們也有大量的重新安裝情況，我們可以透過例如在 App 中改進無痕模式等方式來降低其影響。當然，我們也會持續把目前仍相當可觀、由搜尋導流而來的使用者，從行動網頁轉換到 App。目前，只有約 13% 符合資格的行動網頁使用者會看到 App 轉換提示。因此這方面仍有擴大空間。雖然還在早期階段，但截至目前我們看到，透過行銷帶來的 Reddit App 使用者，其留存率與自然成長而來的 App 使用者相近，因此我們會持續在此投入。

Together, these efforts will help us reach more people and convert more first-time users into regular Reddit users. And a key piece of work to retain new audiences is shifting Reddit to a logged-in only experience. It's a big one for us, and it's a big one for me. I want to take a minute to outline why we're making this change. Moving to primarily logged-in will ensure our users have the best Reddit experience possible and can find the content and communities most relevant to them.

綜合而言，這些努力將幫助我們觸及更多人，並把更多首次使用者轉化為經常使用 Reddit 的使用者。而留住新受眾的一項關鍵工作，是將 Reddit 轉向「僅限登入」的使用體驗。這對我們而言是重大轉變，對我個人也是。我想花一點時間說明我們為何要做出這項改變。主要以登入狀態為主，將確保使用者能獲得最佳的 Reddit 體驗，並能找到與他們最相關的內容與社群。

It's better for our business because we have more signals for ads targeting and being logged-in leads to higher engagement generally. It also allows us to protect access to Reddit's extremely valuable corpus of data and helps us better adapt to emerging regulations around the world. In Q4, we'll begin fully testing this in select markets outside the US. The results of those tests will inform an optimized version of logged-in only Reddit globally. Pretty much all the major ad platforms have gone through this transition, so we are excited and are moving quickly.

這對我們的業務更有利，因為我們能取得更多用於廣告定向的訊號，而登入狀態通常也會帶來更高的互動度。這也讓我們能保護對 Reddit 極具價值的資料語料庫之存取，並協助我們更好地因應全球各地新興的監管規範。在第四季，我們將開始在美國以外的部分市場進行完整測試。這些測試結果將用於制定全球最佳化版本的「僅限登入」Reddit。幾乎所有主要廣告平台都已經歷過這樣的轉型，因此我們感到振奮，並正加速推進。

With the above work, we will make Reddit a fun, fulfilling direct daily habit for every Internet user. Thank you. And now over to Jen.

透過上述工作，我們將讓 Reddit 成為每位網際網路使用者每天都會直接使用、既有趣又有收穫的日常習慣。謝謝。接下來交給 Jen。

Thank you, Steve. Hello, everyone. Q3 was a strong quarter for Reddit. Revenue grew 53% year-over-year, and trailing 12-month revenue crossed $3 billion. This milestone reflects our ability to grow at scale.

謝謝你，Steve。各位好。第三季對 Reddit 來說是表現強勁的一季。營收年增 53%，過去 12 個月的累計營收突破 30 億美元。這個里程碑反映了我們具備規模化成長的能力。

That growth is happening as the Internet changes quickly. AI is reshaping how people find information and get things done. At the same time, lived experience continues to increase in value as an essential source for advice and as a knowledge source for AI systems. People turn to other people when they need a second opinion from someone who actually bought insurance for the first time or who is navigating mid-40s fitness, and to savor the sense of belonging from people coming together to share fun, hardships and wins. As synthetic content and automated summaries become more common, Reddit's conversations and communities are an increasingly valuable destination for people and a high-intent audience for advertisers.

這樣的成長發生在網際網路快速變化之際。AI 正在重塑人們尋找資訊與完成任務的方式。同時，第一手的生活經驗作為建議來源，以及作為 AI 系統的知識來源，其價值持續提升。當人們需要來自真正第一次購買保險的人、或正在面對 40 多歲健身課題的人的第二意見時，他們會向其他人求助；也會享受人們聚在一起分享樂趣、困難與勝利所帶來的歸屬感。隨著合成內容與自動化摘要愈來愈普遍，Reddit 的對話與社群正成為人們更有價值的目的地，也為廣告主提供更高意圖的受眾。

These real experiences and perspectives help people make big and small decisions every day, and that's why half of US shoppers say they come to Reddit to verify AI recommendations. We see significant opportunity ahead for our business, and we're making progress reflected in strong customer retention, growing share of wallet and more always-on advertiser relationships. These trends give us confidence in Reddit's ability to deliver durable, differentiated growth. Now moving to our results.

這些真實的經驗與觀點，幫助人們每天做出大大小小的決策；也因此，有一半的美國消費者表示，他們會到 Reddit 來驗證 AI 的推薦。我們看到未來業務有顯著機會，而我們的進展反映在強勁的客戶留存、錢包份額（share of wallet）提升，以及更多「常態投放」（always-on）的廣告主合作關係。這些趨勢讓我們對 Reddit 提供持久且具差異化成長的能力更有信心。接下來談我們的業績表現。

In Q3, advertising revenue grew 54% year-over-year to $847 million. Growth came from both pricing and impressions with pricing outpacing impressions as we delivered on our strategy to make every impression more valuable. We saw that translate into results. In Q3, click volume grew over 50% and conversion volume more than tripled year-over-year. We also saw strength across our primary sales channels, including large customers and scaled.

第三季，廣告營收年增 54% 至 8.47 億美元。成長同時來自定價與曝光量，其中定價的增速高於曝光量，因為我們落實了讓每一次曝光更有價值的策略。我們看到這些策略轉化為成果。第三季，點擊量成長超過 50%，轉換量年增超過三倍。我們也看到主要銷售通路表現強勁，包括大型客戶與規模化（scaled）通路。

Scaled revenue grew more than 80% year-over-year in Q3, driven by deeper relationships with existing advertisers, higher average spend and new advertiser acquisition. Mid-market active advertisers grew more than 50% year-over-year with growth across both North America and EMEA. In the mid-market channel, our suite of shopping products is contributing to retail advertiser demand, while our B2B offering is driving demand from mid-market service advertisers. Revenue growth was broad-based across verticals and regions. Business and finance, pharma, and travel industries were strong, and US ad revenue grew 51% year-over-year, while international ad revenue grew 68% year-over-year. Demand spanned the full funnel, led by lower funnel performance revenue, particularly shopping and app install objectives, which both grew over 95% year-over-year. Now I'll discuss our progress against the ad stack. Our investments in the ad stack are helping businesses achieve stronger performance and consistent returns. We're executing against three areas: scaling automation through our ads platform and Reddit Max campaigns, delivering advertiser value across the full funnel, and expanding the Reddit for Business ecosystem.

第三季，規模化（scaled）營收年增超過 80%，主要由與既有廣告主更深的合作關係、更高的平均支出，以及新廣告主獲取所帶動。中型市場（mid-market）活躍廣告主年增超過 50%，北美與 EMEA（歐洲、中東與非洲）皆有成長。在中型市場通路中，我們的購物產品組合正在帶動零售廣告主需求，而我們的 B2B 方案則推動中型市場服務型廣告主的需求。營收成長在各垂直產業與各地區均呈現廣泛分布。商業與金融、製藥與旅遊產業表現強勁；美國廣告營收年增 51%，國際廣告營收年增 68%。需求涵蓋整個行銷漏斗，其中以漏斗下層的成效型營收（performance revenue）領先，特別是購物與 App 安裝目標，兩者年增皆超過 95%。接下來我將說明我們在廣告技術堆疊（ad stack）方面的進展。我們對廣告技術堆疊的投資，正協助企業達成更強的成效與一致的回報。我們聚焦三個面向執行：透過我們的廣告平台與 Reddit Max 活動擴大自動化、在整個漏斗提供廣告主價值，以及擴展 Reddit for Business 生態系。

So starting with automation. Reddit Max entered public beta in Q3, and we expanded access and integrated Max into the onboarding experience for new advertisers. Max advertiser adoption more than tripled quarter-over-quarter. We also launched asset groups, which let advertisers manage multiple product lines or creative themes within a single Max campaign. Improvements in the machine learning models beneath Max and our ad stack are helping us learn faster and improve performance.

先從自動化開始。Reddit Max 在第三季進入公開 Beta，我們擴大了使用權限，並將 Max 整合到新廣告主的上線導入（onboarding）流程中。Max 的廣告主採用率較前一季增加超過三倍。我們也推出了素材群組（asset groups），讓廣告主能在單一 Max 活動中管理多條產品線或多種創意主題。Max 底層以及我們廣告技術堆疊中的機器學習模型改進，正幫助我們更快學習並提升成效。

In Q3, we improved model training, added more real-time sequencing and session signals, and updated graph-based signals across our ranking models. These improvements contributed to performance gains across the funnel from stronger view-through rates in the upper funnel to lower cost per action in the lower funnel. Our road map of model improvements delivers consistent performance gains for advertisers into ad spend efficiency and higher returns. Now moving to our progress across marketing objectives for advertisers on our platform. Reddit users bring high intent to every interaction, whether engaging with text, images or video.

第三季，我們改善了模型訓練，加入更多即時的序列（sequencing）與工作階段（session）訊號，並更新了各排名模型中的圖譜式（graph-based）訊號。這些改進帶動了漏斗各階段的成效提升，從漏斗上層更強的瀏覽後轉換率（view-through rates），到漏斗下層更低的每次行動成本（cost per action）。我們的模型改進路線圖，持續為廣告主帶來穩定的成效提升，進而提高廣告支出效率並帶來更高回報。接下來談我們在平台上針對廣告主各項行銷目標的進展。Reddit 使用者在每一次互動中都帶有高度意圖，無論是文字、圖片或影片的互動。

In the upper funnel, video views was our fastest-growing objective with revenue more than doubling year-over-year. We broadened our video offerings with the new 15-second engaged video view objective, which entered public beta in Q3. And this objective helps advertisers optimize for people more likely to engage with longer-form video. Now in the lower funnel, shopping was our fastest-growing objective, and we expanded the product to support up to 20 million products, making it easier for larger and more complex advertisers to run shopping campaigns. People come to Reddit to ask questions, learn from real experiences and make personal decisions based on the communities they trust.

在漏斗上層，影片觀看是我們成長最快的目標，相關營收年增超過一倍。我們以新的「15 秒互動式影片觀看」目標擴充了影片產品，並在第三季進入公開 Beta。此目標可協助廣告主針對更可能與長影片內容互動的人群進行最佳化。在漏斗下層，購物是我們成長最快的目標；我們也擴充產品以支援多達 2,000 萬項商品，讓規模更大、結構更複雜的廣告主更容易投放購物活動。人們來到 Reddit 提問、從真實經驗中學習，並基於他們信任的社群做出個人決策。

The same is true for people making decisions for their business.

對於為其企業做決策的人而言也是如此。

More than 20 million business decision-makers come to Reddit globally and 9 in 10 used Reddit in the past year to research business products or services. We enhanced our lead generation capabilities to help businesses turn high-intent engagement into measurable leads. Our in-market audiences targeting tools help B2B advertisers reach people actively researching or considering a purchase, including in the enterprise and business AI, and cybersecurity industries. B2B advertisers using these audiences saw an average cost per action improvement of about 7% compared to other first-party targeting options. We're also adding audience and measurement partners and testing CRM integrations, helping advertisers connect Reddit campaigns to their sales workflows and assess performance across the funnel.

全球有超過 2,000 萬名商業決策者會使用 Reddit，而其中 10 人中有 9 人在過去一年曾使用 Reddit 研究商業產品或服務。我們強化了名單開發（lead generation）能力，協助企業將高意圖互動轉化為可衡量的潛在客戶名單。我們的「在市場受眾」（in-market audiences）定向工具，協助 B2B 廣告主觸及正在積極研究或考慮購買的人群，涵蓋企業級與商用 AI，以及資安產業。使用這些受眾的 B2B 廣告主，相較於其他第一方定向選項，其平均每次行動成本約改善 7%。我們也在新增受眾與衡量合作夥伴並測試 CRM 整合，協助廣告主將 Reddit 活動與其銷售工作流程串接，並評估整個漏斗的成效。

Next, I'll discuss how we're expanding the Reddit for Business ecosystem. We continue to expand our ecosystem by adding partners and extending our products through existing integrations. In Q3, revenue from our Ads API ecosystem grew more than 45% quarter-over-quarter. We added Innovid and Skai to our advertising and customer management partnerships and began a beta integration with HubSpot. We also launched Smartly's Max API integration, the first third-party integration for Max campaign management.

接下來，我將討論我們如何擴展 Reddit for Business 生態系。我們持續透過新增合作夥伴，並藉由既有整合延伸產品，來擴大生態系。第三季，來自我們 Ads API 生態系的營收較前一季成長超過 45%。我們將 Innovid 與 Skai 納入廣告與客戶管理合作夥伴，並開始與 HubSpot 進行 Beta 版整合。我們也推出 Smartly 的 Max API 整合，這是 Max 活動管理的首個第三方整合。

Our Shopify integration also continued to scale following its general availability launch in May. Using Reddit's DPA product and Shopify integration, backpack and accessories company, Ethnotek, connected its catalog to surface the most relevant products to high-intent shoppers. The campaign delivered a 4x return on advertising spend and a 40% more efficient CPA, helping Ethnotek scale while keeping the ads relevant to each user. On measurement, third-party research validates our impact across verticals and categories. Research from Attain found that Reddit audiences generate higher lifetime value across CPG, quick-serve restaurant, QSR, and retail categories.

我們的 Shopify 整合在 5 月正式全面推出後也持續擴大規模。透過 Reddit 的 DPA 產品與 Shopify 整合，背包與配件公司 Ethnotek 連結其商品目錄，以向高意圖購物者呈現最相關的產品。該活動帶來 4 倍的廣告投資報酬（ROAS），以及 CPA 效率提升 40%，協助 Ethnotek 在擴大規模的同時，仍能讓廣告對每位使用者保持相關性。在衡量方面，第三方研究驗證了我們在各垂直領域與品類的影響力。Attain 的研究發現，Reddit 受眾在 CPG、速食餐廳（QSR）與零售等品類中，能帶來更高的終身價值（LTV）。

Reddit shoppers delivered 17% higher LTV in personal care and beauty, 19% higher value in QSR, beverage, and snacks, and 11% higher value in retail beauty and personal care. A Samba meta-analysis of 25 tune-in campaigns on Reddit ads drove an average 18% incremental lift in tune-in across linear and streaming with exposed households watching 15% more minutes than the competitive benchmark, demonstrating that Reddit drove both more tune-in and deeper viewing.

Reddit 購物者在個人護理與美妝的 LTV 高出 17%，在 QSR、飲料與零食的價值高出 19%，在零售美妝與個人護理的價值高出 11%。Samba 對 Reddit 廣告上 25 個收視導流（tune-in）活動所做的統合分析顯示，在傳統線性與串流平台上，平均帶來 18% 的增量收視提升；且曝光家庭的觀看分鐘數比競品基準高出 15%，證明 Reddit 不僅帶來更多收視導流，也帶來更深度的觀看。

Lastly, I'll share an update on our consumer marketing efforts. Our marketing strategy is to broaden awareness of Reddit and increase our top of funnel for logged-in and app users. To build awareness, we're continuing to evaluate our brand strategy. Our brand campaign, People Are The Best, is showing early promise with gains in Reddit's relevance and strong ad recall. We also brought Reddit Communities to life through r/bodega, our first-ever community pop-up in New York City.

最後，我將分享我們消費者行銷工作的最新進展。我們的行銷策略是擴大 Reddit 的認知度，並提升已登入使用者與 App 使用者的漏斗上層流量。為了建立認知度，我們持續評估品牌策略。我們的品牌活動「People Are The Best」在 Reddit 的相關性提升與強勁的廣告記憶度方面，已展現初步成效。我們也透過 r/bodega（我們在紐約市首次舉辦的社群快閃活動）讓 Reddit 社群具象化呈現。

The bodega represented 75 Reddit communities and reached hundreds of thousands of people in person and online, driving engagement both at the event and across Reddit communities. For our paid marketing strategy, we are starting to shift focus from reach web campaigns to app campaigns. This aligns with our strategy of potentially trading some reach for higher-value engaged users. It's early, but in our experience so far, our US app install campaigns can retain new users at rates comparable to organic app users.

這間 bodega 代表了 75 個 Reddit 社群，並在線上與線下觸及數十萬人，帶動活動現場與 Reddit 各社群的互動。在付費行銷策略方面，我們開始將重心從以觸及為主的網頁活動，轉向 App 活動。這與我們的策略一致：可能以部分觸及換取更高價值的高互動使用者。目前仍在早期階段，但依我們迄今的經驗，美國的 App 安裝活動對新使用者的留存率可與自然（organic）App 使用者相當。

Outside the US, reach-based user marketing is more of a lever given the lower awareness of Reddit's brand. In the quarter, we increased user marketing spend internationally in part to compensate for the loss reach from the declines of search referral traffic. This enabled us to continue to introduce new users to the platform. We will evaluate the effectiveness of that spend over the next few quarters, and we're also exploring ways to reengage logged in and app users to sustain core usage and offset pressure from search referral traffic. Overall, this was another strong quarter for Reddit.

在美國以外，由於 Reddit 品牌認知度較低，以觸及為主的使用者行銷更是一項可運用的槓桿。本季我們提高了國際市場的使用者行銷支出，部分原因是為了彌補搜尋導流流量下滑所造成的觸及損失。這使我們得以持續將新使用者導入平台。我們將在未來幾季評估該支出的成效，同時也在探索重新喚回已登入與 App 使用者的方法，以維持核心使用並抵銷搜尋導流流量帶來的壓力。整體而言，這又是 Reddit 表現強勁的一季。

Our results reflect strong execution by our teams and the value Reddit delivers to users and customers. We're well positioned to build on this progress in the fourth quarter and into 2027. Thank you for joining us and for your continued support. Now I'll turn the call over to Drew.

我們的成果反映了團隊強勁的執行力，以及 Reddit 為使用者與客戶帶來的價值。我們已具備良好條件，在第四季以及邁向 2027 年持續延續這項進展。感謝各位加入並持續支持。現在我把電話會議交給 Drew。

Thank you, Jen, and good afternoon, everyone. Q3 demonstrated again the strength of Reddit's one-on-one financial model. Simply put, we showcased cash generation, earnings power and best-in-class margins at scale. On cash generation, our free cash flow margin reached 41% in Q3, while free cash flow was $363 million, up 98% year-over-year. Reddit's cash and investments topped $3 billion for the first time.

謝謝你，Jen，各位下午好。第三季再次展現 Reddit 一對一財務模式的強勁實力。簡而言之，我們在規模化之下展現了現金創造能力、獲利能力，以及同級最佳的利潤率。在現金創造方面，第三季自由現金流利潤率達到 41%，自由現金流為 3.63 億美元，年增 98%。Reddit 的現金與投資首次突破 30 億美元。

On earnings power, Q3 GAAP diluted EPS and adjusted EBITDA both grew over 70% year-over-year. Year-to-date, adjusted EBITDA surpassed $1 billion, nearly double a year ago. And for best-in-class margins, Reddit shined again. Net income margin was 32%, adjusted EBITDA margin was 45%, gross margins were 91.5%. I'll now provide more color on our Q3 results.

在獲利能力方面，第三季 GAAP 稀釋每股盈餘（EPS）與調整後 EBITDA 均年增超過 70%。年初至今，調整後 EBITDA 已超過 10 億美元，幾乎是去年同期的兩倍。而在同級最佳的利潤率方面，Reddit 再次表現亮眼。淨利率為 32%，調整後 EBITDA 利潤率為 45%，毛利率為 91.5%。接下來我將提供第三季業績的更多細節。

Q3 revenue was $895 million, up 53% year-over-year. Advertising revenue was $847 million, up 54% year-over-year, and other revenue was $48 million, up 35% year-over-year. US revenues grew 50% and international revenues grew 67%. Average revenue per unique user grew 36% year-over-year to $6.87.

第三季營收為 8.95 億美元，年增 53%。廣告營收為 8.47 億美元，年增 54%；其他營收為 4,800 萬美元，年增 35%。美國營收成長 50%，國際營收成長 67%。每位獨立使用者平均營收年增 36% 至 6.87 美元。

Moving to expenses. We continue to invest in the business at a healthy rate. Total adjusted costs and expenses were $493 million, up 41% year-over-year, very consistent with our expense growth rate over the last four quarters. We continue to be thoughtful about the balance between growth and investment as revenue grew approximately 1.3 times the rate of total adjusted cost and our incremental EBITDA margin -- adjusted EBITDA margin was 54%. Gross margin was 91.5%, up 50 basis points from last year.

接著談費用。我們持續以健康的速度投資於業務。調整後總成本與費用為 4.93 億美元，年增 41%，與過去四個季度的費用成長率非常一致。我們持續審慎拿捏成長與投資之間的平衡；由於營收成長約為調整後總成本成長的 1.3 倍，我們的增量 EBITDA 利潤率——調整後 EBITDA 利潤率為 54%。毛利率為 91.5%，較去年提升 50 個基點。

Cost of revenue was approximately $76 million, up 44% year-over-year, reflecting investments in machine learning, site performance, measurement and safety. The benefit from incremental revenue and ongoing infrastructure efficiency projects helped us to more than offset these cost increases and maintain gross margins above 90% for the ninth consecutive quarter. Adjusted operating expenses were $417 million or 47% of revenue compared to 51% last year as we continue to gain operating leverage. Within operating expenses, the two largest investment areas are headcount and consumer marketing, and we continue to evaluate these spends with an ROI mindset. On hiring, the focus remains making the product better, accelerating monetization and strengthening the quality of our user base.

營收成本約為 7,600 萬美元，年增 44%，反映我們在機器學習、網站效能、衡量與安全方面的投資。增量營收帶來的效益以及持續進行的基礎設施效率專案，協助我們不僅抵銷了這些成本增加，並使毛利率連續第九個季度維持在 90% 以上。調整後營運費用為 4.17 億美元，占營收 47%，相較去年為 51%，顯示我們持續取得營運槓桿。在營運費用中，兩大投資領域為人力與消費者行銷，我們持續以投資報酬率（ROI）的思維評估這些支出。在招募方面，重點仍是讓產品更好、加速變現，並強化使用者基礎的品質。

Total headcount grew approximately 3% sequentially and 12% year-over-year. We continue to see great cost leverage and efficiency gains in the back-of-house areas like G&A. We ended Q3 with the same headcount as we had in G&A two years ago back in 2024 in the third quarter. In Q3, our total consumer marketing spend was consistent with the prior quarter. Total spend was mid-single digits on a percentage of revenue basis, consistent with Q2, but the spend mix shifted by category and region.

總員工人數較前一季約成長 3%，年增 12%。我們在後勤部門（例如一般與行政費用，G&A）持續看到顯著的成本槓桿與效率提升。我們在第三季結束時，G&A 的人力規模與兩年前（2024 年第三季）相同。第三季，我們的消費者行銷總支出與前一季一致。以營收百分比計算，總支出為中個位數百分比，與第二季一致，但支出組合在品類與地區間有所調整。

In the US, as Jen noted, we shifted a portion of dollars away from web user marketing into app installs and our brand campaign. To date, domestic web user marketing spend has proven effective at bringing users to Reddit, but low retention rates have hurt ROI. Internationally, we spent more dollars on user web marketing to grow reach, driving users to the platform where the brand is less well known, which helped offset the declines in international search referral traffic. We'll continue to monitor both the domestic and international marketing performances, and we'll adjust our spend accordingly. Turning now to stock-based compensation and dilution.

在美國，如 Jen 所提，我們將部分預算從網頁端使用者行銷轉向 App 安裝與品牌活動。截至目前，國內網頁端使用者行銷支出在將使用者帶到 Reddit 方面已證明有效，但較低的留存率損害了 ROI。國際方面，我們在使用者網頁行銷上投入更多預算以擴大觸及，將使用者導入品牌知名度較低的平台，這有助於抵銷國際搜尋導流流量的下滑。我們將持續監測國內與國際行銷表現，並相應調整支出。接下來談股票基礎薪酬與稀釋。

In Q3, stock-based compensation and related taxes were $136 million or 15% of revenue, down 80 bps year-over-year. Total fully diluted shares outstanding were down sequentially, landing at 206.3 million. Year-to-date, gross dilution, excluding the impact of buybacks, is 1.2%. So we're tracking well so far against our long-term guide of 1% to 3% annual dilution. After buybacks, year-to-date, fully diluted share count is up 0.1%.

在第三季，股票基礎薪酬及相關稅負為1.36億美元，約占營收的15%，年增率下降80個基點。完全稀釋後流通在外股數較前一季下降，為2.063億股。年初至今，若不含庫藏股回購影響，總稀釋率為1.2%。因此目前我們的進度與長期指引的每年1%至3%稀釋率相當一致。在回購之後，年初至今完全稀釋後股數增加0.1%。

In Q3, we repurchased about $100 million worth of stock at an average price slightly below $150 a share. We have about $660 million remaining on our current buyback authorization. A few more points of interest on Q3. Net income was $283 million or $1.47 per basic share and $1.40 per diluted share compared to $163 million or $0.87 per basic share and $0.80 per diluted share a year ago. Capital expenditures were $1.2 million, so the business remained capital light.

在第三季，我們以每股略低於150美元的平均價格回購約1億美元的股票。我們目前的回購授權尚餘約6.6億美元。再補充幾點第三季的重點：淨利為2.83億美元，或每股基本盈餘1.47美元、每股稀釋後盈餘1.40美元；相較之下，一年前淨利為1.63億美元，或每股基本盈餘0.87美元、每股稀釋後盈餘0.80美元。資本支出為120萬美元，因此本業仍維持輕資本模式。

We ended Q3 with $3.03 billion in cash, cash equivalents and marketable securities, which gives flexibility to execute on our three capital priorities where it makes sense, investing in the business, M&A and share repurchase. I'd like to share a quick point on taxes. Our Q3 tax expense was approximately $5.8 million with an effective tax rate of about 2%. So book tax expense remains modest. We also continue to maintain our full valuation allowances on US federal and state deferred tax assets. Reddit has now become GAAP-profitable since 2024 in the third quarter. We're updating our internal forecast as part of an ongoing assessment to evaluate whether those full valuation allowances remain appropriate over the near term. Turning now to the outlook. We'll share our internal expectations for revenue and adjusted EBITDA for the fourth quarter of 2026, as well as a few additional considerations.

第三季期末，我們持有現金、約當現金及有價證券合計30.3億美元，這讓我們在三項資本優先事項上具備彈性、可在合適之處執行：投資本業、併購（M&A）以及股票回購。我想快速補充一點稅務。第三季稅費約為580萬美元，有效稅率約2%。因此帳面稅費仍屬溫和。我們也持續對美國聯邦與州的遞延所得稅資產維持全額估值備抵（valuation allowances）。Reddit自2024年第三季起已在GAAP基礎下轉為獲利。我們正更新內部預測，作為持續評估的一部分，以判斷在短期內這些全額估值備抵是否仍然適當。接下來談展望。我們將分享對2026年第四季營收與調整後EBITDA的內部預期，以及幾項額外考量。

In the fourth quarter of 2026, we estimate revenue in the range of $1 billion to $1.03 billion, representing 38% to 42% year-over-year growth with a midpoint of approximately 40%. Adjusted EBITDA in the range of $480 million to $510 million, representing 47% to 56% year-over-year growth and an adjusted EBITDA margin of approximately 49% at the midpoint. Additionally, I'd like to provide an update on our user disclosures. As the broader Internet landscape continues to evolve, Reddit continues to iterate and learn on many product changes, including an upcoming test to move the platform to logged-in only users, which Steve described briefly in his remarks. It follows that we'll continue to report logged-in and logged-out DAUq by geography as they remain useful for understanding user trends consistent with our historical reporting.

在2026年第四季，我們預估營收介於10億至10.3億美元，年增38%至42%，中位數約40%。調整後EBITDA介於4.8億至5.1億美元，年增47%至56%，中位數下調整後EBITDA利潤率約49%。此外，我也想就我們的用戶揭露提供最新資訊。隨著更廣泛的網際網路環境持續演進，Reddit也持續在多項產品變更上迭代與學習，其中包括即將進行的一項測試：將平台轉為僅限登入用戶使用，Steve在他的發言中已簡要提及。因此，我們將持續按地區揭露登入與未登入的DAUq，因為這些指標仍有助於理解用戶趨勢，並與我們過往的揭露方式一致。

As we move forward, we'll continue to evaluate our user reporting to ensure it reflects how we manage and measure our business. To close my commentary, I'd like to highlight that it was great to see Reddit added to the S&P 500 earlier in the quarter. It's a terrific testimony to the progress and the potential of the brand. It was also great to see Reddit cross an important milepost of $3 billion in a trailing 12-month revenue basis. We've made a lot of progress since we crossed $1 billion back in 2024.

展望未來，我們將持續評估用戶報告方式，以確保其反映我們管理與衡量業務的方式。在結束我的評論前，我想強調，本季稍早看到Reddit被納入S&P 500令人振奮。這是對品牌進展與潛力的極佳肯定。同樣令人欣喜的是，Reddit在過去12個月（TTM）營收基礎上跨越了30億美元的重要里程碑。自我們在2024年跨越10億美元以來，我們已取得長足進展。

Our next internal North Star is $5 billion in revenue, which will require strong execution to capitalize on the unique raw materials Reddit has. That concludes my comment. Let me turn the call over to the operator to open the line up for questions.

我們下一個內部的北極星目標是50億美元營收，這需要強而有力的執行力，才能把握Reddit所擁有的獨特「原材料」。我的發言到此結束。接下來我把電話交給接線員，開放提問。

(Operator Instructions) Your first question is from the line of Benjamin Black at Deutsche Bank.

(接線員指示) 第一個問題來自德意志銀行（Deutsche Bank）的Benjamin Black。

Steve, on the shift to the logged-in only experience, can you dig in a little bit more into the sort of the genesis of that decision? Also, what are you looking for in the test this quarter? And how do you think this could ultimately impact your top of funnel and your ability to attract more users to new communities. And Jen, revenue continues to clearly materially outgrow users. As you look ahead to '27, how much runway do you think there is left in terms of closing the monetization gap versus some of the other social platforms before revenue growth starts to track user growth a little bit more closely?

Steve，關於轉向僅限登入的使用體驗，你能否更深入談談做出這項決策的起源與背景？另外，你們在本季的測試中想觀察哪些重點？你認為這最終可能如何影響漏斗頂端（top of funnel），以及你們吸引更多用戶加入新社群的能力？還有Jen，營收顯然持續大幅超越用戶成長。展望2027年，你認為在營收成長開始更貼近用戶成長之前，與其他社群平台相比，縮小變現差距（monetization gap）的空間還有多少？

Okay. Thanks for the question, Ben. So the transition to logged-in, the genesis is like every other platform has done this. Reddit is different. We've been successful logged-out for a long time.

好的，謝謝你的問題，Ben。關於轉向登入，這個起源就像其他平台所做的一樣。Reddit不太一樣。我們在未登入狀態下成功運作了很長一段時間。

But now is the right time for a variety of reasons. One, when Reddit was born, it was the same content for everybody. Now Reddit is huge. And so the product works best when people are logged-in and can get personalized recommendations for communities and content. Second, it gives us better information to target ads better.

但現在基於多種原因，是合適的時機。第一，Reddit剛誕生時，所有人看到的內容都一樣。現在Reddit規模非常大。因此當人們登入後，產品體驗最佳，因為我們可以提供個人化的社群與內容推薦。第二，這能讓我們取得更好的資訊，以更精準地投放廣告。

Third, it lets us better protect the Reddit corpus of data. The vast majority of the scraping and stealing of Reddit happens in our logged-out user base. And finally, it allows us to more easily adapt to emerging regulations around the world. Now there will be trade-offs here. So we will likely be trading reach for engagement.

第三，這讓我們能更好地保護Reddit的資料語料庫（corpus）。絕大多數對Reddit的抓取（scraping）與竊取行為都發生在未登入用戶群。最後，這也讓我們更容易因應全球各地新興的法規。當然，這裡會有取捨。因此我們可能會以觸及（reach）換取互動（engagement）。

But when a user logged into Reddit, they engage much more deeply. But keep in mind that 80% of the monetization of Reddit happens within our app and logged-in cohort. And so I think there's a lot of opportunity here. It's the reason why I think many of our peers went through this transition already. So in our test, what we're looking for is to see which services we put the login walls up on, when we do it.

但用戶一旦登入Reddit，他們的互動會更深入。不過請記住，Reddit約80%的變現發生在我們的App以及登入用戶族群之中。因此我認為這裡有很大的機會。這也是為什麼我認為許多同業早已完成這個轉換。所以在我們的測試中，我們要觀察的是：哪些服務要設置登入牆，以及何時設置。

So for example, we want people to go to reddit.com and get a taste of Reddit. We want link sharing or post sharing on Reddit to continue to work. So figuring out those nuances is really important, studying the conversion rate on different services is really important, looking at how engagement or how engagement improves on the other side of that conversion is really important. And so all of these things are complex. And so I think the best way to learn that is just to get to a test as soon as possible.

例如，我們希望人們到reddit.com時能先體驗一下Reddit。我們希望在Reddit上的連結分享或貼文分享仍能運作。因此，釐清這些細微差異非常重要；研究不同服務的轉換率非常重要；觀察在完成轉換之後互動如何提升也非常重要。所以這些事情都很複雜。我認為最好的學習方式，就是盡快開始測試。

And so we'll be doing that in a few markets outside the US as soon as we can to learn. And so then I'll hand it over to Jen for the revenue question, which is actually related to this.

因此我們會在美國以外的幾個市場，儘快進行測試以取得學習。接著我把問題交給Jen回答營收的部分，這其實也與此相關。

Yes, sure. So look, demand is really strong. And obviously, we grew really nicely in Q3 and been growing really nicely. A couple of things. 80% of our -- over 80% of our monetization sits on the shoulders of logged-in and app users because they have order of magnitude, more engagement and frequency than our search referral logged-out users.

好的，當然。整體來看，需求非常強勁。而且很明顯，我們第三季成長表現很好，並且一直維持良好成長。有幾點要說明。我們超過80%的變現主要來自登入用戶與App用戶，因為相較於透過搜尋導流而來的未登入用戶，他們的互動深度與使用頻率高出一個數量級。

So that's really our bedrock. And over 60% of our business is performance oriented. So it's really based on business outcomes, right? So you heard that we increased click volume over 50% year-over-year. We tripled conversion volume.

所以那真的是我們的基石。而且我們超過 60% 的業務是以績效為導向。所以它其實是以業務成果為基礎，對吧？所以你們聽到我們的點擊量年增超過 50%。我們把轉換量提升到原來的三倍。

That's actually the inventory that we need to grow this performance segment of our business, and that's driven by ML work, signals work, et cetera. So we feel really good about our headroom here in terms of ARPU. I mean if you look at Meta's ARPU, there's a lot of headroom between where we are today and where they are. And when you look at the engagement of Reddit users, just the raw materials we have in terms of engagement, context, that, I think, gives us a lot of confidence that we feel like we see the opportunity because we're still mid-flight in our building. The other thing I'll just say is that I think that the CPMs, we grew more by CPMs than by impressions, and we're a marketplace.

那其實就是我們需要用來擴大這個績效業務區塊的庫存，而這是由機器學習（ML）工作、訊號（signals）工作等等所驅動的。所以就 ARPU（每用戶平均收入）的空間而言，我們對目前的上行空間感覺非常好。我的意思是，如果你看 Meta 的 ARPU，我們今天的位置和他們之間還有很大的空間。而當你看 Reddit 用戶的互動度——就我們在互動、情境等方面所擁有的原始素材——我認為這讓我們非常有信心，因為我們仍在建設的中途，我們看得到這個機會。另外我還想補充的是，我認為 CPM（千次曝光成本）帶來的成長比曝光量（impressions）帶來的成長更多，而我們是一個市場平台。

You have to remember, for lower funnel outcomes, you can have CPMs that are triple digits. What people are paying for is that intent and that conversion to the outcome. And we think we have a road map that continues to deliver on that for advertisers.

你必須記得，對於漏斗下層（lower funnel）的成果，你可能會看到 CPM 達到三位數。人們付費買的是那個意圖（intent）以及轉換到結果的能力。而我們認為我們有一個路線圖，能持續為廣告主交付這些成果。

Your next question is from the line of Josh Beck from Raymond James.

下一個問題來自 Raymond James 的 Josh Beck。

I wanted to kind of ask on some of the changes that you are seeing within the Google traffic, if you attribute it to or updates to obviously, the way they're updating their LLMs. They obviously have a big shift towards AI Overviews, AI Mode. So there's a lot of compounding factors. I'm just curious if any particular one or two stood out in terms of some of the traffic trends. And then on the paid user marketing, it certainly sounds like the retention is improving and you are kind of encouraged by that.

我想問一下你們在 Google 流量方面看到的一些變化，你們是否把它歸因於——或是與他們更新 LLM 的方式有關。他們顯然正大幅轉向 AI Overviews、AI Mode，所以有很多疊加因素。我只是好奇，在一些流量趨勢上，有沒有特別一兩個因素最突出。另外關於付費用戶行銷，聽起來留存確實在改善，你們也因此受到鼓舞。

I'm just curious maybe far could we potentially take the paid user marketing? Is that something that you can start to really lean into more heavily next year?

我也想了解一下，我們在付費用戶行銷上可能可以推進到什麼程度？這是否是你們明年可以開始更大力投入的方向？

Thanks, Josh. So -- on the change from Google, our hypothesis is twofold. The biggest one is the AI Overviews or AI Mode. Both have evolved a lot. And particularly recently, they appear to be expanding them quite aggressively both in the US and outside. So what started as a feature is now the full search experience. And at the minimum, it pushes everyone down the search page. And then on top of that, the experiences themselves are not traffic drivers. And so these things combined with the rollout, this means Google has really shifted in their relationship with the rest of the Internet.

謝謝，Josh。關於來自 Google 的變化，我們的假設有兩個層面。最大的一個是 AI Overviews 或 AI Mode。兩者都演進了很多。而且特別是最近，看起來他們在美國以及海外都相當積極地擴大推行。原本只是個功能，現在變成完整的搜尋體驗。至少，它會把所有人往搜尋頁面下方推。此外，這些體驗本身並不是流量驅動因素。因此，這些因素再加上推行節奏，意味著 Google 在與整個網際網路其他部分的關係上，確實發生了很大的轉變。

There's a second factor, which we believe our machine-translated content is also being ranked lower. So this primarily would affect us outside the US. What this isn't likely, but we don't have visibility into this, is the sort of algorithm change where I would say, hey, these things come and go. This appears to be really the rollout of AI Mode and maybe a change in the machine translation or how they treat that. Reddit, however, is still a top search term in Google.

第二個因素是，我們認為我們的機器翻譯內容也被排得更後面了。所以這主要會影響我們在美國以外的地區。這不太像——但我們對此沒有可見性——那種演算法變動，我會說，這些變動來來去去。這看起來更像是 AI Mode 的推行，以及可能在機器翻譯或他們如何對待機器翻譯方面的改變。不過，Reddit 仍然是 Google 上的熱門搜尋詞。

So this doesn't say anything about the Internet consumers' demand for Reddit. People still want Reddit. It's just Google is not sending them to Reddit the way they used to. Given our strategy is to make Reddit a direct destination, this is actually in line with our strategy because Google is teaching people that if you want to come to Reddit, you need to come to Reddit.

所以這並不代表網路消費者對 Reddit 的需求有任何改變。人們仍然想要 Reddit。只是 Google 不再像以前那樣把他們導流到 Reddit。鑑於我們的策略是把 Reddit 打造成直接目的地（direct destination），這其實與我們的策略一致，因為 Google 正在教會人們：如果你想來 Reddit，你就得直接來 Reddit。

I can take the paid marketing question. So we just started doing app install campaigns mainly in the US. And so it's early in terms of scale. But what we like is that the retention that we're seeing is equivalent to our organic users. So that's promising.

我可以回答付費行銷的問題。所以我們才剛開始做 App 安裝（app install）活動，主要在美國。因此在規模上還算早期。但我們喜歡的是，我們看到的留存率與自然（organic）用戶相當。所以這是個好兆頭。

Now that's still a low base. So -- but all the work that we're doing in the core product around fees and notifications and personalization, that should lift retention for all the users, hopefully, including the return on our app install campaigns. So it's early, but we see scale there. Less known, I'd say, outside of the US. We are happy that our brand work is driving efficiency in app install.

當然目前基數仍然很低。不過，我們在核心產品上所做的所有工作——包括費用（fees）、通知（notifications）以及個人化（personalization）——應該能提升所有用戶的留存，希望也包括我們 App 安裝活動的回報。所以還在早期，但我們看得到擴大規模的空間。我會說，在美國以外的地區知名度較低。我們也很高興品牌工作正在提升 App 安裝的效率。

So that's good. So across a full funnel approach for us, I think, will make sense because it will drive efficiency in terms of acquiring those app users. And I think we're going to start the process of looking at reengagement campaigns for some of our logged-in and app users as well. So early, but so far, the app install shift, I think, has been promising.

所以這很好。因此，對我們而言，採用全漏斗（full funnel）的方法我認為是合理的，因為它會在獲取這些 App 用戶方面帶來效率提升。而且我認為我們也會開始著手評估針對部分已登入與 App 用戶的再互動（reengagement）活動。所以還在早期，但到目前為止，我認為 App 安裝的轉向是令人鼓舞的。

Your next question is from the line of John Colantuoni from Jefferies.

下一個問題來自 Jefferies 的 John Colantuoni。

Just wanted to quickly ask about the logged-in only shift. Two things there. Number one is, are you still going to offer a light version of Reddit that's available without logging in? And just to confirm, is this just a test? Or are you definitively going to go this direction?

我想快速問一下關於「僅限登入」的轉變。這裡有兩點。第一，你們是否仍會提供一個不需登入也能使用的輕量版 Reddit？另外確認一下，這只是測試嗎？還是你們確定會朝這個方向走？

And second, on engagement, I know declines have continued into 4Q, but curious if you're seeing any green shoots beyond just user count that are worth highlighting.

第二，關於互動度（engagement），我知道下滑已延續到第四季，但想了解除了用戶數之外，你們是否看到任何值得強調的正向跡象（green shoots）？

Sure. John, thanks for the questions. So for logged-in only, part of the purpose of the test is to answer that question you asked. Is there a light version of Reddit, which is, like, what is the boundary. And so we need to find the right boundary to provide value to the user, whether they're coming from a shared link or maybe from search themselves or trying out Reddit.

當然。John，謝謝你的問題。關於僅限登入，其中一部分測試目的就是要回答你剛才問的那個問題。是否存在一個 Reddit 的輕量版——也就是界線在哪裡。因此我們需要找到合適的界線，在用戶從分享連結進來、或可能從搜尋進來、或只是想試用 Reddit 的情境下，都能為用戶提供價值。

And so I think there will be a ton of nuance and detail there for us to iterate on. And so that -- there will be some version of Reddit accessible for those moments before we do that hard prompt. This is a test, but we are going to make this transition. I think the engagement is important. The ads targeting is important, the protecting our corpus is very important and having a firmer footing to adapt the regulation is also important.

所以我認為其中會有大量細緻之處與細節需要我們反覆迭代。因此，在我們做出那個強提示（hard prompt）之前，會有某種版本的 Reddit 在那些時刻可供使用。這是一個測試，但我們會進行這個轉換。我認為互動度很重要。廣告定向（ads targeting）很重要，保護我們的語料庫（corpus）非常重要，而在適應監管方面建立更穩固的基礎也很重要。

So there's a lot of reasons for doing this. And at this point, we're the only platform that doesn't do this. And so Reddit has just evolved so much that I think this just meets the needs of the time. So on engagement, we're seeing lots of green shoots.

所以這麼做有很多原因。而且到目前為止，我們是唯一沒有這麼做的平台。因此 Reddit 已經演進了很多，我認為這正好符合當下的需求。至於互動度，我們看到很多正向跡象（green shoots）。

So our work on feeds, which has been some of our most important work this year is improving engagement for new and core users. New user retention is up significantly over the course of this year and sequentially. Posts and comments are up sequentially as well. Our Corpus is up to 27 billion posts and comments, 1 billion of those added in the last quarter. Time on site has been solid.

因此，我們在動態消息（feeds）上的工作——也是我們今年最重要的工作之一——是在提升新用戶與核心用戶的互動參與度。今年以來，新用戶留存率在整個年度期間以及按季比較都顯著提升。貼文與留言數也按季成長。我們的 Corpus 已達 270 億則貼文與留言，其中有 10 億則是在上一季新增。站內停留時間表現穩健。

Where we're seeing mixed results is total sessions are down because of that decline in search referral traffic. But we're growing where it counts, which is engagement from our app and logged-in users.

我們看到結果較為分歧的地方在於：由於搜尋導流流量下滑，總會話數（total sessions）下降。但我們在真正重要的地方持續成長，也就是來自我們 App 與已登入用戶的互動參與。

Your next question is from the line of Naved Khan from B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Naved Khan。

Maybe on a related note, Steve, maybe just talk about the opportunity for content licensing. You already have existing relationships with OpenAI and with Google for Gemini. And since you're testing logs in and planning to go down that route, how are you thinking about continuing to license the Corpus to these partners?

Steve，或許在相關的脈絡下，請談談內容授權（content licensing）的機會。你們已經與 OpenAI 以及 Google 的 Gemini 有既有合作關係。既然你們正在測試登入（logs in）並計畫朝那個方向推進，你們如何思考持續將 Corpus 授權給這些合作夥伴？

Sure. So thank you for the question. It doesn't change -- anything we mentioned on the call doesn't change our perspective there. We don't have any updates to share, so we're in active discussions. But what's most important is that any deal we do needs to advance our long-term strategy and has to be a fair exchange of value.

當然。謝謝你的提問。這不會改變——我們在電話會議中提到的任何內容都不會改變我們對此的看法。我們目前沒有可分享的更新，因此我們仍在積極討論中。但最重要的是，我們做的任何交易都必須推進我們的長期策略，並且必須是公平的價值交換。

Now these deals aren't binary, however. There's a bunch of options. So on one end, there's access for training, but then there's also display and use in products. And then on the other end, there's more specific uses of our content. So we're only going to do what makes sense and is in the best interest for Reddit strategically and economically, which does potentially include not doing a deal, but those conversations continue to progress.

不過，這些交易並不是非黑即白。其實有很多選項。一端是提供用於訓練的存取權，但也包含在產品中的展示與使用。另一端則是更特定的內容使用方式。因此，我們只會做合理、且在策略與經濟層面都符合 Reddit 最佳利益的事；這也可能包括不做交易，但相關對話仍在持續推進。

Your next question is from the line of Tom Champion from Piper.

下一個問題來自 Piper 的 Tom Champion。

Steve, you've led the business for a long period of time. I'm just curious if the current period reminds you of any dynamic you've experienced in the past and kind of your thoughts on how to guide the company and the team through this period of transition and kind of balancing near-term and long-term objectives. If I could squeeze just one more in. Drew, just curious your latest thoughts on user monetization in the US ARPU growth has been really consistent at 50% plus.

Steve，你帶領這項業務已經很長一段時間。我很好奇，當前這段時期是否讓你想起過去曾經歷過的某些動態，以及你對於如何引導公司與團隊度過這段轉型期、並在短期與長期目標之間取得平衡的想法。如果我可以再多問一個。Drew，我也想了解你對用戶變現的最新看法——美國 ARPU 的成長一直非常穩定，達到 50% 以上。

Just your latest thought on that trend.

想請教你對這個趨勢的最新看法。

Thanks for the question, Tom. So this is a consequential time for Reddit. And this period does remind me of about 11 years ago when I came back to the company. And we've had a lot of conversations then about what is Reddit and what is Reddit for and what is our place in this ecosystem. And we've been having those conversations at Reddit recently.

謝謝你的問題，Tom。這對 Reddit 來說是一個影響深遠的時刻。而這段期間確實讓我想起大約 11 年前我回到公司時的情況。當時我們有很多討論：Reddit 是什麼、Reddit 的目的為何、以及我們在這個生態系中的定位。最近我們在 Reddit 也一直在進行這些討論。

And so Reddit's mission is to create community and belonging for everyone in the world. And while there's overlap between Reddit and other players in the ecosystem, whether we're talking about social media or AI search, fundamentally, Reddit is communities and conversations. It's a place for people to come together. It's a fun and funny place. And it's with you throughout life's journey.

Reddit 的使命是為世界上每一個人創造社群與歸屬感。雖然 Reddit 與生態系中的其他參與者之間有所重疊——不論我們談的是社群媒體或 AI 搜尋——但從根本上說，Reddit 就是社群與對話。這是一個讓人們聚在一起的地方。這是一個有趣、也很搞笑的地方。它會陪伴你走過人生旅程。

And so, yes, there's some overlap in utility and search and shopping. But really, Reddit, I think, is a unique product on the Internet that can play a really significant role in people's lives. And that's why our team who chooses to work at Reddit over our peers is here. And so these are the sorts of things that get us really energized. One thing I'm very excited in the near to midterm are some of the product improvements we're making to kind of realize all of this.

因此，是的，在實用性、搜尋與購物方面確實有一些重疊。但我認為，Reddit 真的是網際網路上一個獨特的產品，能在人們生活中扮演非常重要的角色。這也是為什麼我們的團隊選擇在 Reddit 工作、而不是去同業的原因。這些事情讓我們非常振奮。在短中期內，我非常期待我們正在進行的一些產品改進，去把這一切真正落地實現。

So there's some fun stuff we're doing in the core app experience that I think for both new and core users will allow the user to more consistently get to where they're going. They more consistently see this is trending, this is news. These are my favorite subreddits. Here's my games, here's some videos. That sort of work is really exciting because it really, I think, brings to life all of that Reddit has to offer.

我們在核心 App 體驗上做了一些很有趣的事情；我認為對新用戶與核心用戶而言，都能讓用戶更一致地到達他們想去的地方。他們能更一致地看到：這些是趨勢、這些是新聞。這些是我最喜歡的子版（subreddits）。這裡是我的遊戲、這裡有一些影片。這類工作非常令人興奮，因為我認為它真的把 Reddit 所能提供的一切具體呈現出來。

And I think that's one of the challenges we faced for a long time is, hey, how do you sell this product in the first session when there are so many things you can do. So yes, we're seeing a lot of big evolutions with the Google Search ecosystem changes with this transition to logged-in only. But alongside that, we're investing in some areas of the product that I think will be really fun and I think really great for our users. Okay. Drew, the second question was about monetization and ARPU.

我認為我們長期以來面臨的一個挑戰是：當用戶第一次使用（first session）時，在有這麼多可做的事情的情況下，要如何把這個產品「賣」給他。所以，是的，隨著 Google 搜尋生態系的變化，以及轉向僅限登入（logged-in only）的這個轉型，我們正在看到許多重大演進。但與此同時，我們也在產品的一些領域加大投資；我認為這會非常有趣，也會對我們的用戶非常好。好的。Drew，第二個問題是關於變現與 ARPU。

Yes, about ARPU. Look, Tom, I think it's just an extension of the journey we've been talking about before. I think the ARPU potential of Reddit is as good as anybody. It's just -- we have a number of advantages, I think, as a platform that really differentiate us. I think it starts with what Jen was talking about, which is outcomes and getting the most, making every impression work hard.

是的，關於 ARPU。Tom，你看，我認為這只是我們之前一直在談的那段旅程的延伸。我認為 Reddit 的 ARPU 潛力不輸任何人。只是——我認為我們作為平台有一些優勢，能真正讓我們與眾不同。我認為這從 Jen 剛才提到的「成效（outcomes）」開始，也就是取得最大化的效果，讓每一次曝光（impression）都發揮最大效益。

And I think that's what we've been really successful at. But if I think about the raw materials of Reddit, I really think we're advantaged in a couple of ways, and we've been talking about this for a long time. It's just now come to fruition in terms of those words coming to life. But look, I think from a differentiation perspective, our consumer is just different. They're broader, they're more balanced.

我認為這正是我們一直做得非常成功的地方。但如果我從 Reddit 的「原材料」（raw materials）來看，我真的認為我們在幾個方面具備優勢，而我們談這件事也談了很久。只是現在，這些說法終於在實際成果上開花結果。但你看，從差異化的角度來說，我們的消費者就是不一樣。他們覆蓋更廣、結構更均衡。

They're more affluent. They have more purchasing power. It's just a very differentiated consumer. A lot of our consumers aren't on other platforms, it matters, like and you're seeing that in our financial results. And then the other piece I'd say, again, with the raw materials, we're just naturally commercial.

他們更富裕。他們有更強的購買力。這是一群非常差異化的消費者。我們的許多用戶不在其他平台上，這點很重要——而你也能在我們的財務結果中看到這一點。另外一點我想說的是，同樣就「原材料」而言，我們天生就更具商業性。

I mean, so many of the subreddits themselves organized into things like skiing and travel, which monetize themselves. So many of the descriptions and conversations have sort of inherent routes in commercialization. I think, again, the platform has context, right? You're not putting an ad in front of a video that doesn't make any sense. You understand and really have kind of the raw materials to be successful there.

我的意思是，許多子版本身就圍繞滑雪、旅遊等主題組織起來，而這些主題本身就能變現。許多描述與對話本身就帶有內建的商業化路徑。我認為同樣地，這個平台具備情境（context），對吧？你不會把一則廣告放在一個完全不合理的影片前面。你能理解，並且確實擁有在那裡取得成功所需的「原材料」。

So I really think at the end of the day, it's about what Jen was talking about, which is outcomes. That's really what we're focused on. But I do think we continue to see sort of the advantages of the platform, which are the raw materials around a differentiated consumer and a really naturally commercial platform.

所以我認為歸根結底，重點在於 Jen 所談的，也就是「成效（outcomes）」。這才是我們真正聚焦的方向。但我也確實認為，我們持續看到平台的優勢——也就是圍繞差異化消費者，以及一個天生就很具商業性的的平台所具備的那些原材料。

Your next question is from the line of Ron Josey from Citi.

您的下一個問題來自花旗（Citi）的 Ron Josey。

I wanted to ask a little bit more just about converting or making Reddit more of a daily habit in the process of converting the WAU to DAUs. And we talked a lot about clearly the search issues externally. But if you could focus just more on the internal products a little bit more. The deck talks about changes to the feed, better personalization. We talked about search and answers in the past.

我想再多問一點，關於在把 WAU 轉換成 DAU 的過程中，如何讓 Reddit 更像是一種每日習慣。我們也談了很多外部明顯的搜尋問題。但如果您能把焦點更多放在內部產品上。簡報提到對動態消息（feed）的改動、更好的個人化。我們過去也談過搜尋與答案。

So help us understand a little bit more just how will we convert the WAUs to DAUs here.

所以請幫我們更進一步理解，我們將如何在這裡把 WAU 轉換成 DAU。

Thanks for the question, Ron. So this is what I was starting to get at in my last answer. Now long-term or medium-term, I think it will be easier to show, not tell. But today, the core Reddit experience is a feed. And it's a feed of posts.

謝謝你的問題，Ron。這其實就是我在上一個回答中開始要談的重點。從長期或中期來看，我認為用「展示」會比用「描述」更容易說明。但就今天而言，Reddit 的核心體驗是一個動態消息（feed）。而且是一個貼文的動態消息。

And those posts all have different content types, right? You might be looking at a link, a text, video. The subreddit might be happy or profound, funny or deep. So it's all in one place. So one of the things that we're working on right now is adding more organization to the feed so that hosts for a similar job and a similar content type and a similar mood are grouped together so that you more consistently get what you're looking for when you open the app, right?

而這些貼文都有不同的內容型態，對吧？你可能在看連結、文字或影片。某個 subreddit 可能是輕鬆愉快或發人深省、搞笑或深度。所以所有內容都在同一個地方。因此，我們目前正在做的一件事，是為動態消息加入更多組織性，讓相似的用途、相似的內容型態、相似的氛圍被分組在一起，這樣你每次打開 App 時，就能更一致地看到你想看的內容，對吧？

So I -- on a core user, I might open the app, so I want to know what's going on. I might want to have a few laughs. I might be looking for the game or episode thread for the show I watched last night. I might be in a lean-back mood for videos. I might be in a leaned-in mood for games, things like that.

所以我——以核心用戶來說——我可能打開 App 是想知道發生了什麼事。我可能想笑一笑。我可能在找我昨晚看的節目之比賽或影集討論串。我可能想用更放鬆的方式看影片。我也可能想更投入地看遊戲之類的內容。

So I think -- being able to find these things very quickly when you know they're there, that's what gives people confidence to open the app as a daily habit because I know what my experience is going to be. And so I think if we get something that is a little less grab baggy from where we are today, here's a feed of a lot of crazy stuff to something that's more consistent. That's how we can drive that daily habit. That's what converts those WAUs to DAUs. And I think this will make the app more easier to understand natively to a new user because we can actually just label these things.

所以我認為——當你知道那些內容就在那裡時，能非常快速地找到它們，這會讓人們有信心把打開 App 變成每日習慣，因為我知道我的體驗會是什麼。因此，我認為如果我們能把目前有點像抽盲盒——也就是一個充滿各種瘋狂內容的動態消息——變成更一致、更可預期的體驗，這就是我們推動每日習慣的方法。這就是把 WAU 轉成 DAU 的方式。而且我認為，這也會讓新用戶更容易在原生體驗上理解這個 App，因為我們其實可以把這些東西標示出來。

Here is trending, here's news. Here's some games, here's some memes. Now we've got to build this thing and test it, and I think there will be a lot of iteration. But I think really embracing all of the different jobs that the app does intentionally is how we can develop more of this daily habit. I'm very excited about this because we've been thinking about this for a long time.

這裡是趨勢，這裡是新聞。這裡是一些遊戲，這裡是一些迷因。當然我們得把這個做出來並測試，我想會有很多次迭代。但我認為，真正有意識地擁抱這個 App 所承擔的各種不同「任務／用途」，就是我們培養更多每日習慣的方法。我對此非常興奮，因為我們已經思考這件事很久了。

Your next question is from the line of Andrew Boone from Citizens.

您的下一個問題來自 Citizens 的 Andrew Boone。

Steve, I wanted to ask about the traffic that's leaving from Google. And so what I'm trying to understand is what you can do to either develop the app or push on certain use cases that are going to be sticky. And so is there anything that you can explain to us about the traffic that's leaving? Are they looking for more informational type of posts? Or is it just a broad-based kind of lack of exposure that you're getting from Google?

Steve，我想問一下從 Google 流失的流量。我想理解的是，你們能做些什麼來開發 App，或推動某些會更具黏著度的使用情境。所以，你能否向我們說明一下正在流失的流量是什麼樣的？他們是在找偏資訊型的貼文嗎？還是只是你們從 Google 得到的曝光度在廣泛層面上不足？

And then, Jen, as we think about the renewals coming up for 2027, in the conversations that you're having with advertisers that are more brand-based, are you seeing any conversations around advertisers trying to get into pretraining where Reddit is really a way to get into their corpus of data. What does that influence in terms of thinking about the renewals for the next year?

另外，Jen，當我們思考 2027 年即將到期的續約時，在你與偏品牌導向的廣告主對話中，你是否看到任何關於廣告主想要進入預訓練（pretraining）的討論——也就是 Reddit 在某種程度上成為他們取得資料語料庫（corpus）的方式？這對於思考明年續約會帶來什麼影響？

So thanks for the question, Andrew. So on Google, let me start with the second part, like what is the change? So let me tell you what didn't change. The word Reddit is still among the most searched words on Google. So this says the demand for Reddit hasn't changed from the Internet consumer.

謝謝你的問題，Andrew。關於 Google，我先從第二部分開始，也就是：變化是什麼？我先說明什麼沒有變。「Reddit」這個詞仍然是 Google 上被搜尋最多的詞之一。這表示，網路消費者對 Reddit 的需求並沒有改變。

Also, Google is crawling us as hard as ever. So the demand hasn't changed from their point of view either. The reality is the AI Mode does not drive traffic, not for us and not to anybody as far as I know. So it's just a fundamental shift in how Google works. It used to be a traffic driver.

另外，Google 對我們的爬取（crawl）力度一如既往。所以從他們的角度看，需求也沒有改變。現實是，AI Mode 不會帶來流量——就我們而言不會，據我所知對任何人都不會。所以這只是 Google 運作方式的一個根本性轉變。它過去曾是流量驅動器。

Now it's not. So now that changes the equation for sure. But it's not that the users want less. It's just that they're getting it. Now on the other side of that, what are the sticky use cases for Reddit?

現在不是了。所以這當然改變了整個方程式。但並不是用戶想要的變少了。只是他們以另一種方式拿到了。那麼另一方面，Reddit 有哪些具黏著度的使用情境？

Well, Reddit is the best place to see what's going on. Reddit has the best, I think, conversations about whatever you did last night. What show did you watch? What game did you watch? We've got totally unique content, right, about every hobby, interest, passion, life stage.

嗯，Reddit 是了解正在發生什麼事的最佳地方。我認為，Reddit 也有最好的對話，關於你昨晚做了什麼。你看了什麼節目？你看了什麼比賽？我們有完全獨特的內容，對吧，涵蓋每一種嗜好、興趣、熱情與人生階段。

And so what I was talking about in my previous answer, just making those experiences much more consistent. So when you open the app, you know what you're going to get. I think this will benefit the core and new users alike. Now that -- alongside that, our work on feeds is driving results starting now. And so just simply, we've grown by an order of magnitude, the amount of signal that goes into our models, the size of our models.

所以我在上一個回答中提到的，就是讓這些體驗變得更一致。讓你打開 App 時，就知道你會得到什麼。我認為這對核心用戶與新用戶都會有幫助。此外——與此同時——我們在動態消息（feed）上的工作，從現在開始就正在帶來成果。簡單說，我們讓進入模型的訊號量、以及模型規模，都成長了一個數量級。

We've dramatically reduced the time it takes to train new models, to deploy new models. All of these things have grown significantly in the last quarter. And we've got a whole, let's call it, another year of runway there. So just the feed itself right now is driving more engagement for new and core users. So I think there's short-term work we continue to do on the feed.

我們也大幅縮短了訓練新模型、部署新模型所需的時間。所有這些在上一季都顯著成長。而且我們還有——姑且稱之為——接下來一整年的發展跑道。所以就目前而言，僅僅是動態消息本身，就正在為新用戶與核心用戶帶來更多互動。因此我認為短期內我們會持續在動態消息上推進工作。

And I think a lot of exciting product work that will make this kind of sticky or daily use cases more effective on Reddit. Okay. So Jen, the second question is brands and retraining?

而且我認為還有很多令人興奮的產品工作，會讓這類具黏著度或每日使用的情境在 Reddit 上更有效。好。那 Jen，第二個問題是品牌與再訓練（retraining）嗎？

Yes, I was going to ask just for a clarification. Do you mean -- are you referring to like the idea of brands wanting to come to Reddit to be on Reddit to kind of show up in LLMs? Is that?

是的，我想先確認一下你的意思。你是指——你是在說品牌想來 Reddit、在 Reddit 上曝光，以便某種程度上出現在 LLM 裡的那個想法嗎？是這個嗎？

Yes, correct.

是的，沒錯。

Okay. Yes. So look, the reason to come and advertise on Reddit, and we say this really clearly, is to come for the engaged audience and to get competitive outcomes to grow your business, right? That's scalable. It's repeatable.

好。是的。所以你看，來 Reddit 投放廣告的原因——我們也講得非常清楚——是為了接觸高度參與的受眾，並以具競爭力的成效來推動你的業務成長，對吧？這是可擴展的。這是可重複的。

It's measured. It delivers more and more ROI. And that is why advertisers come to us and why they're growing their share of wallet for us. It's like that core proposition for reaching the Reddit audience. I think there's been this idea of like GEO or kind of organic, et cetera.

這是可衡量的。它能帶來越來越高的投資報酬率（ROI）。這也是為什麼廣告主會來找我們、以及為什麼他們在我們這裡的錢包份額（share of wallet）持續提升。這就像是觸達 Reddit 受眾的核心主張。我認為一直有一種想法，比如 GEO 或某種自然流量之類的。

And I'll just say, we've been very open about this with our partners, like we're pretty skeptical of GEO. Reddit itself is pretty inoculated to like manipulation, I would say. And yes, it is good to spend time with the Reddit audience and have more fans and more customers within Reddit by using our scalable marketing platform to get those outcomes because they might talk about you and you need customers in order to have that experience. But that's not the primary reason our advertisers come to us. The reason why they work with us is because of reaching that highly engaged audience where they're able to get business outcomes from our marketing platform.

我只想說，我們一直很坦率地跟合作夥伴談這件事：我們對 GEO 是相當懷疑的。可以說，Reddit 本身對操縱行為的免疫力相當強。而且沒錯，透過我們可擴展的行銷平台來取得那些成效，花時間與 Reddit 受眾互動、在 Reddit 內擁有更多粉絲與更多客戶，確實是好事，因為他們可能會談論你，而你也需要客戶才能有那樣的體驗。但那不是我們廣告主來找我們的主要原因。他們之所以與我們合作，是因為能觸達高度參與的受眾，並且能透過我們的行銷平台取得業務成效。

So it's not in our partnerships today. It's not a core piece of what we do with our advertising partners today. I understand from their point of view, it's something broadly that they're thinking about because they're also dealing with changes in the broader search landscape, but it's just not a part of -- it's not a centerpiece of what we're doing.

所以這目前不在我們的合作內容裡。它也不是我們今天與廣告合作夥伴合作的核心部分。我理解從他們的角度來看，這是他們廣泛在思考的事情，因為他們也在應對更廣泛搜尋環境的變化，但這就是不屬於——不屬於我們正在做的事情的核心重點。

Your next question is from the line of Vasily Karasyov from Cannonball Research.

下一個問題來自 Cannonball Research 的 Vasily Karasyov。

My question is for Steven. Steven, at the conference a couple of months ago, you said that down the road, you can see Reddit making some acquisitions to help you expand the user base. So I was wondering if you could tell us a little more what kind of company could do that for you? And is that something more of a priority now given how the trends have been playing out since you said that?

我的問題是問 Steven。Steven，幾個月前在那場會議上，你提到從長遠來看，你可以想像 Reddit 會做一些併購來幫助擴大用戶基礎。所以我想請你多談一點：什麼類型的公司能為你們做到這件事？以及，考量到自你說那番話以來趨勢的發展，這件事現在是否更優先？

Thanks for the question. So when we think about M&A, there are a couple of possible objectives. What we've done historically has been small- to medium-sized teams plus their tech. We've not done a serious acquisition for users, and that's not on our radar right now. The best way for us to grow users is to capture the opportunity that we have right on our doorstep.

謝謝你的提問。所以當我們思考併購（M&A）時，可能有幾個目標。我們過去做的，多半是小到中型的團隊加上他們的技術。我們沒有做過以獲取用戶為目的的大型收購，而這目前也不在我們的雷達上。對我們而言，成長用戶的最佳方式，是把握就在家門口的機會。

We have three major channels even today. The first is our unattributed downloads. We see a ton of unattributed downloads every day. So these are people basically word-of-mouth users who are interested in trying Reddit. And so that is why we have been so focused on new user retention.

即使到今天，我們也有三個主要渠道。第一個是我們的未歸因下載（unattributed downloads）。我們每天都看到大量未歸因下載。所以這些基本上是口碑帶來的用戶，他們有興趣嘗試 Reddit。因此我們才會如此專注於新用戶留存。

Now we've really moved the needle here, and I think we have plenty of room to go. But new user retention is up over 50% year-on-year. So providing those users a better experience. Second, Reddit has a large number of reinstalls every day. And so we think this is users coming for a particular type of content and then uninstalling Reddit when they're done.

現在我們在這方面確實大幅推進了，我也認為還有很大的提升空間。但新用戶留存年增已超過 50%。也就是為這些用戶提供更好的體驗。第二，Reddit 每天都有大量重新安裝（reinstalls）。因此我們認為，這些用戶是為了某一類內容而來，然後在看完之後就卸載 Reddit。

And so we think adding an incognito mode, basically a private browsing mode in our app, will help mitigate this effect. And then finally, we've got the conversion from mobile web or the search referred users. While the search referrals are in decline, there's still a lot of them. And so we've been driving that conversion for the last couple of quarters. And as I mentioned in my script, we're -- this quarter only showed that conversion prompt to about 13% of the eligible audience there.

因此我們認為，在 App 中加入無痕模式（incognito mode），也就是私密瀏覽模式，將有助於緩解這種影響。最後，我們還有從行動網頁或搜尋導流用戶的轉換。雖然搜尋導流在下滑，但量仍然很大。因此過去幾個季度我們一直在推動這個轉換。而且如同我在講稿中提到的，本季度我們只把那個轉換提示展示給約 13% 的符合條件受眾。

So there's plenty of room to scale. So I think before we start thinking about using acquisition to grow users, we need to make our product the most effective way to grow users because the opportunities are basically at scale and on our doorstep, and they're very, very large. It's hard to move the needle against the results we'll see through even small improvements to new user retention.

所以還有很大的擴展空間。因此我認為，在我們開始考慮透過收購來成長用戶之前，我們需要先把產品打造成最有效的用戶成長方式，因為這些機會基本上已經具備規模、就在我們家門口，而且非常非常大。相較於即便只是對新用戶留存做出小幅改善所能帶來的結果，要靠收購來顯著改變指標其實很難。

Your next question is from the line of Jason Helfstein from Oppenheimer.

下一個問題來自 Oppenheimer 的 Jason Helfstein。

I appreciate you kind of giving us a heads up that you're testing logged-in only, but it is the plan. So I guess as we're all sitting here saying, what does kind of the modeling look like in that world whenever it does happen. I mean, obviously, your -- the effective ARPU from a logged-in user, obviously mathematically becomes a lot higher. But is there just a way to kind of help us because how we should be thinking about it? Do we go, okay, logged-in is 20% of DAU and then we have our own version of a logged-in ARPU.

我很感謝你們先提醒我們正在測試「僅限登入」的模式，但這確實是計畫。所以我想，當我們都坐在這裡想著，一旦真的發生，在那個世界裡模型該怎麼建。我的意思是，很明顯地，你們——登入用戶的有效 ARPU，從數學上看顯然會高很多。但有沒有一種方式可以幫助我們理解，我們應該怎麼看待這件事？我們是不是該想：好，登入用戶占 DAU 的 20%，然後我們用自己的方式去算一個登入用戶 ARPU。

How do you want us to think about that because we're all going to be doing that? And then second, I mean, should we now assume that if you go logged-in, you will make Reddit not scrapable? And I guess, talk about the implications of that.

你希望我們怎麼思考這件事？因為我們都會這麼做。第二，我是說，我們現在是否應該假設，如果你們改成僅限登入，你們會讓 Reddit 變得不可被抓取（not scrapable）？也請談談這件事的影響。

Okay. Thanks for the questions. Look, the reason we're doing the test is to learn the answers to these questions. So we know logged-in users engage much more, right? And we've mentioned this a couple of times on this call.

好的。謝謝你的問題。你看，我們之所以做這個測試，就是為了找出這些問題的答案。所以我們知道登入用戶的互動程度高得多，對吧？而且我們在這通電話裡也提過幾次。

80% of our revenue -- over 80% of our revenue comes from logged-in users. So growing that base is very, very important. Making Reddit logged-in only will assuredly grow that base. But what the conversion rate is over time, we just don't know. That's why we have to do the work.

我們超過 80% 的營收——超過 80% 的營收——來自登入用戶。所以擴大這個基礎非常、非常重要。把 Reddit 變成僅限登入，肯定會擴大這個基礎。但隨時間推移的轉換率會是多少，我們就是不知道。這就是為什麼我們必須做這些工作。

And that's why we have to test like where is the right spot to draw these boundaries. Each of our peers have had a lot of success doing this, but they all do it in slightly different ways. And I'm sure we will find the way that makes the most sense for Reddit. Will this make Reddit harder to scrape? For sure.

也因此我們必須測試：在哪裡劃定這些界線才是合適的位置。我們的同業在這方面都非常成功，但他們各自採用的方式略有不同。我相信我們會找到對 Reddit 最合理的做法。這會讓 Reddit 更難被抓取嗎？當然會。

That is one of the reasons. It's not impossible. But again, all of our peers have done this for a long time for this reason and Reddit with its extremely valuable corpus, this change is really important to protect access to that data and make it intentional. So like I said, we're going to do this, but the effects on the ecosystem will have to test. That's why we're doing the test.

這是其中一個原因。這並非不可能。但同樣地，我們的同業長期以來都因為這個原因而這麼做；而 Reddit 擁有極其有價值的內容語料庫（corpus），這項改變對於保護對該資料的存取、並讓存取變得「有意圖」而言非常重要。所以如我所說，我們會做這件事，但對生態系的影響必須透過測試來驗證。這就是我們進行測試的原因。

Your next question is from the line of Ygal Arounian from Wedbush.

您的下一個問題來自 Wedbush 的 Ygal Arounian。

Sorry, not to harp on this overly, but just to understand, as you test this on the logged-out users -- so the expectation that over time, that gets to 0 or close to 0. I know a lot of it comes from the testing and what happens. But is that an expectation you got some percent that will convert to willing to log in and some that fall off? And then on Google and AI reviews and sending traffic out, one of the things we saw yesterday is pressure on Google's ad revenue driven by this, right? And so they're seeing an impact on this as well, and they talked about starting to monetize more, putting more ads.

抱歉，不是要過度糾結這點，但只是想理解一下，當你們在登出用戶上測試時——所以預期隨著時間推移，這會降到 0 或接近 0。我知道其中很大一部分取決於測試以及實際發生的情況。但你們的預期是，有一定比例會轉換成願意登入的用戶，另一些則會流失嗎？另外關於 Google、AI 評論以及把流量導出，一件我們昨天看到的事情是，Google 的廣告營收因此受到壓力，對吧？所以他們也看到了這方面的影響，並且談到開始更積極變現、投放更多廣告。

And ultimately, unless the entire sort of quid pro quo for Google's ad product changes, sending traffic out to the web is an important part of how they monetize too. Do you -- is there a scenario down the line where you see that sort of coming back, pendulum swinging back a little bit and that can be a benefit for you guys?

而且最終，除非 Google 的廣告產品整套某種互惠交換（quid pro quo）的機制改變，將流量導向網路仍然也是他們變現方式的重要一環。你們——未來是否存在一種情境，你們會看到這種情況回來一些、擺盪的鐘擺往回擺一點，從而對你們有利？

Okay. So question one, logged out users, does it go to 0 or close to 0? Look, I can't tell you. I think we'll always have some amount. Maybe this is a little bit of a second answer.

好的。第一個問題，登出用戶，會降到 0 或接近 0 嗎？坦白說，我無法告訴你。我認為我們永遠都會有一定比例。也許這算是第二個答案的一部分。

I think we'll always have some amount of traffic from either search referrals. I mean, sharing, we'd love to really grow that. So that's kind of by its nature, logged-out at first. Front page traffic, right, people curious about Reddit. So we'll always have that component.

我認為我們永遠都會有一部分流量來自搜尋導流。我是說，分享，我們很希望能大幅成長。所以就其本質而言，一開始是登出狀態。還有首頁流量，對吧，有些人對 Reddit 感到好奇。所以我們永遠都會有那一塊。

But I think when we look at the business over the long term or even shorter, we would expect app and logged-in and total DAU to probably more or less converge plus or minus some small percent because that's just where the core of our product is, and so that's where we're going to be driving people. For AI Overviews and traffic, look, we don't control Google. We only control Reddit. They've made so many changes, and I expect there's more to come. Like I said, AI Overviews or AI Mode, it's just not a traffic driver.

但我認為，當我們從長期、甚至較短期來看這門生意時，我們會預期 App、登入用戶以及總 DAU 大致會收斂，正負差距可能只有一小部分百分比，因為那就是我們產品的核心所在，因此我們會把人往那裡導。至於 AI Overviews 與流量，坦白說，我們無法控制 Google。我們只能控制 Reddit。他們已經做了很多改動，我預期還會有更多。如我所說，AI Overviews 或 AI Mode，並不是流量驅動因素。

So we're not counting on that. We make no assumption about where that goes or doesn't go in the future. What's most important is making sure that Reddit is a direct sticky daily destination, and that's all the work that we've mentioned on this call. That's what we can control. Our work there is working so far, and so I feel very good about it.

所以我們不會仰賴它。我們不對它未來會走向哪裡或不走向哪裡做任何假設。最重要的是確保 Reddit 成為一個直接、具黏性、每日必訪的目的地，而這就是我們在這通電話中提到的所有工作。那是我們能控制的。到目前為止，我們在那方面的工作正在奏效，所以我感覺非常好。

And we'll let the rest of the ecosystem evolve as it will.

其餘生態系統就讓它按其自身方式演進。

Your last question is from the line of Doug Anmuth from JPMorgan.

您的最後一個問題來自 JPMorgan 的 Doug Anmuth。

Just curious if there's anything to call out on 3Q revenue growth, just given the upside was a little bit less than what we've seen from you guys in prior quarters, whether that's a function of users and inventory or anything else to call out there?

只是好奇，關於第三季營收成長是否有什麼需要特別說明的？因為這次的上修幅度比起你們前幾季我們看到的略小一些，這是否與用戶與庫存（inventory）或其他因素有關，有沒有什麼可以補充的？

Look, I think third quarter was a good one. We grew 53%. There are not a lot of companies growing at 53%. We still enter the quarter with about 50% of our business booked. And so we're making estimates about what we're going to get and not get in the quarter.

我認為第三季表現不錯。我們成長了 53%。成長 53% 的公司並不多。而且我們在進入該季度時，大約有 50% 的業務已經預訂（booked）了。因此我們會對該季度能拿到與拿不到的部分做出估計。

I think as Jen said in the quarter, the demand was very, very strong. I think there are a couple of unique dynamics within the third quarter, particularly, September is very strong. The demand is very concentrated in the third quarter to September. And then if you double-click on September, there were some days that we had that were particularly strong. So there was some bookings that we weren't able to deliver on a couple of days.

我認為如 Jen 在本季所說，需求非常、非常強勁。我認為第三季有幾個獨特的動態，尤其是 9 月非常強。第三季的需求高度集中在 9 月。如果再深入看 9 月，有幾天的表現特別強。因此有一些預訂量在某幾天我們無法完全交付。

But overall, no, it's a good quarter for us. We're happy that the momentum was strong. And as Jen said, from day 1 to day 90, the demand was very strong in the quarter.

但整體而言，沒有，這對我們來說是個不錯的季度。我們很高興動能依然強勁。而且如 Jen 所說，從第 1 天到第 90 天，該季度的需求都非常強。

There are no further questions at this time. I would now like to turn the call back to Steve Huffman, Founder and CEO, for closing remarks.

目前沒有其他問題。我現在想把電話交回給創辦人兼執行長 Steve Huffman，請他做結語。

Okay. Thanks, everybody. As always, we appreciate your time, attention and questions. Until next time, bye.

好的。謝謝各位。一如既往，我們感謝大家的時間、關注與提問。下次再見，掰掰。

This concludes Reddit's Q3 2026 Earnings Call. You may now disconnect.

Reddit 2026 年第三季財報電話會議到此結束。您現在可以掛線。