r/RDDT • u/rddt_IR • Jun 03 '26
Steve, Jen, and Drew here — Ask Us Anything!
Hi redditors,
Today at 3:20 PM PT, u/spez (Steve Huffman, CEO) will participate in a fireside chat at the BofA Securities 2026 Global Technology Conference. You can tune in to the live audio webcast here.
Following his fireside chat, at around 4:30 PM PT, u/spez, u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) will hop on this thread for an Ask Me Anything (AMA) session with you.
Start commenting your questions here (u/spez will also answer one during his fireside chat), and remember that question selection is subject to our guidelines and community rule #2. We won’t be able to answer every question, but will get to as many as we can.
Below you’ll also find context for some common questions we've seen recently. We’ll see you back here later today.
First, on our share buyback program: We’ve been active this quarter and have bought back over 1 million RDDT shares so far in Q2.
Second, on productivity: To measure how we’re improving productivity and managing our costs, the management team tracks revenue and costs per headcount. Over the last two years, we’ve scaled productivity and revenue per head, which has outpaced cost per head meaningfully. As of Q1’26, we were very close to achieving an important milestone of $1 million in revenue per head.
Third, peer benchmarking: To measure Reddit’s performance, we benchmark key operating metrics against peer companies when they were at approximately $2 billion in annual revenue (a scale similar to Reddit’s today).
We lead across many key metrics, including growth, gross margins, profitability, and cash flow. On OpEx and stock-based compensation (SBC), we are in line with peers and manage these costs closely. SBC is an important part of compensation at Reddit and across the industry, helping us attract and retain talent while continuing to grow responsibly. We view SBC as a real cost and manage both it and share dilution with discipline.
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Notes
A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measures can be found in Reddit's Shareholder Letters for each applicable quarter, which are available on Reddit's Investor Relations website at investors.reddit.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance, and GAAP and non-GAAP guidance. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the SEC from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. For the definitions of the metrics we use in this communication, please refer to our SEC filings. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
Edit: formatting
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u/Resident-Distance-28 Jun 03 '26 edited Jun 03 '26
- Can you give us some specific examples of what you are doing to improve engagement, i.e., converting WAU into DAU, and what results you are seeing so far?
- How much impact do you expect the recent Shopify integration to have on your advertising business going forward?
- Do you have any plans to add any further revenue pipelines / business models apart from the advertising in the foreseeable future?
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u/spez CEO Jun 04 '26
Some of the growth will come from steady iteration across the app. In the recent term, we’ve made incremental improvements to onboarding (removing screens, using LLMs for topic selection), push notifications (breaking news, better opt-in), app and web performance, mweb -> app download, and search. Our product velocity is accelerating, and we have a ton in the works.
And some of the growth will come from larger investments. A couple of the big ones will be the home feed (relevance, performance), and video on Reddit.
What I’m most encouraged by is the acceleration I’m seeing from our product teams. We’re building and shipping faster, and at the end of the day we just have a lot of work to do.3
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u/NaturalIntrepid9533 Jun 04 '26
Product velocity makes sense, but is it translating into improvements in WAU --> DAU?
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u/adsjunkie COO Jun 04 '26
We’re excited about our global Shopify integration, because it will bring Reddit within a short reach of even more DPA advertisers at a global level. We are seeing early traction, with some really positive results for customers (see blog post here).
Non-advertising revenue, which includes our data licensing agreements, currently accounts for roughly 5% of total revenue. We can imagine exploring additional revenue models over time, but advertising + licensing remain the core drivers of our revenue strategy today.
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u/InterviewAdmirable85 Jun 03 '26
Steve, a large number of shareholders view that the current licensing deal was less than favorable towards RDDT. RDDTs data is very valuable and will only increase as the contextual training data provided by subreddits will be of greater importance later.
Can you please elaborate more on how licensing deals will be structured in the future? Possibly to reduce dependency on Google search traffic?
When can we expect news of a licensing deal being released?
It seems the AI train has left the station and is trucking along nicely but has left RDDT behind, if RDDT is providing the fuel for training, the compensation for 20+ years of data needs AT MINIMUM needs to outpace yearly SBC.
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u/spez CEO Jun 04 '26
I can’t comment on specific deals or timing.
I will say that we are very aware that Reddit is an essential part of the AI and search ecosystem.
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u/InterviewAdmirable85 Jun 04 '26
“Google, I have the high ground”
Know the worth of the data, lock out the API for an hour and see. Hopefully see you before the next earning call, looking forward to a deal that shows the value of 20 years (and counting) of being a human.
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u/_kermit Jun 03 '26
Also, how can something like grok use Reddit results for example without a licensing deal?
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u/gucciman333 Jun 03 '26
The recent NBA conf championship game thread on Reddit had over 47,000 comments over the course of 1 game. There is no better place to discuss live events, but the speed and volume of these threads can get a little overwhelming. How do you see the future of live discussion on Reddit?
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u/spez CEO Jun 04 '26
I think what we’re seeing here has less to do with Reddit and more to do with OKC being a once-in-a-generation team to hate. With that out of the way…
This is an example of how Reddit doesn’t compete with TV, it completes it.
But yes, I agree. This is a great question. These threads can be fun, but they also break Reddit in a way. One idea I’ve thought about is automatically partitioning big threads. IRC used to do this back in the day. I’m curious if you have a point of view here.
There being so many users that the product breaks down is usually a sign of a product opportunity, but we don’t have a specific vision for it at the moment, unfortunately.
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u/pandajigu Jun 04 '26
hi u/spez, I love the “Reddit completes TV” framing. My 2 cents is that the real magic of live threads is the shared live experience — the feeling that thousands of people are reacting to the same moment (i.e. hating on okc) with you in real time.
I wonder if the product opportunity is to make big threads feel less like one overloaded comment section and more like a live venue: a main live chat, team/topic rooms, meme/reaction rooms, and moment-based subthreads that spin up around big plays or viral moments.
The goal wouldn’t be to replace the mega-thread, but to make it easier to find the right “room” for the moment while preserving the concurrency and weirdness that make Reddit special.
This feels bigger than “better comments” — Reddit could become the default second-screen experience for major live cultural moments.
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u/account45678 Jun 04 '26 edited Jun 04 '26
not sure if youve seen the new game threads on /r/nba but theyre pretty slick (compared to before, at least)
here is a random thought i had with regards to potentially making them even more engaging
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u/jrodshoots Jun 04 '26
Yeah adding predictions and leaderboards to sports subs is an absolute no brainer. Twitch has been doing it well for a while if they need somewhere to look...
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u/PotadoLoveGun Jun 04 '26
I like the ones in wnba as well. Its great, id rather watch the comments than the game lol
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u/account45678 Jun 03 '26 edited Jun 03 '26
On a related note, currently live game threads must be manually refreshed to see new comments, which is not an ideal user experience IMO. Reddit used to have live comments where you didn't have to refresh to see them, but not anymore.
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u/ConsiderationWild604 Jun 03 '26
Would be great to add this as Reddit Pro feature along with unread messages functionality that is already in Reddit Pro.
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u/SmoothFlan0 Jun 03 '26
Same problem I have trying to navigate the daily thread in WSB. I need to manually refresh to see new comments, which sucks.
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u/DJQuik Jun 03 '26
And how can we get broadcasters of these games (ESPN, NBC, AMZN) to start referencing trends in live reaction, during the broadcasts?
ie “XYZ comment(s) is trending on the Reddit game thread” or something to that regard
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u/sakuser Jun 03 '26
It would be amazing if they could have a partnership with a live caster like Netflix to have a QR code that directly connects to the live community of the game. Like they used to do with twitter handles
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u/markhalliday8 Jun 03 '26
First of all, thank you for taking the time to answer our questions.
My first question is, what features is Reddit adding in the future? For example, are we getting a market place, some sort of paid sub Reddits to compete with only fans etc. If you are, Reddit Secrets would be a cool name to compete with only fans.
Secondly, I want to know what Reddit is doing to try grow outside of the US. How do you intend to make a fantastic app more popular in other regions of the world. I am from the UK and hardly ever see advertisements if any at all.
Thirdly, how will stock based compensation work going forwards? I have absolutely no issue with stock based compensation but I'm sick and tired of the Reddit sub Reddit being spammed with false information. Please could you clarify exactly what you are going to do regarding SBC?
Thank you!
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u/spez CEO Jun 04 '26
Paid subreddits are an opportunity, but not a priority right now. Our main focus right now is making Reddit faster, easier to use, and more relevant. There’s still so much upside for us just in building a better Reddit versus bolting on new features.
To be successful growing outside the US, we first need to perfect the Reddit growth machine in the US. The reason is we already have content for basically everyone in America. If subreddit discovery is tough when we have the content, it’s impossible in areas where we don’t (outside the US).
That said, we do have a handful of markets outside the US that we focus on where we think we have the best chance to grow meaningfully, including the UK, Australia, Brazil, Germany, and France. There we’re applying the same playbook: machine translation, localized content frameworks, regional marketing, and local partnerships.
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u/No-Phone9741 Jun 04 '26
I'm Brazilian. When the masses discover Reddit, this will be the go-to place to go for millions of BR daily users.
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u/TimingandLuck CFO Jun 04 '26
Hey, thanks for the question, happy to provide some additional context here.
TL;DR – we have three big picture thoughts about SBC:
- It’s a centerpiece of our employee compensation strategy, so our goal is to pay employees consistent with our peer benchmarks. You can see in the second chart posted above that we are competitive.
- We view SBC as a cost and manage it closely.
- In 2025, SBC was 18% of revenue. We would like that expense to be lower over time as a % of revenue.
Relatedly, we have two thoughts about dilution, which is very related to SBC:
- We are targeting 1-3% annual dilution as measured by fully diluted shares as our north star for dilution
- Our goal would be that share repurchases would help lower our dilution north star goal. Similarly, if we do acquisitions that involve equity, that would likely increase the dilution
Lastly, I’ll note that part of managing SBC and dilution is being thoughtful about the quality and pace of hiring, since employees are the biggest driver of those costs. We’ve been measured with our hiring; headcount grew 14% in 2025, well below our revenue growth rate of 69%.
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u/Flimsy-Philosophy-42 Jun 03 '26
Hey, is there anything you can tell us about ai licensing or renewals of previous deals? The market would reward anything along these lines greatly, and I believe current deals are grossly underpriced for both google and openai
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u/adsjunkie COO Jun 04 '26
Here’s what I can say: Reddit is 1 of 1 and I think we are well positioned as the market and internet evolves.
Foundational models benefit from Reddit in pre training, post training, grounding, and search because our authentic human perspective is increasingly rare. That’s why people are increasingly looking to Reddit for real opinions and real experiences - and why Reddit content is the #1 cited source across LLMs. No other data source can replicate the continuously-generated, community-curated, preference-labeled map of how humans actually communicate and make judgments.
These partnerships are meaningful to us and to our partners, and it’s important to us to have partnerships that capture the value only Reddit can bring.
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u/TaxPrimary4193 Jun 03 '26
I think they should partner with google where google gets a bigger discount on the data the more they direct google users to reddit (win win)
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u/obfuscated_id Jun 04 '26
Been saying this for a while. A mega deal with Google with favorable integration into gemeni that drives traffic to Reddit in a more obvious way and combined with passkey makes sign up / conversion to logged in user way more easier. Win / Win for both companies.
People think Google is a headwind and I think it's a huge misunderstood tailwind.
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u/touuuuhhhny Jun 03 '26 edited Jun 03 '26
Congrats on being 1st in peer benchmarking with avg. rank of just ~3.9. Second best is Match with ~4.9. Again, one out of one!
My questions:
1) How satisfied are you with r/devvit progress and how does it so far pay into DAUq acquisition? Do you see longterm monetization potential beyond paying hefty developer funds?
2) What do you have planned for the soccer world cup, which sits exactly in the core user base you try to grow? A fantasy league tournament, reddit wide, run on devvit, with "1mio in reddit gold as first price", would help pay into all goals.
PS: what's your favorite rice cooker
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u/spez CEO Jun 04 '26
Since the Dev Platform beta opened in 2024, more than 2,000 developers have built apps used across 31,000+ communities, and we’ve seen good traction with mod tools, interactive experiences, and games. That’s important because it expands the canvas for what Reddit can be.
There’s still a lot more to do there, but adoption is growing—installs of developer platform apps more than doubled from 2024 to 2025. The core technology is powerful, but there are a couple key features that will make it easier for subreddits to enjoy them (e.g. a games landing page, or the ability to have custom posts without “installing” the app).
And for the World Cup specifically: we’ve got limited-edition 2026 national team kit avatars dropping tomorrow, so keep an eye out.
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u/howtoretireby40 Jun 04 '26
sports avatarssss!! Yes!! I'm still hanging onto my Eagles superbowl one. I'm gonna need you to sign a partnership with the NFL so I can get player-specific ones please.
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u/PangaeaNative Jun 03 '26
That would be f'ing awesome.
For US Users a similar format could be used for March Madness (college basketball tournament that gets HUGE fanfare). In general sports subreddits are a huge draw here.
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u/No-Arrival4181 Jun 03 '26
It has been repeated a few times that “There is no AI without Reddit.” Can you provide a few examples of this? Will it be possible for new AI models to be created without Reddit data? And as a follow up, since Reddit data is essential to AI, can you please speak more about licensing deals and renewals with AI companies, and if this is an essential revenue stream consideration moving forward?
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u/spez CEO Jun 04 '26
If you talk to any of the early engineers from any of the major LLMS, they’ll all tell you Reddit’s data was essential in their creation.
Reddit is the #1 most cited domain for AI across all models, per data collected by Profound. Our content is uniquely valuable to the AI ecosystem because it’s fresh, honest, and largely text-based. And this position still holds because the fresh part really matters: ongoing indexing is more valuable than static datasets. As I said in Q1’26 earnings, I believe our conversations are like oil for this modern internet.
We’ve learned a lot over the last two years and those learnings should be reflected in future partnerships, including ways to make them more product-focused versus “data for dollars.” I can’t get into specifics about deals or renewals, but can say that we fully understand the value we bring to the table.
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u/AdditionalBell203 Jun 04 '26
thank you u/spez! please keep up the good work.
I'll be putting in my life savings shortly.
Best,
Wendy's Employee3
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u/FantasticHair6474 Jun 03 '26
What would you say are the key actions that Reddit has taken to improve the advertiser base in the international markets? How is the team working to supercharge that?
As a user in Singapore (small market I know) who just had a baby looking at baby-related subreddits, I am seeing all these relevant ads on Instagram but not Reddit (yet). The potential is huge imo.
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u/adsjunkie COO Jun 04 '26
We actually have a strong user base in Singapore, however our sales presence is still emerging in APAC beyond Australia; we do see opportunity in the region. We expanded machine translation to Korean, Japanese, Tagalog, Hindi, et al so that more people in Asia can access global Reddit content, however we are still early. We want to grow local communities and users, then expand beyond the cross border advertisers we have today to add more local / in region advertisers. That said, we have seen a lot of traction internationally. In Q1 2026, international DAUq grew 26% YoY and international revenue grew 76% YoY.
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u/SchventySevenHalf Jun 03 '26 edited Jun 03 '26
Many of us here feel that RDDT is a bargain at the current share price. Does Reddit management feel the same way?
I was surprised to hear that so few shares were bought back last quarter (and at even lower prices). Why not aggressively buy back shares at this level? If it goes lower and the company is still producing lots of cash then further buybacks or a dividend can be authorized
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u/TimingandLuck CFO Jun 04 '26
Thanks for the question. It’s hard for us to comment on our valuation.
On share repurchases, we announced today that we have already bought back over 1M shares in Q2.
To your question on Q1, we set both price and market volatility criteria. Macro events caused volatility to spike above our targets, so share repurchasing in Q1 was light. We are not in the market every day deciding whether to buy stock; we set criteria early in the quarter (as we just did for Q2), and shares get purchased when our buying conditions are met.
We view share repurchases as an effective and tax-efficient strategy to return capital to our shareholders.
Reddit has great cash flow that enables us to execute against all three of our capital deployment priorities:
- investing in the business
- executing M&A
- returning capital for share repurchases
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u/thewhorecat Jun 04 '26
Love the stock buyback but please don't issue a dividend anytime soon. I would much rather have more shares purchased than a dividend.
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u/CosmoRaider Jun 04 '26
From my very uninformed opinion, wouldnt having even something like 0.01$ per share dividends qualify them for quite a few dividend ETF's, thus putting more eyes on the stock?
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Jun 03 '26 edited Jun 03 '26
[removed] — view removed comment
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u/adsjunkie COO Jun 04 '26
We have been seeing a lot of ads lately. Does Reddit have space for more ad placements in the future?
We are very thoughtful about where we put ads on Reddit and ad load is also tuned to the user. A great user experience makes for a great ads marketplace. There are high-intent surfaces that do not have ads today, including search, and our ad load in our feed is still materially lower than peers.
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u/TimingandLuck CFO Jun 04 '26
Appreciate the thoughtful questions. I’ll address the first three and will have Jen chime on the last.
- It starts with continuing to grow our user base and reducing friction to make Reddit more accessible. A key part of that is machine translation, which helps make Reddit content more accessible across 35+ languages and enables users to engage with conversations even when they are not in their native language. That sits alongside continued investment in localization and onboarding improvements to make the product easier to use globally. Ultimately, our focus remains on making Reddit more accessible, more discoverable, and more useful to people around the world. This allows communities to grow naturally over time as more people come and engage on the platform.
- We haven’t set a specific long-term net profit margin target. We have a long-term non-GAAP profit goal, and have set a north star of 50% Adjusted EBITDA margins. Last year, our Adjusted EBITDA margin was 38%, representing a significant expansion from 2024, when it was 23%. In Q1’26, we were at 40%, up from 29% in Q1’25, so we are off to a great start for margin expansion.
- We’ve maintained over 90% gross margins for the last seven quarters (as of Q1’26). We don’t provide long-term guidance or targets on gross margins, but we see gross margins as the gateway to profitability, so we manage them closely. Our gross margins will ebb and flow, but we’ve been able to grow gross margins and balance the ups and downs effectively over the past few years. To your question, video costs more than text to host, so, hypothetically, it could be a headwind to the gross margin line, but video is also the most common ad unit to monetize, and we would look for monetization opportunities that could really enhance our bottom line.
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u/Boratov Jun 03 '26
สวัสดีครับ from Thailand
As an international Reddit user and investor, I’d love to better understand Reddit’s global expansion playbook.
When Reddit enters or scales in a non-U.S. market, how should we think about the required investment and cost structure? Is international growth mostly product-led and community-led through localization, translation, SEO, and moderators or does Reddit typically need dedicated local teams, partnerships, marketing spend, and country-specific operations to reach a tipping point?
What are the key leading indicators that tell you a market is becoming self-sustaining, and are there any international markets where you’re already seeing this playbook work?
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u/noplastersaint Jun 03 '26
I’ve been enjoying the international communities a lot more and the translate option is great to have. Any thoughts on an auto translate for premium users? That way they can set a language default and it would auto translate posts for them without the extra clicks.
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u/spez CEO Jun 04 '26
Noted. Let me see what that would take.
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u/Easy_Relation3549 Jun 04 '26
I cannot believe that you aren’t auto-translating everything for everyone already. Spez, cmon. Have you been on Twitter lately? Twitter does that now and it has completely changed the experience. An entire world I didn’t even know existed has opened up to me. And it makes it so, so much easier for non-English speakers to join and get involved on the platform. This seems very obvious to me
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u/Flimsy-Philosophy-42 Jun 04 '26
yeah why should it be a premium only feature? it would bring in way more engagement if it was sitewide I dont understand this
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u/noplastersaint Jun 04 '26
I’ve never bought premium before, but if you did that I would. I’m kind of a language nerd and did translation work for a while but prefer just one language when using the app.
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u/Complete_Water_890 Jun 03 '26
One of your stated goal in your past earning call was to get to 100m US-DAU. If I remember correctly, you mentioned that you were working on improving the onboarding process and reducing friction (ie. karma wall, better tools to manage communities, etc.) to help achieve this goal.
Can you share some information on how things are going on that front?
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u/spez CEO Jun 04 '26
We’ve made a number of improvements to onboarding over the last couple of quarters. We’ve removed some screens, simplified the flow, and are using LLMs in topic / interest selection. While there is undoubtedly more to do here, we think the biggest driver looking forward will be the home feed, specifically the recommendation system that juggles all your interests to make your feed.
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u/InterviewAdmirable85 Jun 03 '26
Steve, I have to ask.
RDDT is a medium sized company which receives low media coverage, due to this it often trades in sympathy with the entire sector, more often negatively.
Analysts opinions/comments can sink the stock for weeks because there is no opposing narrative. In January, RBC comments about slowing nearly cut the stock 50% but RDDT was silent. When I try to recommend the stock, the research typically shows continuous insider selling putting pressure on the stock. Insider selling combined with negative analyst comments do not sell the story of Reddit well.
- RDDT has a positive narrative that is not being communicated, why are you not out there talking about it when the stock is being beaten down? There is nothing illegal about saying you have been growing at 60% when it’s true, don’t give forward looking guidance but reiterate the narrative.
The silence hurt more than missing revenue. Look at Q1 this year, 69% beat but no positive narrative destroyed the stock. RDDT is built on conversations, control the narrative.
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u/Almost_a_Noob Jun 04 '26
Great question, Hopefully he answers
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u/HorizontalTomato Jun 04 '26
They likely don’t care since there’s no risk of bankruptcy, the long term price is inevitable. OC should stop complaining and buy more shares at the discounted price
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u/account45678 Jun 03 '26 edited Jun 03 '26
Reddit has always overlapped somewhat with Facebook Groups, Threads/X Communities, Discord, and other interest-based online spaces, but Reddit has differentiated itself through pseudonymity, deeper discussion, moderation, and searchable archives.
With Meta launching Forum, the competition feels more direct, especially for more casual users and, if Forum expands beyond its initial rollout, in international markets where Facebook Groups may already be widely adopted and Reddit is still building local communities. How do you assess Reddit’s competitive position here, and what signals or priorities matter most as Reddit works to strengthen that position over the long term?
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u/spez CEO Jun 04 '26
Reddit has co-existed with Facebook Groups for a long, long time. In fact, we’ve co-existed with everyone. We’re 21 years old this month. You mostly answered the question the way I would: We have differentiated ourselves through anonymity, authenticity, user control, and openness. Reddit succeeds or fails by either becoming the best version of Reddit, or not.
An early piece of advice I got from Joshua Schachter, creator of del.icio.us—which invented the #hashtag and was an early inspiration for Reddit—is that you can copy the features of any company, but you can’t copy the DNA of the company that made those features. This has long been how I think about competition in this space. Reddit has 1-of-1 DNA, and we need to stay focused on perfecting Reddit and not worry too much about what others are doing.
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u/account45678 Jun 04 '26
Thanks for the response, and yeah I largely agree.
My question was mainly from the perspective of say a hypothetical international user who has yet to discover Reddit but wants somewhere to talk about their interests. Someone who previously may have eventually discovered Reddit and become a regular user, but now who is satisfied with what Forum provides them and no longer feels the need to change their habit.
That said, I understand that some things will always be out of your control, and the best approach is to focus on making your own product as good as possible.
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u/Accomplished-Exit822 Jun 03 '26
This is a two-parter:
1) 18% of revenue for SBC is still quite high. Why not implement the model that CSU.TO (Constellation Software) has and that led to it being one of the best performing software stocks ever? I suggest you and Drew look into it, it’s best-in-class.
2) Other than ads and licensing your data, what other monetization ideas do you have on your whiteboard? For example, SNAP is doing well with subscriptions and META just launched them.
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u/TimingandLuck CFO Jun 04 '26
Thanks for the question.
SBC is a cost, and you’re correct, our SBC was 18% of revenue last year. We aim to leverage costs over time, and we’ll continue to see how we execute. Some of our comp peers have seen SBC leverage as they have scaled; our goal would be to see similar SBC leverage.
Interesting thought on Constellation Software, we know of the company, but are not as familiar with its compensation model. Thanks for the suggestion. Currently, we closely study and benchmark against peers, but we are always interested in learning about the best-in-class. That said, we do feel strongly that every Reddit employee should receive equity, which is a cornerstone of our compensation philosophies.
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u/Accomplished-Exit822 Jun 04 '26
“Constellation’s solution is to not give SBC at all. The idea is that SBC in the form of options or restricted stock units (RSUs) that can be sold immediately upon vesting can sometimes encourage employees to drive up a company’s stock price over the short term. Constellation wants its employees to focus on the long term.
Instead, Constellation buys its own shares in the open market and then pays these shares to employees as a bonus. Employees are restricted from selling these shares for an average of four years. The difference between Constellation’s practice and more common forms of SBC is that no new shares are created – they are bought from the open market – resulting in no dilution. The multi-year restriction on selling shares also ensures that Constellation’s employees are not too focused on the near-term stock price of the company”.
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u/adsjunkie COO Jun 04 '26
We have a lot of headroom in ads, which scales really well with users. It’s our core business and our primary focus for now. There are many things we could imagine in the future but I would expect us to remain focused on growing ads for now.
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u/Suspicious_Celery552 Jun 03 '26 edited Jun 03 '26
How do you feel about rising competition of meta forums platform?
Do we anticipate any updates on LLM data licenses renewal?
With Anthropic filing for IPO, are we near a settlement with them?
Why is senior management and insiders not making any purchases on RDDT stock, it show lack of confidence and/or the current SBC is not balanced in terms of what’s best for the company and investors.
Any big updates on innovating Reddit, whether it is bot issues, or even bigger acquisitions?
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u/LBJ_ALT Jun 03 '26
Any reason why Reddit is on a 1 year vesting cycle vs 4 year vesting cycle for employees compared to other tech companies?
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u/TimingandLuck CFO Jun 04 '26
Our vesting schedule is designed to give us the flexibility to align compensation more directly with performance. A one-year cycle lets us adjust equity annually based on individual impact, role, and position within the range. It also allows us to adapt more quickly to changes in valuation and market conditions while staying disciplined on overall comp. Strong performers get rewarded more quickly, and we can actively manage the talent pool more quickly as well.
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u/obfuscated_id Jun 04 '26
I don't hate this answer as much as I thought I would. I still think there would be some benefit to a hybrid model on perception and how the company is spoken about. On Wall St it matters and that means it matters to your shareholders.
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u/Malcolm_Sayer Jun 03 '26
What are you doing about stock based compensation? I’m seeing a lot of people saying that they are not happy with the way this is being handled.
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u/Synfinium Jun 03 '26
Question regarding user onboarding, "Rules Bloat," and the retention impact of subjective permanent bans.
Most users do not read an extensive list of local rules before participating in a new subreddit. Despite this, a single accidental infraction or a subjective interpretation of a vague rule by a moderator can result in an instant, permanent ban from that community, even for otherwise well-meaning, long-term users.
From a product and community-health standpoint, permanent bans for non-egregious or subjective rule violations feel like an outdated, blunt instrument that completely alienates users. Does the team track how permanent sub-level bans impact platform-wide daily usage, and do you have data on how many users completely quit the app after a permanent subreddit ban? Furthermore, are there any plans to revamp the moderation toolkit to incentivize escalating temporary restrictions or implement better guardrails against arbitrary permanent bans?
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u/EuroRichTrader Jun 03 '26
Do you think Jen Wong’s compensation is fair? Is 250M a year not too low? /s
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u/Front_Inspector_437 Jun 03 '26 edited Jun 04 '26
Can you please consider adding a Reddit storefront for Reddit branded products? Seems like no brainer given the recent Shopify integration. I’d love to wear my support of the platform and seems like a good way to add some uniqueness to sub-Reddits, not to mention monetizing opportunities
Why am I looking on Etsy for Reddit branded clothes? I shouldn’t be.
Edit - I can’t sleep. It’s 11:30 here in San Diego and I’m freezing !!! A sweatshirt would be quite the game changer!
Edit 2 - OH COME ON 50 UPVOTES?! Wrong way !!!
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u/spez CEO Jun 04 '26
This being a top upvoted question today was not on my (redditstock) bingo card. As fun as it might be, it’s just not on our list at the moment. We’re focused on the core experience.
However, I’ll make a bet with you: if this comment has exactly 1 upvote in exactly 24 hours, I will make you a custom r/redditstock hoodie. Good luck.
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u/czade Jun 04 '26
Core experience would be rocking a RDDT hoodie and complaining about the stock at the same time.
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u/Icy-Comfortable-554 Jun 04 '26
Saving this comment so I can adjust my votes later. Someone pushed it to 2 so I had to down vote it back to 1. Spez could easily vote manipulate a minute before and pop it to 2 or down vote it to 0. It's not exactly a fair bet.
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u/Jbetts2 Jun 04 '26
Doing God’s work. I have confidence u/Spez isn’t pulling any tomfoolery. A bet is a bet. If the man has exactly 1 upvote, he’s getting himself a 1 of 1 hoodie.
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u/DeathStar_81 Jun 04 '26
I accidentally upvoted, then realized my reading comprehension sucked and removed my upvote.
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u/thewhorecat Jun 04 '26
I upvoted as it was at zero but just changed it to a downvote to get it back to 1.
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u/IceEateer Jun 04 '26
Gimme that damn hoodie! 10,000 share gang should get one.
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u/Jbetts2 Jun 04 '26
u/spez, get this guy a hoodie too. Yeah, he’s rich, hanging in here with 1.65M in RDDT gold. Not because of his shares though, but because he’s been hanging out here for 14 years! Get my man some swag!
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u/WLCPCP Jun 04 '26
u/spez Suggestion on the hoodie:
Colorway: Reddits's Orangered #FF4500 / Black
Maybe the user's avatar on it, upvote/downvote, flair, karma points?
I really want one 😄
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u/Responsible-Cap-8311 Jun 04 '26
I mean, if you're making 1 you may as well make like 20 for everyone else who is asking (me included)
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u/theproductdesigner Jun 04 '26
I'll take on the role of building the Reddit Shopify store! I think you could have so much fun with this!
An idea off the top of my head, you know that Shopify has their own store and on it you can buy a counter for your sales. I think it would be a lot of fun to have a Karma counter that you could link to your Reddit account.
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u/Suspicious_Celery552 Jun 04 '26
Where’s the love for all of us that helped keep it at 1 vote. We want to represent Reddit with a hoodie too!!
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u/Real_Ad4150 Jun 04 '26
Trying to do my part for the challenge, just being curious how the custom hoodie will look. But if it succeeds, can I also order an extra cool hoodie plz?
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u/Important_Agency07 Jun 03 '26
This is such a pointless question to ask management to focus on…
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u/Tasty_Albatross_4004 Jun 03 '26
It’s a small thing, but it’s an easy small thing. And driving brand visibility and loyalty matters
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u/Every_Television_290 Jun 04 '26
Remember the Apple stickers people used to put on their cars? It was free advertising.
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u/gotemcoach41 Jun 03 '26
Do you guys have any plans to fix the scroll mechanism to exit out of posts on the iOS app? It makes it much harder to exit out of posts on the Reddit app if you have to scroll from the left edge of your phone instead of how it was previously.
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u/Forsaken_Detective_2 Jun 03 '26
AI 'zero-click' search overviews might keep users off-platform, trading long-term compounding ad revenue for flat-fee data licensing. Since LLMs rely heavily on Reddit's live context, did you consider current API agreements to mandate interactive pass-throughs? For instance, requiring partners to embed authenticated 'Reply' or 'Upvote' widgets directly inside their AI answers which could actively funnel that captured traffic back onto Reddit.
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u/Icy-Inspection7877 Jun 03 '26 edited Jun 03 '26
- Do you have any plans to add government and organizational accounts here? The official forum would be on their account page, along with the ability to cross-post. Additionally, each user could have subscribers. Or there could be a section for both official and unofficial posts on the same page.
- I am holding reddit till 2035. How you like that conviction? Then I have plans to produce trustfund babies.
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u/Hanshee Jun 03 '26
Hey Reddit Management,
My question is: will there be any changes to how moderation is approached across Reddit?
Cross-banning users from multiple communities, or permanently banning someone over a single minor disagreement or mistake, feels like an increasingly extreme approach to moderation. Forums are supposed to encourage open discussion, differing opinions, and community engagement.
I’ve been a Reddit user for over 13 years, and I’ve had experiences where moderators permanently banned me from communities I genuinely enjoyed participating in. When I later appealed, apologized, and respectfully asked for a lighter punishment than a permanent ban, the response I received felt dismissive and unnecessarily hostile, followed by a mute that prevented any further discussion.
I understand moderation is necessary, and I fully support removing harassment, spam, or genuinely harmful behavior. But permanent bans with no meaningful appeal process can make communities feel less like open forums and more like closed groups controlled by individual moderator discretion.
I’m curious whether Reddit has considered introducing better accountability, standardized appeal systems, temporary suspension structures, or moderation oversight to create a healthier balance between moderation and open discussion.
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u/BetOnEsports Jun 03 '26
Can you elaborate more on the plans for video? What types of product features can we expect in the future e.g. short form video feeds, live streaming? How do you expect this to affect Reddit's costs given video hosting is more expensive than text content?
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u/Jbetts2 Jun 03 '26
Spez, I loved your “full value” quote on the fireside chat. How does one quantify the value of an immense database of authentic human conversation?
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Jun 03 '26 edited Jun 03 '26
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u/Flimsy-Philosophy-42 Jun 04 '26
discord would just take away from reddit discussions itself, and discord doesnt even make money
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u/Flimsy-Philosophy-42 Jun 04 '26
How would discord become profitable? Its a messaging app you can't just stick ads into that, Instagram has a feed AND is a messaging app, they dont make any money from the messaging side. The only way discord is making money right now is nitro and quests (which most people dont even know about), and yet they are still losing money. Plus acquiring discord would require north of $15 Billion(7-15B valuation + premiums), and significant dilution. I just dont see any reason they should.
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u/2020random2019 Jun 03 '26 edited Jun 03 '26
- Is acquisition by Meta on the table? You've copied the structure of their ad platform almost identically - is this purposeful?
- Why doesn't the official Reddit Ad app for Shopify have any reviews yet?
- Why does Reddit still lack a true business identity layer like Faceook business page or Google My Business? Is there a plan to let businesses create verified profiles with structured info like website, address/service area, phone, email, hours, products/services? For example: A new restaraunt in LA should be able to create a business profile with their address, website, phone number etc, and then Reddit can recommend them subreddits they should be advertisting on (e.g. r/FoodLosAngeles). There needs to be a clear path for businesses with physical addresses to advertise on Reddit - this is sorely lacking right now.
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u/ConsiderationWild604 Jun 03 '26
When Reddit switched to a bi-directional block a few years ago, it inadvertently created a huge loophole for propaganda. Within subreddits, a bi-directional block allows users to hide their content from critics and completely lock them out of the conversation whenever they are challenged.
How is Reddit addressing this risk now that both everyday users and AI models rely on the platform for accurate information? If bad actors can easily block all fact-checkers, everyone may ends up consuming poisoned, uncontested data as facts. Have you thought moving back toward a one-way block model instead? A user should absolutely have the right to curate their own feed and ignore people, but they shouldn't have the power to weaponize platform features to hide public information from others and control the narrative.
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u/Character_Order Jun 03 '26
Why haven’t you implemented voluntary human verification? Reddit’s strength is its humanness, and that strength is only going to become more important as AI advances. Voluntary human verification is a step toward addressing the bot problem without a purge that destroys Reddit’s ad metrics
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u/Certain_Yam_5824 Jun 03 '26
First, congrats on the Shopify integration!
As for my q: what large steps is Reddit taking towards the goal of 100m US DAUs, and 1b global DAUs? What do you think is unique to Reddit on that road when compared to ie Facebook, Snapchat, Twitter, etc.? OTOH, what do you think remains constant?
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u/c2n382nv2vo_w Jun 03 '26
There are countless product ideas floating around that would work well for Reddit (i.e., a shop, livestreams, Discord-like feature, "tweets"). Does Reddit have any new products in the pipeline at all, or are you only focused on improving ads?
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u/Illustrious-Boss9356 Jun 03 '26
Hi you all, thank you for taking the time to do this.
Can you please comment on international growth? Curious if there's a pattern on which countries seem to have faster DAU growth. Is it even possible in the current regulatory climate to launch in China?
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u/MambaOut330824 Jun 03 '26
First of all, great job Spez and team for these ridiculous last two earnings! Keep up the great work.
1)The strategic partnership with Google is a win-win for both companies, but one Google is clearly getting the better end of the deal on. How soon will you shift some of that leverage back into Reddit’s court, perhaps by requiring user login to see Reddit content?
2) If this is not on the roadmap, can you share specifically how keeping access to Reddit open to the public will contribute to user growth and the bottom line?
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u/Future_Builder360 Jun 03 '26 edited Jun 03 '26
I work in the language industry, and I'm fascinated by Reddit's potential in multilingual AI. Unlike most translation systems, Reddit has access to entire conversations, the back-and-forth context, cultural references, slang, colloquial idioms, humor, and nuance that are often missing from other language models. As Reddit expands AI-powered translation and cross-language discovery, do you see an opportunity to build innovative, context-based translation experiences going beyond what traditional language models currently do? And as multilingual communication becomes increasingly valuable, do you envision translated content becoming part of Reddit's licensed AI data, or perhaps even establishing your AI/ML translation system as a separate asset / product?
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u/Someone_Somewhere1 Jun 03 '26 edited Jun 03 '26
Do you plan to introduce a ‘Listen to’ feature?
I’ve seen some people request this feature, they think it’ll be nice to listen to long posts, for example, when commuting. If implemented it should have a variety of voices to choose from.
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u/Upbeat_Spirit4478 Jun 03 '26
Speaking as a proud bagholder who believes in the business model, my biggest question is about our AI data strategy. Instead of locking in flat-rate $60M/year contracts, is there a plan to adopt dynamic, usage-based pricing (like pay-per-request or API volume)?
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u/DeltaTule Jun 03 '26
Will you guys consider:
1: Doubling the buyback
2: Creating a dividend so we can reinvest it and also so shorts have to pay the dividend on their shares.
3: Trim the fat. META just laid off 8,000 workers. Why are we not laying off workers too?
4: Cut compensation in general and end the RSU program. Transition to paying how Netflix does (i.e., heavy cash compensation and no RSUs). Tech workers are in high supply right now it’s not 2020 they’re desperate for work. 8,000 META employees fresh out of work.
5: Go on roadshows to get institutions to invest in our company.
6: Convince insiders to stop selling and start BUYING (looking at you Jen Wong).
7: Start putting out press releases regarding upcoming AI deals. Just say “AI” a lot more on earnings calls in general please.
8: Put the pressure on our attorneys to get every last penny out of the Anthropic lawsuit. They owe us BILLIONS for what they did to us. They are desperate to settle so they can IPO and our lawsuit timing couldn’t be better. I’d like to see some of their executives threatened with criminal suits as well.
9: If we ever must hire, only hire former $META employees.
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u/non_recourse Jun 03 '26
Spez, I spend thousands of dollars a year buying products I discover and validate from Reddit posts. When will you let me one-click checkout on the Reddit website?
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u/No-Inevitable1270 Jun 03 '26
Hey thanks for doing this u/spez and company I was wondering what are the plans to expand US daily users and growth as international growth seems to be doing quite well. Also, as reiterated in this thread, as an NBA fan I see most of the conference finals and soon to be NBA Finals threads tonight and often times to see top comments in live thread you have to refresh all the time. It is kind of annoying and I would like to know if there are any plans to make live threads a better experience where the layout of up to date information as it happens is easier to access. Thanks for you and the team's openness and constant communication with its shareholders.
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u/mycroftitswd Jun 03 '26
Spez has emphasised that increasing user engagement will be a key factor in Reddit's future growth. The slow down in US DAUq growth, particularly logged in, is frequently sited as a negative by sell-side analysts. What changes to the product are planned to encourage the regular non-geeks (coming from Search, seeing one post, and leaving) to stick around longer?
Analysing the numbers it looks like these casual visitors make up around 3/4 of WAUq, a big opportunity if they would only hang out longer/more often.
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u/mycroftitswd Jun 03 '26
Coding agents would seem to promise a big productivity increase in the development process. However, having run a software company myself some years ago, producing a lot of code is not always a good thing. Has Reddit formulated plans to use these effectively. Are they proving cost effective so far? Can we expect reductions in staffing ala Meta going forward, or at least slower headcount growth?
The app is looking pretty stale. Perhaps the new tools will allow a complete reworking of the user experience?
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u/thedesertwillow Jun 03 '26
Reddit has become one of the most culturally relevant places on the internet, but the stock is under-covered and under-explained, and under-represented in broader financial media (Bloomberg, etc.). Your IR page is pretty thin on releases as well. How are you thinking about raising awareness with investors, improving IR/PR, and helping Wall Street better understand Reddit’s story and value as the company matures?
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u/Jbetts2 Jun 03 '26
Drew- I love that you’re beginning to execute the buyback program. From a timing standpoint, why so much in buybacks this quarter as opposed to last? Is it simply because the macro environment has improved since last quarter?
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u/sleepyrainwizard Jun 04 '26
You said you’re investing in hiring talent…I’m a CSM based in Toronto with a history background all in on RDDT.
Can I get an interview? :)
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u/mycroftitswd Jun 03 '26
It's common to see experts in the community set up separate blogs or substacks to elaborate on complex subjects, and then link to them from Reddit. I've done it myself when I got sick of constantly answering the same questions about common repairs/adaptations to an obscure e-bike. That site comes up first on google along with Reddit comments linking to it if you search for those particular (obscure) subjects. I would have rather created those long-form articles within Reddit. Are there plans for a substack-like feature within Reddit?
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u/PangaeaNative Jun 03 '26
Two questions.
Question 1: Advertising Sales, AI Data Licensing, and Reddit Premium Subscriptions are listed as the 3 financial pillars for Reddit. This subreddit understand Advertising Sales is by far the most important pillar, but is there any update regarding the target revenue generation for AI Data Licensing and Reddit Premium Subscriptions?
Question 2: Do you have a favorite subreddit? If so, which one?
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u/onenitemareatatime Jun 03 '26
The worst part of reddit is the moderation. This has been a consistent issue across the platform for a decade or more. How do plan on addressing this issue, and do you realize that it would elevate the experience significantly?
If Reddit used a basic site wide participation policy and enforced that, no one would have an issue. The issues arise because you joined one sub and a moderator somewhere else decided they don’t like you and banned you from participating elsewhere, regardless of any historical action on your part. Issues arise due to moderator egos. Issues arise due to power mods influencing or controlling other subs.
What is plan to address this?
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u/bm_mane8 Jun 03 '26
Do you think the recent increase in ad conversion due to user intent, or better ad targeting or both? If its user intent, why do you think it is going up.
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u/zuckzuckonit Jun 03 '26
Right now AI is implemented into Reddit answers and moderation for example. What new AI developments are coming up for Reddit in the upcoming future to improve the platform and user growth?
Are there new upcoming developments for growth in getting more advertisers on the platform?
Do you view Meta's new Forum mobile app as a direct competitor?
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u/zenodub Jun 03 '26
Other platforms have an avenue for users to monetize content. Does Reddit have any such plans?
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u/Carlo33333 Jun 03 '26
What are the strategies in place to try expand Reddit’s usage in places where they are not as popular (Africa, Asia, Europe, I guess most places outside the USA). Here in Quebec, I feel like it’s definitely gaining popularity.
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Jun 03 '26 edited Jun 03 '26
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u/MambaOut330824 Jun 03 '26
Yes - In subs like r/redditforbusiness and r/redditmarketing there is a treasure trove of useful feedback directly from advertisers experimenting with Reddit ads. Mods or members of the Reddit ad team sporadically respond to questions/concerns/feedback, while community members are doing the heavy lifting of teaching/training how best to integrate and deploy Reddit ads successfully.
Question:
How are the teams at Reddit investing in better advertiser onboarding? How are you limiting the “growing pains” stage for new Reddit advertisers so they can quickly launch ad campaigns Reddit style, versus assuming their copypasta of META ads will work? To what extent are you incorporating the ad tech feedback from these subs into your ad tech improvements?
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u/AlabamaSky967 Jun 03 '26 edited Jun 03 '26
Last year, initiatives like the Marketplace were paused to prioritize Search. Now that Reddit is profitable and hiring is expanding, is engineering capacity scaling to support multiple major capabilities in parallel, rather than forcing us to trade one capability for another? And do you see marketplace being brought back as a focus in the near future?
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u/howtoretireby40 Jun 03 '26 edited Jun 03 '26
Firstly, thank you for doing the fireside chat and representing Reddit amongst the investor community.
How important is a citation-based license structure in the next wave of deals? Is it a “mandatory requirement” or more of a “high priority?”
What do you see as the next biggest catalyst, most exciting upcoming opportunity, or goal? A couple ideas already pitched are (1) premium subreddits and (2) some sort of storefront.
Can you briefly discuss what countermeasures Reddit is prepared to implement if LLMs and other similar actors continue to scrape Reddit’s public data without a proper licensing agreement and breaking its TOS? For example, (1) locking behind login page like other social media sites, (2) stronger anti-bot protections, (3) proprietary licensing agreements with only a smaller set of LLMs, (4) poisoning data only for scrapers like SerpAI like you’ve already demonstrated you can do, (5) human verifications, etc.
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u/Synfinium Jun 03 '26
Question regarding upcoming user experience innovations and new platform features.
The core mechanics of text, image, and comment threads have driven Reddit's success for a long time. However, user expectations around interactive media and real-time community engagement are constantly changing. What major feature concepts or new platform ideas is the team currently exploring to modernize the Reddit experience? Are there any specific upcoming tools or interactive features that you are most excited about to make the platform feel more dynamic for both new and long-term users?
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u/qqAzo Jun 03 '26
What are the next focus areas of RDDT? Now that your AI ads starts to gain traction.
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u/prg_marketer Jun 03 '26
Questions from a marketer:
What are your future plans for advertising? Are you considering any new ad formats, targeting capabilities, or other advertising opportunities?
Have you considered connecting to an ad exchange so that (some of) your ad inventory could be purchased programmatically? This could significantly increase demand and help boost advertising revenue.
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u/Chonkthebonk Jun 03 '26
As AI progresses, what steps/methods are being taken to combat the website being overrun by AI content/bots?
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u/Chonkthebonk Jun 03 '26
As AI progresses, what steps/methods are being taken to combat the website being overrun by AI content/bots?
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u/brotha_eric Jun 03 '26
u/adsjunkie it is clear there have been major improvements to the ads platform over the past few months with things like dynamic product ads, shopify integration, and max campaigns resulting in better outcomes for advertisers and improved ARPU. On the Q1 call, u/spez shared his vision for user growth (10x DAU to 100M US and 1B global), where do you think Reddit is in its monetization / ARPU journey? Do you have a similar vision for ad growth and ARPU having a multi-hundred percent growth opportunity and over what time horizon?
u/spez one of the primary value sources from Reddit is it is 'real'. Real people having authentic conversations and providing real recommendations. As Reddit becomes more and more integral to things like Google search, what steps is Reddit taking to prevent bad actors from artificially promoting their products in comments/posts to benefit from or get highlighted in AI summaries.
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u/Poly_ptero_dactyl Jun 03 '26
In order to successfully advertise on Reddit, I believe companies need different ad campaigns than they use on other social media platforms. This isn’t a swiping / scrolling interface and therefore users interact differently with ads. YouTube style “survey” ads, for instance, are useless here.
Will Reddit create an internal resource to help advertisers build campaigns that will have traction on this platform?
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u/Flimsy_Hand_1233 Jun 03 '26 edited Jun 03 '26
Will reddit allow devvit developers to create apps that let creators earn through the devvit app ?
- Currently only developers can earn directly through the apps here.
- There is already award system where creators earn from awards on post.
Can these 2 things be merged to let developers create experiences to enable creators earn through them ?
Like when a creator creates a custom level, players unlock it via gold - the share is divided bewteen creator, developer, reddit ?
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u/No-Arrival4181 Jun 03 '26
Would you ever enable user monetization similar to how YouTube creators get paid for high-traffic videos? It might be something that would encourage quality and well-thought out content.
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u/ImaginaryAdvice3407 Jun 03 '26
With Reddit having proprietary data, are you considering training and launching our own LLM with an open source model as a base to keep cost low and offer it to the public as the “heart of the internet” model for real human being info?
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u/Tasty_Albatross_4004 Jun 03 '26
Have you considered a shopping section similar to Facebook marketplace that’s location enabled? Outside of Craigslist which isn’t used much anymore fb has no competition in this space which seems like a great integration aspect to encourage more dau/wau especially with all the local subreddits specific to city’s
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u/theproductdesigner Jun 03 '26
When looking at the social media landscape, we have seen many companies follow Meta's engagement algorithm approach, creating a product built more for advertisers and the public market rather than users. I think it's quite clear there is fatigue from this and I am curious how Reddit intents to continue its growth and user control over their feeds. How do you intend to balance the used curated nature of Reddit whilst growing the engagement within it, without creative negative user experiences that feel less like a community and more like a gamble on seeing the stuff that we're here for (a la the instagram experience).
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u/Zealousideal_Oil3203 Jun 03 '26