RDDT - BUY - Data Analysis Suggests Healthy 2Q Usage Growth, Continued Advertising Momentum

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RDDT - BUY - Data Analysis Suggests Healthy 2Q Usage Growth, Continued Advertising Momentum

June 18, 2026

Michael Morris, CFA michael.morris@guggenheimpartners.com RDDT - BUY - Data Analysis Suggests Healthy 2Q

804 253 8025 Usage Growth, Continued Advertising Momentum

Grayson Glenn

grayson.glenn@guggenheimpartners.com

804 253 8053 Key Message: We remain BUY rated on Reddit with a $255 price target supported by

healthy user engagement trends and broad-based advertising strength. Our intra-quarter Charles Wilber

charles.wilber@guggenheimpartners.com tracking of Similarweb data, in addition to inaugural Ads Manager analysis (provided here

804 335 3977 for the first time), suggests healthy 2Q usage trends with our global DAUq forecast of

131mm implying slight growth acceleration vs. 1Q. We expect product initiatives such Taylor Manley as onboarding enhancements and feed optimization efforts, in addition to continued taylor.manley@guggenheimpartners.com

804 253 1336 uptake in search engagement (WAUq +30% y/y in 1Q) to drive double-digit DAUq

growth for the balance of the year. We note that 2Q will be the final quarter of logged-

in vs. logged-out disclosure. Our 2Q revenue estimate of $730mm (+46% y/y) remains

modestly above the high-end of management guide, though the expected magnitude

RDDT BUY oftop-lineoutperformancegrowth in 2Q25.is lowerWethanbelievehistoricaladvertisingpatternstrengthgiven remainstough comparisonbroad-basedvs. across+78%

Reddit, Inc. verticals with significant runway ahead supported by continued international growth,

Sector: Media & Internet incremental ad load opportunity relative to peer platforms, and expansion in search/

shopping surfaces. Among our SMID-cap advertising coverage, our analysis indicates