RDDT - June Data Review Suggests Continued Usage Growth Strength in 2Q

研报英文原文证据摘录

RDDT - June Data Review Suggests Continued Usage Growth Strength in 2Q

FLASH NOTE

July 6, 2026

Michael Morris, CFA michael.morris@guggenheimpartners.com RDDT - June Data Review Suggests Continued

804 253 8025 Usage Growth Strength in 2Q

Grayson Glenn

grayson.glenn@guggenheimpartners.com

804 253 8053 Key Message: We provide our updated Ads Manager audience reach, Similarweb traffic,

and Apptopia download data analysis through June. We view first-party Ads Manager Charles Wilber

charles.wilber@guggenheimpartners.com and third-party Similarweb/Apptopia data as usage indicators. We began tracking Reddit

804 335 3977 Ads Manager audience reach figures in May 2025 with y/y comparisons first available

in May 2026. June global audience reach increased 11.8% (vs. +13.2% in May), with

Taylor Manley international regions a significant growth driver (+19.1% vs. +24.2% in May). U.S. taylor.manley@guggenheimpartners.com

804 253 1336 audience reach trend saw slight acceleration (+3.7% vs. +0.5% in May). 2Q Similarweb

unique traffic data shows slight growth acceleration both globally and domestically. Per

Apptopia, trailing 90-day global downloads declined 27.9% (vs. -7.0% in March) with U.S.

trend also seeing decline. Given downloads are a measure of gross acquisition and do not

account for retention, we believe Ads Manager and Similarweb data are more indicativeRDDT of Reddit DAUq trend. Overall, we believe usage data trend through June suggests Reddit, Inc. DAUq in-line with our 131mm estimate, reflecting slight annualized growth acceleration Sector: Media & Internet

to +18.9% (vs. +17.3% in 1Q). Additional details provided within.

Company Update

Share Price $194.67 June Ads Manager Audience Reach Shows Continued Domestic and International

Strength