Full-Funnel Momentum: Takeaways from 2Q Ad Checks

研报英文原文证据摘录

Full-Funnel Momentum: Takeaways from 2Q Ad Checks

USA | Internet

Reddit EquityJulyResearch10, 2026

COMPANY UPDATEFull-Funnel Momentum: Takeaways from 2Q Ad

RATING BUYChecks

PRICE $195.31^

Agencies saw 2Q digital advertising growth accelerate sequentially, particularly

in social, where RDDT continued to gain share. Agencies cited RDDT’s PRICE TARGET | % TO PT $250.00 | +28%

contextual targeting capabilities as critical for driving more low-funnel spend, 52W HIGH-LOW $282.95 - $119.27

suggesting new performance products could extend the runway for share FLOAT (%) | ADV MM (USD) 66.0% | 937.96

gains. Talks also continued to highlight limited risk to social budgets from LLM MARKET CAP $40.6B

advertising. We conclude RDDT’s 2Q is likely to exhibit strong momentum. TICKER RDDT ^Prior trading day's closing price unless otherwise

noted.

(1) Digital ad spend across the industry appears healthy: Agencies mostly saw 2Q digital ad

growth accelerate sequentially and expect 2H26 growth to remain consistent with 2Q. Macro-

FY (Dec) CHANGE TO JEFe JEF vs CONS

sensitive advertisers were more constructive following some 1Q hesitancy around the ME conflict.

2026 2027 2026 2027

Paid social also continues to gain share, driven by improving lower-funnel capabilities, investments

in influencer strategies, and a growing role in product discovery. REV* NA NA +3% +9%

EBITDA NA NA +9% +15%

(2) Reddit is gaining share of digital budgets: Agencies continued to highlight RDDT as gaining

additional share of social budgets, driven by the platform's high-intent audience, incremental reach, 2026 ($) Q1A Q2 Q3 Q4 FY

and contextual targeting capabilities. Agencies frequently mentioned LinkedIn (primarily B2B), PINS, EBITDA 266.0 293.2 381.3 508.6 1,449.1

SNAP, and X as being the most common share donors.