Reddit, Inc. (RDDT.N)：广告势头持续，但搜索推荐波动影响用户增长

PDF 第一页内容摘录（原文）

Action |

31 Jul 2026 08:40:57 ET │ 18 pages

Reddit, Inc. (RDDT.N)

Advertising Momentum Continues, though Search Referral

Choppiness Clouds User Growth

CITI'S TAKE

While Reddit posted +64% Y/Y advertising revenue growth in 2Q, grew its

active advertiser base 70%+ Y/Y, more than doubled conversion volumes,

and expanded margins materially, results were overshadowed by DAUq

headwinds around Search and international traffic that are likely to

continue to weigh on DAUq in 2H26. Specifically, Google’s AI Overviews

limited top-of-funnel search traffic to Reddit as more users remained on

Google resulting in a decline of 300K U.S. DAUq Q/Q, Reddit’s most

profitable users, and potentially impacting its timeline to achieve its 100M

U.S. DAUq goal. While we are encouraged with RDDT’s product initiatives

across its Feed and recent success on web-to-App conversions, we would

expect Reddit and Google to find a workable solution to AI Overview clicks

given Reddit’s differentiated content and upcoming Data Licensing renewal

(which we continue to expect in late 4Q/early 1Q). As such we maintain our

Buy rating and $245 TP.

n

Buy

Price (31 Jul 26 04:15)

US$155.00

Target price

US$245.00

Expected share price return

58.1%

Expected dividend yield

0.0%

Expected total return

58.1%

Market Cap

US$29,839M

Price Performance

(RIC: RDDT.N, BB: RDDT US)

7 Key Takeaways and Focus Areas From 2Q26 Results:

– 1) Whether Choppy Search Referral Traffic Continues to Impact DAUq

Growth…we believe it likely does, at least for 3Q given more volatile traffic trends

in June and we highlight Google’s AI Overviews resulting in fewer clicks outside of

Google (primarily in the U.S.) as Reddit’s translated content internationally

resulted in lower rankings;

– 2) …Impacting U.S. Traffic Growth—and we now project U.S. traffic to decline

~1% Q/Q in 3Q as 2Q Q/Q declines impacted both U.S. Logged-In (-0.1M Q/Q) and

Logged-Out DAUqs (-0.2M Q/Q), trends that likely continue before potentially

reversing in 4Q given Reddit’s product initiatives around Feed, App usage, and

marketing investments (we project 3Q U.S. DAUq -0.5M Q/Q);

– 3) New App User Retention +50% Y/Y as Web-to-App Conversion Improves—

…