Core Insights - Reddit aims to position itself as a viable alternative to Google for online search, leveraging its unique content and community-driven knowledge [1][2] - The company reported 70 million weekly users for its core search product and 6 million users for its AI-powered search tool, Reddit Answers [2] - Reddit's Q2 revenue grew 78% year-over-year to $500 million, marking its most profitable quarter with a net income of $89 million [8] Product Development - CEO Steve Huffman announced plans to integrate Reddit's core search and Reddit Answers into a single product, enhancing user experience [3] - COO Jen Wong emphasized the importance of marketing to promote Reddit's search capabilities, aiming to shift user behavior towards utilizing its search features [3] Financial Performance - Reddit's valuation is set at $6.4 billion as it prepares for a public offering in 2024, with a reported 37% increase in daily active unique visits and nearly 50% revenue growth to $234 million [9] - The partnership with Google has allowed Reddit to enhance its search capabilities through access to Vertex AI, although concerns about reliance on Google for traffic persist [10]
Reddit says it's doubling down on native search as it reports its 'most profitable quarter yet'