Reddit：社区生态或引领下一个增长篇章

Core Viewpoint - Reddit is a high-quality social media giant that has achieved significant revenue and profit growth driven by high user interaction and authentic feedback, creating substantial value for its community. The company is well-positioned for future growth, supported by its innovative strategies and strong financial performance [16][24]. Revenue and Profit Performance - In the third quarter of 2025, Reddit reported revenue of $585 million, a year-over-year increase of 68%, exceeding market expectations by $35 million [6][4]. - The diluted earnings per share (EPS) reached $0.80, up fivefold from $0.16 in the same period last year, also surpassing analyst expectations of $0.28 [6][4]. - The company achieved a remarkable gross margin of 91%, indicating a high premium level and a profitable business model [7]. User Engagement and Growth Metrics - Reddit's daily active users (DAU) averaged 116 million, a 19% year-over-year increase, while weekly active users (WAU) reached 443.8 million, up 21% [7]. - The company experienced a 67% revenue growth in the U.S. market and a 74% increase in international markets over the past 12 months [7]. Advertising Business - The advertising segment generated $549 million in revenue for the quarter, a 74% year-over-year increase, contributing to a 41% rise in average revenue per user (ARPU), which reached $5.04 [7]. - Reddit is automating its advertising processes to reduce costs and enhance ad performance, which is expected to significantly boost advertising revenue and user engagement [8]. International Expansion - Reddit's international expansion is a key driver for long-term success, with the introduction of machine translation covering 30 languages to enhance user experience and content framework [10]. - The company is building local partnerships to increase its influence and drive community interaction and content generation [11]. Valuation and Market Sentiment - Reddit's forward P/E ratio is approximately 48, which is a premium compared to peers and the S&P 500 average, but analysts believe the stock is undervalued if growth continues [13]. - The current PEG ratio of 1.14 indicates that the stock is undervalued relative to its growth potential, with a significant upside if growth trends persist [13]. - Analysts predict that Reddit's EPS will reach $2.33 in FY2025 and $3.70 in FY2026, reflecting a growth rate of about 59% [16]. Future Outlook - The target price for Reddit is set at $250, suggesting a potential upside of approximately 20% over the next 12 months [24]. - The company is leveraging AI-driven innovations to enhance user experience and expand its international business, positioning itself for substantial growth in the coming years [24].