Q&A 问答 Q1：关于产品优化，能否谈谈新用户引导流程改变的早期收益?以及搜索与 Answers 整合对用户体验的 影响?Reddit Max 如何用于简化广告商引导，渠道组合如何演变? A：关于消费者产品，Q4 发布了很多功能，有些有效，有些无效，学到了很多。核心论点保持不变：简化 流程确实能改善留存。我们有一些有趣的事情，比如使用 LLM 帮助确定用户兴趣。另一个学习是，更快 将用户带入 feed 需要 feed 变得更好。因此我们将大力投资 ML 来改善新用户的冷启动 feed。 近日，Reddit(RDDT.US)召开2025年四季度财报电话会。公司表示， Answers和Search是尚未变现的 服务，显然是一个巨大的市场和机会。 Reddit Answers查询量从一年前的100万增长到1500万，整体搜 索查询从6000万增长到8000万，公司将继续投资Answers，处理更多的查询。 Reddit指，2025年是公司的突破之年。公司超越大胆目标，在全业务建立真正势头，大规模改善独特的 社区模式。连续第六个季度实现超60%的营收增长，连续第六个季度实现90%的毛利率。 业绩表现上，本季度广告收 ...

智通财经APP获悉，近日，Reddit(RDDT.US)召开2025年四季度财报电话会。公司表示，Answers和 Search是尚未变现的服务，显然是一个巨大的市场和机会。Reddit Answers查询量从一年前的100万增长 到1500万，整体搜索查询从6000万增长到8000万，公司将继续投资Answers，处理更多的查询。 关于搜索，我们将搜索栏大部分整合在一起。Reddit Answers 查询量从一年前的 100 万增长到 1500 万，整体搜索查询从 6000 万增长到 8000 万。我们将继续投资 Answers，将处理越来越多的查询。 关于 Reddit Max，我们正专注于将下层漏斗广告商转换为 Reddit Max。目前专注于现有客户的转换，新 广告商的引导还需要几个季度。Reddit Max 将使引导更容易，推动生产力和性能提升。 Q2：关于 AI 生成内容，如何看待其发展?是否可能最终证明是有益的并支持参与度?在越来越接近代理 电子商务的世界中，Reddit 如何定位? A：关于 AI 生成内容，机器翻译就是 AI 生成内容的一种形式，AI 在改善沟通方面肯定有作用。但也 有一种情 ...

Amazon - Amazon plans to spend $200 billion this year on data centers, chips, and other equipment, leading to an over 8% drop in its stock, marking the largest decline since April of the previous year [1][2] - The company's operating income is projected at $21 billion, which is below consensus expectations, raising concerns about the trade-off between capital expenditures and profitability [1][2] - Analysts note that Amazon's capital expenditures are significantly higher than its peers, which may lead to negative free cash flow, but the company has historically delivered strong ROI despite similar cycles in the past [2][4] Cryptocurrency - Bitcoin experienced a volatile week, dropping nearly 13% before rebounding by about 10%, reflecting ongoing instability in the market influenced by geopolitical tensions [1][3] - The cryptocurrency market is characterized by fear, uncertainty, and doubt, with traders attempting to buy the dip amid fluctuating narratives about Bitcoin's value as a safe haven [1][3] Roblox - Roblox reported a 55% year-on-year growth in bookings, with 140 million daily active users, and a significant increase in engagement levels [2][3] - The company is focusing on expanding its user base, particularly among users aged 18 and up, which is growing at over 50% year-on-year [3][4] - Roblox is leveraging AI to enhance user experiences and improve safety measures, aiming to create a more engaging platform for its diverse user base [3][4] Affirm - Affirm's stock fell about 6% despite reporting results that beat estimates, with some analysts expressing concerns over a conservative outlook [4] - The company is experiencing significant growth with its Affirm card, which has seen a fourfold increase compared to the rest of the business [4] - Affirm's CEO emphasized the importance of transparency and affordability in their offerings, aiming to replace traditional credit cards with their debit card powered by Affirm [4] Warner Music Group - Warner Music Group's shares rose 5% following a 10% increase in its first-quarter revenue, driven by growth in digital and expanded rights and licensing revenue [7][8] - The company is utilizing AI to automate marketing efforts across its extensive catalog, aiming to increase efficiency and value in the music industry [7][8] - Warner Music Group believes that the value of music is currently undervalued and is focused on transitioning to licensed models to enhance revenue generation [8]

Reddit在当地时间周四表示，其人工智能驱动的搜索引擎有望成为公司下一个重大机遇——不仅体现在 产品层面，也将作为影响公司盈利的收入增长点。在周四举行的公司第四季度财报电话会议上，Reddit 披露了其融合传统搜索与人工智能搜索的最新进展，并暗示尽管搜索业务尚未实现商业化变现，但"这 是一个规模巨大的市场与机遇"。 该公司尤其认为，生成式人工智能搜索对大多数查询场景效果更佳。 Reddit曾在2025年宣布，计划将人工智能搜索功能Reddit Answers与传统搜索引擎合并，以优化终端用 户体验。第四季度，公司表示在统一核心搜索与人工智能功能方面取得了重大进展，同时为Reddit Answers新增了五种语言，并正在试点动态智能助手，以及包含"纯文本以外多媒体内容"的搜索结果。 尽管Reddit十分看重自身人工智能问答的价值，但并未将其封闭自用。公司的内容授权业务（允许其他 企业利用其数据训练人工智能模型）也在持续增长，这部分收入被计入Reddit的"其他收入"（即非广告 收入）。2025年第四季度，该类收入同比增长8%，达到3600万美元；2025年全年增长22%，总额达1.4 亿美元。 责任编辑：李桐 ...

Core Insights - Reddit's AI-powered search engine is viewed as a significant business opportunity, with potential to impact revenue despite not being monetized yet [1] - The company believes generative AI search will outperform traditional search for many queries, particularly those requiring multiple perspectives [1][2] - Weekly active users for search increased by 30% over the past year, from 60 million to 80 million, while AI-powered Reddit Answers grew from 1 million to 15 million users [2] Product Development - Reddit is modernizing its AI answers interface to include more media-rich responses, with pilot programs already in progress [3] - The company plans to merge its AI search feature with traditional search to enhance user experience, having made significant progress in this unification [5] User Engagement and Personalization - Starting in Q3 2026, Reddit will eliminate the distinction between logged-in and logged-out users to personalize the site using AI and machine learning [4] - The content licensing business, which allows other companies to train their AI models on Reddit's data, is also growing, contributing to non-ad revenue [5] Financial Performance - Reddit's "other" revenue, which includes content licensing, increased by 8% year-over-year to $36 million in Q4 and rose 22% to $140 million for the year 2025 [5]

Reddit (NYSE:RDDT) Q4 2025 Earnings call February 05, 2026 04:30 PM ET Company ParticipantsAndrew Boone - Managing DirectorBenjamin Black - Co-Head of Internet Equity ResearchDrew Vollero - CFOJason Helfstein - Managing Director and Head of Internet ResearchJen Wong - COOJesse Rhodes - Head of Investor RelationsJosh Beck - Managing DirectorJustin Post - Managing DirectorNaved Khan - Managing DirectorRich Greenfield - General PartnerRon Josey - Managing DirectorSteve Huffman - Co-founder and CEOConference Ca ...

Reddit (NYSE:RDDT) Q4 2025 Earnings call February 05, 2026 04:30 PM ET Company ParticipantsAndrew Boone - Managing DirectorBenjamin Black - Co-Head of Internet Equity ResearchDrew Vollero - CFOJason Helfstein - Managing Director and Head of Internet ResearchJen Wong - COOJesse Rhodes - Head of Investor RelationsJosh Beck - Managing DirectorJustin Post - Managing DirectorNaved Khan - Managing DirectorRich Greenfield - General PartnerRon Josey - Managing DirectorSteve Huffman - Co-founder and CEOConference Ca ...

Reddit (NYSE:RDDT) Q4 2025 Earnings call February 05, 2026 04:30 PM ET Speaker9Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone ...

Core Insights - Reddit (RDDT) is expected to report fourth-quarter 2025 results on February 5, 2026, with projected revenues between $655 million and $665 million, indicating a year-over-year growth of 53% to 55% [1][9] - The Zacks Consensus Estimate for revenues stands at $667.58 million, reflecting a year-over-year growth of 56.06% [2] - Earnings per share are estimated at 96 cents, showing a year-over-year growth of 166.67% despite a slight decline in the consensus over the past month [2] Revenue Growth Factors - Increased advertising sales and growing AI initiatives are expected to positively influence Reddit's fourth-quarter performance [3] - Innovations in ad products, automation, and tools like Reddit Insights are anticipated to enhance advertiser performance and attract more advertisers [3][9] - The integration of Reddit Answers into core search functionality is expected to boost ad revenues, with over 75 million weekly searches on Reddit in Q3 2025 [4] International Expansion - Reddit's international growth strategy includes machine translation in 30 languages and localized content frameworks, aimed at enhancing user engagement in markets like India, Brazil, Germany, and France [5] Competitive Landscape - Reddit faces stiff competition from companies like Snap, Meta Platforms, and Pinterest, all of which are expanding their advertising capabilities in the digital ad market [14] - Snap reported a 5% year-over-year increase in advertising revenues, while Meta's advertising revenues grew by 24.3% year-over-year [15][16] - Pinterest is expanding its advertising portfolio through acquisitions, such as the recent agreement to acquire tvScientific [18] Stock Performance and Valuation - RDDT shares have declined by 12.2% over the past six months, underperforming the Zacks Computer & Technology sector, which returned 14.6% [7] - The current valuation of RDDT is considered stretched, with a forward Price/Sales ratio of 10.81X compared to the industry average of 4.32X [11] Conclusion - Reddit's prospects are bolstered by an expanding advertising business and improved user experience, but challenges include a difficult macroeconomic environment, elevated tariffs, and intense competition [19]

Core Insights - Reddit (RDDT) and Meta Platforms (META) are prominent players in the digital advertising space, with RDDT emerging as a community-driven platform and META dominating through established platforms like Facebook and Instagram [1][2] Digital Advertising Market Overview - The global digital advertising market was valued at $488.4 million in 2024 and is projected to reach $1,164.25 million by 2030, with a CAGR of 15.4% from 2025 to 2030, benefiting both Reddit and META [2] Reddit (RDDT) Performance - Reddit is experiencing strong user engagement, with a 20% year-over-year increase in daily active users (116 million) and weekly active users (444 million) [5] - Advertising revenues for Reddit surged 74% year over year to $549 million in Q3 2025, driven by expanding advertiser relationships and a diversified customer base [4][12] - The company is enhancing its advertising tools, including Dynamic Product Ads and Reddit Pixel, which are contributing to increased advertiser adoption [3] Meta Platforms (META) Performance - Meta's advertising revenues increased by 25.6% year over year to $50.08 billion in Q3 2025, accounting for 97.7% of total revenues [8][12] - AI integration across platforms like Facebook and Instagram is driving user engagement, with a 5% increase in time spent on Facebook and a 30% increase on Threads [9] - Meta is leveraging its vast user data to enhance AI-powered creative tools, which are now available in over 200 countries [10] Stock Performance and Valuation - Over the past six months, Reddit's shares have surged 73.1%, while Meta's shares have declined by 7.8% [13] - RDDT shares are currently trading at a forward Price/Sales ratio of 14.14X, compared to META's 7.03X, indicating that both stocks are considered overvalued [16] - The Zacks Consensus Estimate for RDDT's 2025 earnings is $2.35 per share, reflecting a 170.57% year-over-year increase, while META's estimate is $23.43 per share, indicating a 1.80% decline [18] Conclusion - Reddit is positioned for greater upside potential due to rapid revenue growth and an expanding advertiser base, while META faces challenges in monetizing its AI investments amid stiff competition [21][22]