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 ...

Summary of Key Points from CES 2026 Conference Call Industry Overview - **Industry**: North America Internet and Online Advertising - **Event**: CES 2026 showcased significant advancements in AI-driven products and monetization models across various sectors, including engagement, wearables, autonomous vehicles (AVs), robotics, and online advertising [1][2] Core Insights 1. **Online Advertising Growth**: The U.S. online advertising market is projected to grow by 14% year-over-year (Y/Y) in 2026, supported by stable operating conditions and resilient consumer behavior. This is a slight decrease from the 14.7% growth projected for 2025 [7][2] 2. **Emerging Ad Surfaces**: Advertisers are optimizing for geographic (GEO) targeting, which is expected to create more ad surfaces rather than reduce them. This shift is driven by advancements in search technology and AI [8][2] 3. **End-to-End Advertising Platforms**: The rise of agentic end-to-end advertising platforms is transforming the advertising landscape, allowing for improved personalization and optimization of ads, leading to higher conversion rates [10][2] 4. **Competitive DSP Market**: The demand-side platform (DSP) market is becoming increasingly competitive, with Amazon launching new tools and leveraging its retail data to enhance targeting capabilities [12][2] 5. **Short-Form Video Demand**: There is a growing demand for short-form video advertising, which is seen as a key driver of growth across platforms like Meta, YouTube, and TikTok [14][2] 6. **Agentic Commerce**: The emergence of agentic commerce is expected to create new advertising opportunities, as users increasingly rely on AI-driven agents for shopping [15][2] 7. **Retail Media Insights**: Retail media is gaining traction as a valuable source of business intelligence, helping advertisers achieve closed-loop measurement and insights [16][2] 8. **GenAI Search Impact**: The shift towards GenAI search is impacting traffic for the open web, leading to a decrease in click-through rates but potentially improving conversion rates for high-quality publishers [18][2] Product Innovations 1. **Autonomous Vehicles (AVs)**: Significant advancements in AV technology were noted, with companies like Uber and Lucid showcasing new models. The reduction in component costs is expected to accelerate AV adoption [19][3] 2. **Humanoid Robots**: Progress in humanoid robotics was highlighted, indicating potential efficiency gains across various sectors [22][3] 3. **Wearables**: The proliferation of AI-driven wearables, particularly Meta's Ray-Ban products, is expected to expand internet usage significantly [23][3] Key Company Announcements - **Amazon (AMZN)**: Introduced new Alexa integrations, enhanced Fire TV experience, and launched Alexa.com [26][27] - **Meta (META)**: Announced updates to Ray-Ban products and new collaborations [26][27] - **Google (GOOGL)**: Launched new features for Google TV [26][27] - **Uber (UBER)**: Unveiled a new robotaxi developed in partnership with Lucid and Nuro [26][27] Additional Insights - **Market Sentiment**: Conversations with marketers and agencies at CES indicated a positive outlook for the online advertising market, with expectations of increased budgets and a shift towards digital channels [7][2] - **Investment Opportunities**: Companies such as Amazon, Google, Meta, and Uber are viewed positively, while caution is advised regarding The Trade Desk (TTD) due to competitive pressures [1][2] This summary encapsulates the key takeaways from the CES 2026 conference, highlighting the trends, innovations, and company-specific developments within the North American internet and online advertising sectors.

Core Insights - Reddit is capitalizing on its extensive collection of human conversations to meet the rising demand for high-quality AI training data [1][2] - The platform is enhancing product features and advertising tools to increase user engagement and monetization [1] Data Licensing and AI Training - Analyst Laura Martin emphasizes that Reddit's primary growth opportunity lies in licensing its data for training generative AI models, which require natural language understanding [2][4] - Reddit's content library consists of approximately 1 billion posts and 16 billion comments, with the platform generating around 1.2 million posts and 7.5 million comments daily [2][3] - Reddit has secured data licensing agreements with OpenAI and Google Gemini, each valued at about $200 million over three years [3] Revenue and Growth Projections - Martin estimates that Reddit currently earns over $100 million annually from AI licensing fees and anticipates further agreements with companies like Anthropic and Perplexity [5][6] - Projected revenue growth for Reddit includes a 64% increase in fiscal 2025 and nearly 40% in fiscal 2026, with fourth-quarter 2025 revenue expected to reach $664 million, reflecting a 55% year-over-year increase [7][10] Market Position and Advertising Strategy - Reddit's revenue remains modest compared to larger platforms like Meta's Facebook and Instagram [8] - The platform is recognized for its niche communities and high-intent audiences, making it a valuable advertising space with precise targeting and reduced competition [9] Financial Outlook - Martin has raised revenue estimates for the fourth quarter of 2025, fiscal 2026, and fiscal 2027, while adjusting daily active user growth assumptions and increasing ARPU projections [10][11] - Fiscal 2026 revenue is forecasted at $2.95 billion, with adjusted EBITDA of $1.25 billion, and fiscal 2027 revenue is expected to approach $3.8 billion [10][11]