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 ...

Core Insights - Reddit is positioning 2025 as a breakthrough year, with significant growth in revenue and user engagement, achieving over 60% revenue growth for six consecutive quarters and maintaining a 90% gross margin [1][3] - The company reported Q4 advertising revenue of $690 million, a 75% year-over-year increase, and provided guidance for Q1 2026 with expected revenue between $595 million and $605 million, reflecting a 52%-54% growth [1][13] - Reddit is focusing on monetizing its Answers and Search services, which have seen substantial increases in query volume, indicating a large market opportunity [1][8] Revenue and User Engagement - Reddit's Answers queries grew from 1 million to 15 million year-over-year, while overall search queries increased from 60 million to 80 million [1][3] - The company has over 500 million monthly active users and 120 million daily active users, with plans to enhance user experience for both logged-in and non-logged-in users [1][19] - The strategy includes increasing user engagement by eliminating the distinction between logged-in and non-logged-in users, allowing both to see ads [5][6] AI and Product Development - Reddit Profound is recognized as a leading source for AI-generated answers, with healthy partnerships with Google and OpenAI evolving from transactional to collaborative [2][7] - The company is investing in machine learning to improve user experience and streamline advertising processes, particularly through the Reddit Max initiative [3][10] - AI-generated content is viewed as beneficial for communication, but Reddit emphasizes the importance of human interaction and transparency in automated content [4][7] Advertising Strategy - The company is focused on enhancing the value of each ad impression by improving click-through rates and return on ad spend (ROAS) [8][10] - Reddit is testing new advertising solutions and interactive ads, aiming to provide a full-funnel solution for marketers [10][12] - The company is also investing in video content and automation to optimize advertising performance [10][12] Market Position and Brand Engagement - Brands are increasingly recognizing the value of engaging with Reddit's unique community, leading to the establishment of dedicated Reddit teams within their social media strategies [18][19] - The company aims to dispel the misconception of being a niche platform by highlighting its extensive reach across various topics and communities [19] - There is a continuous effort to integrate community insights into the advertising management platform to enhance brand visibility and engagement [19]

Core Insights - Reddit is integrating its search function with Reddit Answers to create a unified search experience, making the search box more prominent in the app [1] - The company has over 70 million weekly active users utilizing the search function and 6 million using Reddit Answers [1] - A recent survey indicated that 80% of users believe some questions can only be answered by humans rather than AI [2] User Demand and Engagement - There is a strong demand for Reddit as a source of information, being the most cited source for AI platforms like Google Overviews and Perplexity, and second for ChatGPT [3] - The percentage of Reddit cited on Perplexity is 46.7%, indicating a strong preference for community-generated content [3] Financial Performance - In Q2 2025, Reddit reported a 78% increase in revenue year-over-year, reaching $500 million [5] - Daily active users have grown to 110 million, marking a 21% increase from the previous year [5] Industry Trends - The shift towards search is seen as a strategic move, as users often add "Reddit" to their Google searches, indicating existing demand [4][5] - The rise of alternative search experiences, such as TikTok, reflects changing user behavior in seeking specific content [5] Challenges - Reddit may face challenges with increased AI-generated spam as it enhances its search capabilities [6][7] - The platform will need to combat the influx of AI content that could undermine the quality of community-generated responses [7]