Reddit, Inc.

call over to Jesse Rose, Head of Investor Relations. You may begin your conference.

Hi, everyone. Welcome to Reddit's third quarter 2025 earnings call. Joining me are Steve Huffman, Reddit's co-founder and CEO, Jen Wong, Reddit COO, and Drew Valero, Reddit CFO. I'd like to remind you that our remarks today will include forward-looking statements and actual results may vary. Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to update any forward-looking statements. During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders. Our third quarter letter to shareholders and earnings press release are available on our Investor Relations website and Investor Relations subreddit. And now I'll turn the call over to Steve.

Thanks, Jesse. Hi, everyone. Thank you for joining our earnings call. Q3 was a strong quarter for Reddit, with differentiated results and solid execution across product, growth, and revenue. We ended the quarter with 116 million DAUQ and 444 million WAUQ, both growing around 20% year-over-year. We're especially encouraged by the mix of growth, with organic product-led improvements and successful marketing both playing a role. This balance is working, and we're focused on replicating it across markets. Revenue came in at $585 million, up 68% year over year, and our financial model is scaling very well. We continue to be gap profitable with a net income of $163 million and a net margin of 28%, an improvement of $133 million from last year. This quarter, we achieved a targeted adjusted EBITDA margin of 40%. which was a profitability goal we set at our IPO just last year. Today, Reddit is the number three most visited site in the US per SEMrush October 2025. That puts us in rare company. YouTube is number two and Amazon is number four and reflects how Reddit is where people start, not just where they end up. People come here to find trusted perspectives, to participate in communities that share their interests, no matter how niche or mainstream, and increasingly to engage directly with brands, institutions, and publishers. In September, we launched new Reddit Pro tools tailored for publishers. Early adopters, like the Associated Press, can now sync their feeds, automatically import articles, track how their stories are shared, and use AI-powered tools to find the right communities. Our consumer product strategy continues to focus on making Reddit easier to use and more rewarding from day one, so casual users become daily users. They're already coming to Reddit. Now it's on us to make the experience worth coming back for by being more relevant and intuitive. To that end, we're making real progress across the three main focus areas we shared last quarter, core product, search, and internationalization. Let's start with the core product. We're redesigning the Reddit experience with a more modern search forward interface and streamlining onboarding so it's easier for new users to find what they're looking for with a dynamic personalized home feed. We're also helping more people contribute to their favorite communities by using AI to interpret subreddit rules and surface post insights. On the moderation side, we're investing in tools that help mods grow and strengthen their communities. These tools are now live in over 3,000 communities which are seeing 30% more active moderators on average. Moderators aren't just enforcing rules. They're shaping culture, building communities, and helping Reddit thrive. Our job is to give them the tools to do it more efficiently. Next, search. Search is one of our biggest opportunities because Reddit conversations are uniquely authentic, contextual, and helpful. This is why we're investing in making Reddit a true search destination. In Q3, over 75 million people searched on Reddit weekly, and that number continues to rise. Reddit Answers provides users with curated, community-powered insights that are often more helpful than traditional web results. We started integrating Reddit Answers into core search, increasing its visibility across conversations, and rolling out to non-English languages. Our aim is to have a single, great search experience on Reddit. And third, internationalization. Our international growth continues to accelerate. Machine translation is available in 30 languages, and it's a major driver of top-of-funnel growth outside the US. We've built a local content framework to identify top interests in each country, which we use to guide partnerships, content, and marketing. This approach worked well in India, and now we're applying it in Australia, Brazil, Germany, and France. We're focused on finishing the year strong and putting our strategy for 2026 in motion. Looking ahead, our biggest priorities are growing app users by improving the experience and therefore retention, broadening the types of users and communities that call Reddit home, both in the US and globally, increasing top of funnel growth by diversifying the sources of traffic, including organic, paid, and publisher driven, and of course, scaling monetization and ads formats for our users and partners. Reddit is in a unique position. We're not trying to be the next anything. We're focused on being the best version of ourselves and what the internet needs most. A place where people can connect on almost any topic and find genuinely useful information. Because no matter what you're going through, someone on Reddit has already been there, done that, and shared the story. Thank you for being a part of this journey And I'll hand it over to Jen to walk through the business in more detail.