Reddit, Inc.

Good afternoon. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's Q2 2026 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 keypad. If you would like to withdraw your questions, press star one again. Thank you. I would now like to turn the call over to Jesse Rose, Head of Investor Relations. You may begin your conference.

Thanks, Julianne. Hi, everyone. Welcome to Reddit's second quarter of 2026 earnings call. Joining me are Steve Huffman, Reddit's co-founder and CEO, Jen Wong, Reddit COO, and Drew Vollero, 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 second 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 us and welcome to our earnings call. Q2 reinforced something we believe deeply. As the internet becomes more automated, the value of authentic human conversation continues to rise. We saw that reflected in both our commercial success and early progress of our product roadmap. We delivered our eighth consecutive quarter of over 60% revenue growth, hit an adjusted EBITDA margin of 43% and crossed a major milestone we've been chasing, $1 million revenue per employee. These results speak to the strength of Reddit's monetization engine and the differentiated value we provide advertisers. I heard that clearly at Cannes last month, where we met with many of our customers. Across the board, brands told me they believe in Reddit's distinct ability to connect them with highly engaged, highly intentional audiences. More than that, they are rooting for us to win. Reddit works differently from other platforms, and that's important to advertisers and people alike. As the internet becomes flooded with synthetic content, people are craving real human perspective. We are the antidote to an automated web. AI compresses the internet into summaries. Reddit delivers the opposite. Deep discussions, passionate debates, and lived experiences. People don't want a summary of Reddit. They want Reddit. As AI makes information more abundant, the challenge is no longer finding content. It's finding context, personal opinion, and firsthand accounts. Everything online feels flat, polished, generated, or sponsored, so consumers are overwhelmed and increasingly skeptical. We've never had more information, but we've never trusted it less. That's why decision-making is shifting from single authorities to groups of real people who have nothing to gain from you purchasing a product. And it's not just purchase decisions. It's health, careers, travel, everything. Our top priority remains growing our daily active user base by improving the experience for new users so they come back more frequently. Everyone belongs on Reddit because Reddit has content for everyone. We already have a massive base of weekly users, and our focus is on converting them into dailies. Our product work is improving engagement in key areas, Updated feed models are increasing contribution rates and session frequency, and we're successfully driving more web users to our app where they are far more engaged. We've made it easier to post on Reddit and to find the right community to post in. We've also broadened the product in ways that support growth and engagement. Video and comments helps expand our upper funnel, and interactive games on our developer platform drive repeat usage and daily habit. On a weekly basis, Reddit now reaches over half a billion people, including more than 130 million daily. In Q2, we improved our user mix and brought more high-quality users to Reddit across the app and site. And new app user retention, an area we've discussed frequently, was up 50% year over year on a relative basis this quarter. Now, this is coming from a small base, and we have a lot of work ahead of us, but it's an important sign that we're moving in the right direction. These product efforts, paired with consumer marketing, helped drive daily active users and offset headwinds in users coming from search. Search referrals were choppy in the quarter, and traffic was more volatile later in the quarter. But the bigger picture is unchanged. The commercial business is strong, our revenue growth is differentiated, and we have much to be encouraged by on the product side. While our visibility and referral traffic remains low, we're not building for drive-by traffic. We're building a daily destination. Our product work is what will get us to our goal of 1 billion daily users globally and 100 million in the US. That work takes time to gain traction, but is what will deepen engagement, strengthen our monetization flywheel, and drive more durable growth. The internet is divided between machines and humans. There is room for both, but we know who we're building for. People will always want to hear from other people. Real opinions, expertise, stories, and communities where they can ask, learn, argue, and belong. Reddit has continued to grow through every major change on the Internet because the underlying need has not changed. Human connection is existential, and Reddit is the most human place on the Internet. That's why I'm so confident in where we're going. Thank you, as always, for being along the ride with us. Now I'll hand it over to Jen.