Reddit, Inc. Goldman Sachs Communacopia + Technology Conference 2026

Eric, my pleasure. Thanks for having us.

Since going public, it's been a nice run. We have been profitable on a GAAP basis for a while now. We've had 60% revenue growth eight quarters in a row, and 90% gross margins. We were added to the S&P 500 a couple of weeks ago in a surprise adding, so that was just a nice little bonus. I think the success we've seen as a business is something we're very proud of. And I think we're on a great trajectory, and we're very excited looking forward.

People crave human connection more than anything. We see at Reddit that the formula for us is pretty simple. When we make the product better, we grow, and we grow in our most valuable cohort of users, which is users who are interacting with the communities on Reddit directly. We see every day a few hundred thousand unattributed new app downloads. This means not referred from Google, not paid. People who are curious about Reddit, downloading the app and trying it every day. The most important thing we can do is help those users be successful, help them experience the magic of Reddit. This is not easy, because at the surface level, Reddit might look like social media, but the actual content and experiences are wildly different.

Making that connection and helping those users be successful, and experiencing Reddit the way we intend it to, that's the name of the game. The work that I'm most excited about, I think, is our feeds work. In the feed, the feed both is an opportunity to educate the user of what Reddit is, show off what Reddit is there, help them or what is there for them on Reddit, help them discover new communities on Reddit. In this era with AI and LLMs, we can have an opportunity to do a much better job at this, because we can organize the subreddits better, know what's there better, make that connection more effectively. I think there's a lot we're excited there. The TAM of Reddit is every internet user. Every person on the planet has communities, has hobbies, has interests, have things they're going through.

Reddit can be as big as anybody, and it's in those first moments when you open the app for the first time that I think we have the most opportunity to make that connection. In the last quarter, we improved retention of new users by 50%. That number historically has been difficult for us to move, and now we're chipping away at it. That's something we're very proud of. This is driven by ML in the home feed, this is driven by performance, this is driven by converting web users to app users. We're starting to see some momentum there that we're very excited about.

Yes. There is actually two cohorts of users where this work helps a lot. It is the new user, which is we have been talking about. Okay, you are a new user, what is Reddit? What are the magical experiences? I will give you an example. One of our fastest-growing communities this year, actually the fastest-growing community this year on Reddit is called Girl Dinner Diaries. A post on Girl Dinner Diaries is a picture of food, like microwaved food, and then a long story about their bad boyfriend. It went from zero to 6 million readers this year, and it really exploded this summer. If you see it in the feed, it looks like a picture of chicken nuggets. But if you read any of those posts, it is a story that is literally never been told before.

There are many of these every day, and there are thousands of comments on every one of these posts from this community. It is not just women. I know about it because I am reading it too.

Oh, yeah. The opportunity in the feed is to create more of these magical moments for our users because this content doesn't exist anywhere else online, and it's really interesting.

The same is true, the other cohort of users that really matter is the core users.

Yeah. Helping them get to what they're looking for on Reddit.