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As search traffic dries up, Reddit announces it’s shifting to a logged-in experience
Overview
On its third-quarter earnings call, Reddit said it will shift toward a primarily logged-in experience as search referrals weaken amid AI-powered search. The change aims to limit scraping, support data-licensing deals, and lift ad value while U.S. daily users fall. Tests start outside the U.S. in the fourth quarter, with no worldwide timeline yet.
Key facts
- U.S. daily actives fell from 53.2 million in Q2 to 50.7 million in Q3.
- Advertising revenue grew 54% to $847 million; nonadvertising revenue grew 35% to $48 million.
- Fourth-quarter tests start in select non-U.S. markets, with no worldwide rollout timeline.
Key figures
- 130.3 million — Global Q3 daily active users, flat versus prior quarter
- 50.7 million — U.S. Q3 daily active users, down 2% year over year
- $895 million — Third-quarter revenue, up 53% from a year earlier
- $283 million — Third-quarter net income, up 74% year over year
- $13.82 — U.S. revenue per daily active user, up 53% yearly
- more than 1 million — Average weekly October drop in search traffic referrals
Context
Logged-in users give richer signals for ads, and rebuilt incognito mode will keep anonymous browsing.
What remains uncertain
Reddit warned of a possible low-double-digit percentage DAU decline next quarter if search weakness continues; the 10% to 12% range was illustrative.
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