RDDT$91.73▼ 29.2%Sales up 53%. Reddit says users could fall a low double-digit percentage if search slides
Reddit's third-quarter results, filed Oct. 29, show 2% fewer daily users in the US than a year earlier, each bringing in $13.82, up from $9.04. Reddit says changes at search engines hurt its user growth.
KeyVex News··6 min readFact-checked against 5 public recordsKeyVex News··6 min readFact-checked against 5 public recordsRDDT$91.73▼ 29.2%Close, Oct. 30. Prices from Tiingo.The short versionTap to readTap to close
- An ad-supported site can grow two ways: more visitors, or more from each one. In the US, where it earns about 80% of its revenue, Reddit had 2% fewer daily visitors than a year earlier.
- It earned more from each: $13.82 per US daily user in the quarter, against $9.04 a year earlier. Across its business, higher ad prices did most of the work, Reddit said.
- Reddit says search traffic fell by more than 1 million referrals a week on average in October. If that continues, it says, its daily users could fall by a low double-digit percentage this quarter.
- Its chief executive says logged-in and app users, most of its engagement, grew from the second quarter. This quarter Reddit begins fully testing a logged-in-only site in some markets outside the US.
- Requiring log-ins "creates another barrier to engagement, particularly for casual users," an analyst told Reuters. Next: Reddit's fourth-quarter results will report its users for the quarter.
The quarter: Reddit said after the market closed on Oct. 29 that its third-quarter revenue rose 53%, to $895 million, and its net income rose 74%, to $283 million.8-KEDGAR The next day its stock fell 29.2% to $91.73, its biggest one-day fall since it went public in March 2024.Prices
The audience: In the US, where Reddit earns about 80% of its revenue, it averaged 50.7 million daily active uniques: its count of people who visit the site or open an app in a day, averaged over the quarter.8-K That was 2% fewer than a year earlier and 5% fewer than the quarter before.10-Q It is the only drop from a year earlier in the eight quarters the 10-Q charts.10-Q
Why it matters: An advertising business sells its audience. In the country that pays most of Reddit's bills, that audience got smaller in the third quarter. Reddit's quarterly report says marketing and product gains were offset by changes at search engines, leaving global users flat from the second quarter.10-Q Its chief executive warns they could fall by a low double-digit percentage this quarter if October's search decline continues.8-K
Reddit's stock since July 2025Daily close, July 1, 2025 to Oct. 30, 2026 ▼ 39.7%Show chartHide chart
- 1Sept. 18, 2025 Record close. $270.71, the highest close in KeyVex's Reddit prices since the March 2024 IPO.
- 2July 31, 2026 Day after second-quarter results. Closes down 21.0% at $140.67, then its biggest one-day fall since the IPO.
- 3Oct. 29, 2026 Third-quarter results, after the close. Closes at $129.60. Reddit filed its results at 4:08 p.m.
- 4Oct. 30, 2026 First trading day after the results. Closes down 29.2% at $91.73, its biggest one-day fall since the IPO.
View the data (337 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-30 | $91.73 | −29.2% |
| 2026-10-29 | $129.60 | −3.8% |
| 2026-10-28 | $134.70 | −1.3% |
| 2026-10-27 | $136.46 | −1.4% |
| 2026-10-26 | $138.45 | −4.0% |
| 2026-10-23 | $144.25 | −4.0% |
| 2026-10-22 | $150.26 | −2.0% |
| 2026-10-21 | $153.28 | −1.5% |
| 2026-10-20 | $155.65 | +0.3% |
| 2026-10-19 | $155.14 | −0.6% |
| 2026-10-16 | $156.14 | −2.0% |
| 2026-10-15 | $159.36 | +7.2% |
| 2026-10-14 | $148.60 | −4.3% |
| 2026-10-13 | $155.29 | −2.9% |
| 2026-10-12 | $159.93 | 0.0% |
| 2026-10-09 | $159.91 | +2.2% |
| 2026-10-08 | $156.47 | +2.5% |
| 2026-10-07 | $152.71 | +2.5% |
| 2026-10-06 | $148.95 | −1.0% |
| 2026-10-05 | $150.42 | +1.7% |
| 2026-10-02 | $147.86 | −1.1% |
| 2026-10-01 | $149.53 | +5.0% |
| 2026-09-30 | $142.44 | −2.0% |
| 2026-09-29 | $145.36 | +1.6% |
| 2026-09-28 | $143.08 | −4.5% |
| 2026-09-25 | $149.84 | −1.9% |
| 2026-09-24 | $152.72 | +0.5% |
| 2026-09-23 | $151.98 | −2.4% |
| 2026-09-22 | $155.67 | −1.9% |
| 2026-09-21 | $158.73 | +5.2% |
| 2026-09-18 | $150.85 | −1.3% |
| 2026-09-17 | $152.83 | −3.0% |
| 2026-09-16 | $157.60 | −1.3% |
| 2026-09-15 | $159.63 | −1.7% |
| 2026-09-14 | $162.38 | +2.9% |
| 2026-09-11 | $157.77 | +1.6% |
| 2026-09-10 | $155.34 | +6.1% |
| 2026-09-09 | $146.44 | −2.0% |
| 2026-09-08 | $149.38 | −3.3% |
| 2026-09-04 | $154.46 | −1.0% |
| 2026-09-03 | $155.99 | −1.3% |
| 2026-09-02 | $158.10 | +9.3% |
| 2026-09-01 | $144.64 | −2.1% |
| 2026-08-31 | $147.81 | −3.4% |
| 2026-08-28 | $153.00 | −0.6% |
| 2026-08-27 | $153.95 | −0.9% |
| 2026-08-26 | $155.36 | −4.4% |
| 2026-08-25 | $162.45 | +6.4% |
| 2026-08-24 | $152.70 | −0.4% |
| 2026-08-21 | $153.29 | +2.0% |
| 2026-08-20 | $150.31 | −0.9% |
| 2026-08-19 | $151.71 | −4.1% |
| 2026-08-18 | $158.25 | −3.8% |
| 2026-08-17 | $164.50 | −7.6% |
| 2026-08-14 | $178.09 | +12.6% |
| 2026-08-13 | $158.12 | +3.0% |
| 2026-08-12 | $153.45 | −1.8% |
| 2026-08-11 | $156.19 | −1.6% |
| 2026-08-10 | $158.72 | −1.8% |
| 2026-08-07 | $161.70 | +7.2% |
| 2026-08-06 | $150.87 | −2.8% |
| 2026-08-05 | $155.26 | −2.9% |
| 2026-08-04 | $159.97 | +3.4% |
| 2026-08-03 | $154.71 | +10.0% |
| 2026-07-31 | $140.67 | −21.0% |
| 2026-07-30 | $178.04 | 0.0% |
| 2026-07-29 | $177.99 | −0.3% |
| 2026-07-28 | $178.44 | −0.4% |
| 2026-07-27 | $179.23 | +6.2% |
| 2026-07-24 | $168.73 | 0.0% |
| 2026-07-23 | $168.78 | −0.9% |
| 2026-07-22 | $170.38 | −8.3% |
| 2026-07-21 | $185.84 | +2.3% |
| 2026-07-20 | $181.64 | +0.3% |
| 2026-07-17 | $181.18 | −2.2% |
| 2026-07-16 | $185.26 | −6.4% |
| 2026-07-15 | $198.03 | −2.6% |
| 2026-07-14 | $203.27 | +1.2% |
| 2026-07-13 | $200.93 | +2.9% |
| 2026-07-10 | $195.34 | −2.5% |
| 2026-07-09 | $200.31 | +2.6% |
| 2026-07-08 | $195.31 | −2.1% |
| 2026-07-07 | $199.44 | −0.7% |
| 2026-07-06 | $200.86 | +3.2% |
| 2026-07-02 | $194.67 | −1.6% |
| 2026-07-01 | $197.76 | +13.9% |
| 2026-06-30 | $173.58 | −0.5% |
| 2026-06-29 | $174.39 | +4.5% |
| 2026-06-26 | $166.94 | +5.6% |
| 2026-06-25 | $158.02 | −1.7% |
| 2026-06-24 | $160.72 | −3.0% |
| 2026-06-23 | $165.63 | −2.8% |
| 2026-06-22 | $170.44 | −2.6% |
| 2026-06-18 | $174.96 | +5.4% |
| 2026-06-17 | $165.95 | −5.4% |
| 2026-06-16 | $175.39 | −3.6% |
| 2026-06-15 | $181.88 | +12.2% |
| 2026-06-12 | $162.10 | −6.4% |
| 2026-06-11 | $173.26 | +0.6% |
| 2026-06-10 | $172.21 | −3.3% |
| 2026-06-09 | $178.11 | +4.1% |
| 2026-06-08 | $171.13 | −1.3% |
| 2026-06-05 | $173.45 | −5.7% |
| 2026-06-04 | $183.91 | +8.5% |
| 2026-06-03 | $169.49 | +0.2% |
| 2026-06-02 | $169.13 | −4.9% |
| 2026-06-01 | $177.85 | +1.1% |
| 2026-05-29 | $176.00 | +5.0% |
| 2026-05-28 | $167.69 | +8.8% |
| 2026-05-27 | $154.19 | +6.6% |
| 2026-05-26 | $144.64 | +2.1% |
| 2026-05-22 | $141.67 | −5.6% |
| 2026-05-21 | $150.04 | +2.3% |
| 2026-05-20 | $146.72 | −5.3% |
| 2026-05-19 | $154.88 | −2.7% |
| 2026-05-18 | $159.11 | +0.6% |
| 2026-05-15 | $158.17 | +1.2% |
| 2026-05-14 | $156.31 | +1.4% |
| 2026-05-13 | $154.12 | +1.2% |
| 2026-05-12 | $152.35 | −4.5% |
| 2026-05-11 | $159.51 | +2.4% |
| 2026-05-08 | $155.80 | −5.0% |
| 2026-05-07 | $163.95 | −1.6% |
| 2026-05-06 | $166.56 | −3.0% |
| 2026-05-05 | $171.63 | +1.5% |
| 2026-05-04 | $169.07 | +1.6% |
| 2026-05-01 | $166.48 | +13.1% |
| 2026-04-30 | $147.23 | −0.4% |
| 2026-04-29 | $147.75 | −0.1% |
| 2026-04-28 | $147.93 | −7.7% |
| 2026-04-27 | $160.21 | +3.4% |
| 2026-04-24 | $154.89 | +1.3% |
| 2026-04-23 | $152.96 | −6.9% |
| 2026-04-22 | $164.31 | +4.8% |
| 2026-04-21 | $156.82 | −5.7% |
| 2026-04-20 | $166.28 | +1.5% |
| 2026-04-17 | $163.80 | +0.8% |
| 2026-04-16 | $162.45 | +2.5% |
| 2026-04-15 | $158.48 | +2.5% |
| 2026-04-14 | $154.54 | +3.5% |
| 2026-04-13 | $149.35 | +6.9% |
| 2026-04-10 | $139.73 | +1.0% |
| 2026-04-09 | $138.38 | −4.6% |
| 2026-04-08 | $145.00 | +2.7% |
| 2026-04-07 | $141.14 | +2.0% |
| 2026-04-06 | $138.34 | +1.7% |
| 2026-04-02 | $136.00 | −0.1% |
| 2026-04-01 | $136.18 | +1.1% |
| 2026-03-31 | $134.65 | +8.5% |
| 2026-03-30 | $124.13 | +1.9% |
| 2026-03-27 | $121.84 | −4.3% |
| 2026-03-26 | $127.26 | −8.9% |
| 2026-03-25 | $139.63 | +2.6% |
| 2026-03-24 | $136.12 | −3.4% |
| 2026-03-23 | $140.96 | +0.8% |
| 2026-03-20 | $139.85 | +1.3% |
| 2026-03-19 | $138.12 | −3.3% |
| 2026-03-18 | $142.79 | −1.1% |
| 2026-03-17 | $144.33 | +3.1% |
| 2026-03-16 | $140.00 | +5.8% |
| 2026-03-13 | $132.36 | +0.1% |
| 2026-03-12 | $132.25 | −3.6% |
| 2026-03-11 | $137.12 | +2.2% |
| 2026-03-10 | $134.13 | −3.4% |
| 2026-03-09 | $138.86 | −0.4% |
| 2026-03-06 | $139.39 | −3.4% |
| 2026-03-05 | $144.34 | −2.0% |
| 2026-03-04 | $147.29 | +1.1% |
| 2026-03-03 | $145.69 | −1.0% |
| 2026-03-02 | $147.11 | +0.9% |
| 2026-02-27 | $145.81 | −3.6% |
| 2026-02-26 | $151.25 | +1.1% |
| 2026-02-25 | $149.67 | +5.3% |
| 2026-02-24 | $142.08 | −0.3% |
| 2026-02-23 | $142.46 | −5.1% |
| 2026-02-20 | $150.17 | +2.8% |
| 2026-02-19 | $146.13 | −0.9% |
| 2026-02-18 | $147.46 | +5.9% |
| 2026-02-17 | $139.23 | −0.3% |
| 2026-02-13 | $139.65 | +6.5% |
| 2026-02-12 | $131.07 | −5.9% |
| 2026-02-11 | $139.29 | −7.1% |
| 2026-02-10 | $149.98 | +5.8% |
| 2026-02-09 | $141.74 | +1.4% |
| 2026-02-06 | $139.83 | −7.4% |
| 2026-02-05 | $151.05 | −1.1% |
| 2026-02-04 | $152.69 | −7.7% |
| 2026-02-03 | $165.41 | −6.6% |
| 2026-02-02 | $177.15 | −1.7% |
| 2026-01-30 | $180.27 | −5.1% |
| 2026-01-29 | $190.05 | −1.6% |
| 2026-01-28 | $193.14 | −1.6% |
| 2026-01-27 | $196.30 | −8.1% |
| 2026-01-26 | $213.63 | −2.4% |
| 2026-01-23 | $218.88 | +2.0% |
| 2026-01-22 | $214.54 | +2.1% |
| 2026-01-21 | $210.13 | −6.8% |
| 2026-01-20 | $225.36 | −2.4% |
| 2026-01-16 | $231.01 | +1.0% |
| 2026-01-15 | $228.75 | −9.4% |
| 2026-01-14 | $252.38 | −2.5% |
| 2026-01-13 | $258.93 | +6.1% |
| 2026-01-12 | $244.02 | −0.2% |
| 2026-01-09 | $244.56 | −3.7% |
| 2026-01-08 | $253.95 | −0.6% |
| 2026-01-07 | $255.50 | +0.7% |
| 2026-01-06 | $253.81 | +4.0% |
| 2026-01-05 | $244.05 | +0.9% |
| 2026-01-02 | $241.89 | +5.2% |
| 2025-12-31 | $229.87 | −1.5% |
| 2025-12-30 | $233.36 | −0.5% |
| 2025-12-29 | $234.65 | +3.9% |
| 2025-12-26 | $225.77 | 0.0% |
| 2025-12-24 | $225.85 | 0.0% |
| 2025-12-23 | $225.82 | −3.1% |
| 2025-12-22 | $233.15 | 0.0% |
| 2025-12-19 | $233.19 | +0.8% |
| 2025-12-18 | $231.34 | +1.8% |
| 2025-12-17 | $227.34 | +1.5% |
| 2025-12-16 | $224.00 | +2.5% |
| 2025-12-15 | $218.50 | −2.8% |
| 2025-12-12 | $224.78 | −3.8% |
| 2025-12-11 | $233.54 | −1.9% |
| 2025-12-10 | $238.11 | +0.8% |
| 2025-12-09 | $236.11 | −0.4% |
| 2025-12-08 | $236.95 | +1.2% |
| 2025-12-05 | $234.11 | +5.1% |
| 2025-12-04 | $222.75 | +0.9% |
| 2025-12-03 | $220.84 | −0.9% |
| 2025-12-02 | $222.76 | −0.3% |
| 2025-12-01 | $223.40 | +3.2% |
| 2025-11-28 | $216.47 | +4.3% |
| 2025-11-26 | $207.56 | −5.0% |
| 2025-11-25 | $218.48 | +12.0% |
| 2025-11-24 | $195.00 | +6.3% |
| 2025-11-21 | $183.48 | +0.9% |
| 2025-11-20 | $181.88 | −3.1% |
| 2025-11-19 | $187.78 | +1.1% |
| 2025-11-18 | $185.69 | −1.0% |
| 2025-11-17 | $187.55 | −3.0% |
| 2025-11-14 | $193.31 | +2.1% |
| 2025-11-13 | $189.42 | −6.6% |
| 2025-11-12 | $202.82 | −2.6% |
| 2025-11-11 | $208.21 | +2.0% |
| 2025-11-10 | $204.19 | +4.9% |
| 2025-11-07 | $194.58 | +6.0% |
| 2025-11-06 | $183.64 | −6.4% |
| 2025-11-05 | $196.27 | +4.5% |
| 2025-11-04 | $187.77 | −8.4% |
| 2025-11-03 | $204.98 | −1.9% |
| 2025-10-31 | $208.95 | +7.5% |
| 2025-10-30 | $194.42 | −7.8% |
| 2025-10-29 | $210.77 | −1.0% |
| 2025-10-28 | $212.97 | −2.9% |
| 2025-10-27 | $219.24 | +2.4% |
| 2025-10-24 | $214.20 | +6.7% |
| 2025-10-23 | $200.82 | +1.9% |
| 2025-10-22 | $197.05 | −4.2% |
| 2025-10-21 | $205.71 | +1.6% |
| 2025-10-20 | $202.48 | +3.9% |
| 2025-10-17 | $194.95 | −2.0% |
| 2025-10-16 | $198.97 | −0.9% |
| 2025-10-15 | $200.76 | +2.2% |
| 2025-10-14 | $196.35 | −3.6% |
| 2025-10-13 | $203.68 | +2.6% |
| 2025-10-10 | $198.55 | −6.2% |
| 2025-10-09 | $211.70 | +4.7% |
| 2025-10-08 | $202.29 | −1.8% |
| 2025-10-07 | $205.92 | +1.1% |
| 2025-10-06 | $203.63 | −1.7% |
| 2025-10-03 | $207.20 | +3.1% |
| 2025-10-02 | $200.92 | −0.8% |
| 2025-10-01 | $202.60 | −11.9% |
| 2025-09-30 | $229.99 | −5.0% |
| 2025-09-29 | $241.98 | +0.8% |
| 2025-09-26 | $240.11 | +3.2% |
| 2025-09-25 | $232.75 | −1.2% |
| 2025-09-24 | $235.69 | −0.7% |
| 2025-09-23 | $237.45 | −7.8% |
| 2025-09-22 | $257.56 | −2.6% |
| 2025-09-19 | $264.48 | −2.3% |
| 2025-09-18 | $270.71 | +1.6% |
| 2025-09-17 | $266.47 | −0.1% |
| 2025-09-16 | $266.66 | +1.1% |
| 2025-09-15 | $263.64 | +3.7% |
| 2025-09-12 | $254.29 | −2.4% |
| 2025-09-11 | $260.54 | +0.6% |
| 2025-09-10 | $259.03 | +7.8% |
| 2025-09-09 | $240.20 | +4.4% |
| 2025-09-08 | $229.98 | −4.2% |
| 2025-09-05 | $240.00 | +3.4% |
| 2025-09-04 | $232.11 | +4.0% |
| 2025-09-03 | $223.14 | +1.4% |
| 2025-09-02 | $220.06 | −2.2% |
| 2025-08-29 | $225.08 | −0.2% |
| 2025-08-28 | $225.54 | +6.8% |
| 2025-08-27 | $211.10 | −3.8% |
| 2025-08-26 | $219.43 | −0.1% |
| 2025-08-25 | $219.73 | +1.1% |
| 2025-08-22 | $217.31 | −0.6% |
| 2025-08-21 | $218.65 | +0.1% |
| 2025-08-20 | $218.37 | −4.3% |
| 2025-08-19 | $228.18 | −5.6% |
| 2025-08-18 | $241.76 | −1.9% |
| 2025-08-15 | $246.50 | +1.2% |
| 2025-08-14 | $243.47 | +3.7% |
| 2025-08-13 | $234.77 | +4.8% |
| 2025-08-12 | $224.02 | +1.5% |
| 2025-08-11 | $220.75 | +2.5% |
| 2025-08-08 | $215.44 | +1.7% |
| 2025-08-07 | $211.82 | −0.5% |
| 2025-08-06 | $212.81 | +6.9% |
| 2025-08-05 | $199.09 | −1.3% |
| 2025-08-04 | $201.76 | +7.0% |
| 2025-08-01 | $188.64 | +17.5% |
| 2025-07-31 | $160.59 | +7.5% |
| 2025-07-30 | $149.33 | +3.1% |
| 2025-07-29 | $144.85 | −4.5% |
| 2025-07-28 | $151.60 | +1.3% |
| 2025-07-25 | $149.66 | +1.0% |
| 2025-07-24 | $148.13 | +1.4% |
| 2025-07-23 | $146.10 | +0.2% |
| 2025-07-22 | $145.80 | −0.3% |
| 2025-07-21 | $146.29 | −1.3% |
| 2025-07-18 | $148.24 | +4.0% |
| 2025-07-17 | $142.52 | −1.2% |
| 2025-07-16 | $144.31 | −0.3% |
| 2025-07-15 | $144.80 | −1.1% |
| 2025-07-14 | $146.38 | +0.5% |
| 2025-07-11 | $145.59 | +1.8% |
| 2025-07-10 | $143.00 | −1.8% |
| 2025-07-09 | $145.65 | −0.2% |
| 2025-07-08 | $145.96 | −4.8% |
| 2025-07-07 | $153.37 | −2.3% |
| 2025-07-03 | $157.03 | −1.4% |
| 2025-07-02 | $159.34 | +4.7% |
| 2025-07-01 | $152.23 |
The chart ends at the Oct. 30 close. Source: Tiingo end-of-day closes, as traded, via KeyVex.
Where Reddit's visitors went
Reddit relies in part on search engines such as Google for visitors. Those visitors are generally not logged in, and they arrive on the website rather than the app, Reddit's 10-Q says.10-Q Search referrals were "down meaningfully" in the third quarter and fell faster late in the quarter, chief executive Steve Huffman wrote to shareholders.8-K
In the US, the drop was among logged-out users. They fell 4% from a year earlier, to 27.3 million, while logged-in US users rose 1%, to 23.4 million.8-K Outside the US, where each user brought in $2.43 in the quarter, daily users grew 24%, to 79.6 million.8-K
View the data
| Quarter | US daily active uniques, quarterly average (millions) | Note |
|---|---|---|
| Q3 2025 | 51.6M | |
| Q4 2025 | 52.5M | |
| Q1 2026 | 53.5M | |
| Q2 2026 | 53.2M | |
| Q3 2026 | 50.7M | Down 2% from a year earlier, 5% from the quarter before |
As Reddit reported each quarter in the chart of its third-quarter 2026 letter to shareholders. Source: Reddit, Form 8-K Exhibit 99.2, Oct. 29, 2026.
Reddit's risk factors name the cause it sees. Search engines change how they rank and show results, and Reddit's content "is increasingly summarized in AI-generated summaries and answers," the 10-Q says.10-Q Those changes "have adversely affected our DAUq growth in the current quarter," it says, and the declines "may continue and worsen."10-Q
Speaking of Google's AI search on the Oct. 29 call, Huffman said "the AI mode does not drive traffic, not for us and not to anybody," Reuters reported.Reuters
How revenue kept growing
Reddit earned more from each visitor. US revenue per daily user was $13.82 in the quarter, up 53% from $9.04 a year earlier.8-K Across Reddit, ad prices rose about 34% from a year earlier and ad impressions about 15%, the 10-Q says.10-Q
It also spent more to bring people in. Sales and marketing expenses rose 63%, to $209 million from $129 million a year earlier, mostly from user and brand marketing, the 10-Q says.8-K10-Q Global daily users grew 12% from a year earlier, "driven by our marketing investments," the 10-Q says.10-Q
Jefferies analyst John Colantuoni said the results were "overshadowed by worsening U.S. DAU declines," Investing.com reported. He said he still liked the long-term story, citing "monetization upside," according to Investing.com. KeyBanc Capital Markets downgraded the stock, according to Investing.com.Investing.com
What Reddit says comes next
The declines have continued into the fourth quarter, Huffman wrote. The letter sets out the condition.8-K
During October, we have seen that search traffic has dropped by more than 1 million referrals on average per week. If this rate of decline continues, current trends would suggest that total DAUqs could fall in Q4, by a low-double-digit percentage from our current base of 130 million DAUqs.
Logged-in and app DAUq are our most valuable users, and they are our primary focus. We grew app and logged-in DAUq sequentially. Together, these make up the vast majority of engagement, and over 80% of the monetization on Reddit.
Reddit also plans to move to a mostly logged-in site. In the fourth quarter, Huffman wrote, Reddit will begin fully testing a logged-in-only site in select markets outside the US, and the results will inform a global version.8-K Logged-in users give it more signals for targeting ads, and the change protects access to its data, he wrote.8-K
"Requiring users to log in creates another barrier to engagement, particularly for casual users," Luke Stillman, a managing director at the research firm Madison and Wall, told Reuters.Reuters
In its last annual report, Reddit had said it would stop reporting the split that shows where the drop came from: logged-in and logged-out users, from the third quarter on. It reported them anyway, saying AI search has made referral traffic more volatile and the split remains useful.10-Q
What to watch
Reddit begins fully testing a logged-in-only experience in select markets outside the US, its letter says.
Reddit forecasts revenue of $1.0 billion to $1.03 billion and adjusted EBITDA of $480 million to $510 million.
Fourth-quarter results, with the US daily user count; no date in its filings yet. Reddit reported its 2025 fourth quarter on Feb. 5, 2026.
The paper trail
Reddit's SEC filings cited in this story, both accepted Oct. 29, 2026, with the time EDGAR accepted each one. EDGAR dates the 10-Q Oct. 30, since it came in after 5:30 p.m.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Oct. 29, 4:08 p.m. | 8-K | Third-quarter results (Exhibit 99.1) and letter to shareholders (Exhibit 99.2): US daily users 50.7 million; the fourth-quarter warning; the logged-in-only test. | |
| Oct. 29, 5:40 p.m. | 10-Q | Quarterly report: users held flat as marketing offset search-engine changes; search-traffic risk factor; logged-in reporting kept. |
Sources
9 sources, 5 of them public records
Public records
- Reddit, Inc., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 29, 2026
- Reddit, Inc., Form 8-K, Exhibit 99.2: letter to shareholders, third quarter 2026SEC EDGAR · Oct. 29, 2026
- Reddit Form 8-K filing index (acceptance time)SEC EDGAR · Oct. 29, 2026
- Reddit, Inc., Form 10-Q for the quarter ended Sept. 30, 2026 (accepted Oct. 29, 5:40 p.m.)SEC EDGAR · Oct. 30, 2026
- Reddit Form 10-Q filing index (acceptance time)SEC EDGAR · Oct. 30, 2026
Reporting
- "Reddit puts logged in experience first as Google AI hits traffic"Reuters, via Yahoo Finance · Oct. 29, 2026
- "Reddit shares plunge 23% on DAUs deceleration, weak guidance"Investing.com · Oct. 29, 2026, updated Oct. 30
Data
- End-of-day prices for RDDT, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 30, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for RDDTKeyVex · through Oct. 30, 2026
How we got these numbers
- Prices are end-of-day closes as traded. Daily moves are close to close. "Biggest one-day fall since the IPO" compares every daily close in KeyVex's Reddit prices from the first close, March 21, 2024, to Oct. 30, 2026: the next-biggest fall was 21.0% on July 31, 2026. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Reddit's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Reddit stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Daily active uniques (DAUq) are Reddit's measure: a user it can identify who visited the website or opened an app at least once in a 24-hour period, averaged over the quarter. The US figures by quarter are as printed in the chart of Reddit's third-quarter 2026 letter to shareholders; the year-earlier comparisons and the logged-in and logged-out split are from the letter's table of operating metrics by geography. The 10-Q's chart shows US year-over-year growth for eight quarters; the third quarter of 2026, at minus 2%, is the only negative one.
- Revenue per user is Reddit's ARPU: quarterly revenue in a geography divided by its average daily users there, with ad revenue counted where the ads are shown rather than by the customer's billing address, so it cannot be recomputed from the US revenue figure, which is by billing address. Sales and marketing expenses ($209 million and $129 million) are from the statements of operations: $209,391,000 and $128,707,000. "About 80% of its revenue" is KeyVex's math: US revenue of $718.9 million of $895.0 million (80.3%); US revenue rose 50% from $479.6 million a year earlier.
- Quotes from the Oct. 29 call are as Reuters reported them. Analyst views are as Investing.com reported them.