Reddit’s revenue soared 61% to $805 million, and net income nearly tripled—looking strong on paper. But a quiet red flag emerged: U.S. daily active users dipped for the first time in five quarters, even as global users surged 18%. Since American users drive most of Reddit’s value, this slowdown threatens its growth strategy of charging more per user. Search traffic also weakened, with logged-out users rising 10% while logged-in ones barely grew 1%. It’s a small blip, but investors are watching closely—next quarter’s user numbers could make or break the narrative.
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