Reddit reported 66.6% revenue growth over the four quarters to June 2026, but guidance for 47% to 49% growth in Q3 points to a cooler near-term pace. Beyond advertising, AI data licensing is a second growth engine, with about US$35 million in one recent quarter against roughly US$500 million in total sales. The key risk is that Google AI direct answers could reduce traffic to Reddit and dilute its monetization. The article argues the slowdown may look more like a reset in expectations than a break in the thesis, provided user engagement and data licensing deals hold up. The narrative projects US$6.0 billion in revenue and US$2.1 billion in earnings by 2029.
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