《摩根大通：Reddit（RDDT.US）-美股公司研究：三季度营收与利润超预期；产品与营销驱动用户增长；维持中性评级-251031（英文版）（18页）.pdf》由会员分享，可在线阅读，更多相关《摩根大通：Reddit（RDDT.US）-美股公司研究：三季度营收与利润超预期；产品与营销驱动用户增长；维持中性评级-251031（英文版）（18页）.pdf（18页珍藏版）》请在三个皮匠报告上搜索。

1、North America Equity Research31 October 2025J P M O R G A NRedditStrong 3Q Revenue&Profit Upside,While Product&Marketing Initiatives Drive Top-of-Funnel;Remain Neutral&$227 PT NeutralRDDT,RDDT USPrice(30 Oct 25):$194.42Price Target(Dec-26):$227.00Prior(Dec-26):$190.00Internet-Large Cap/Mid&Small Cap

2、Doug Anmuth AC(1-212)622-Bryan M.Smilek(1-212)622-Margaret Hoffman(1-212)622-Neeraj S Kookada,CFA(1-212)622-J.P.Morgan Securities LLCKey Changes(FYE Dec)PrevCurAdj.EBITDA-25E($mn)756813Adj.EBITDA-26E($mn)9831,345Quarterly Forecasts(FYE Dec)Adj.EBITDA ($mn)2024A2025E2026EQ110115A221Q240167A300Q394236

3、A375Q4154295448FY2988131,345Style ExposureRDDT shares traded up+10%post-close driven by strong 3Q results across users,revenue,&profitability.While Google search traffic(40-50%of total traffic)was flat Y/Y,continued execution across product improvements&early marketing initiatives drove 3Q DAUq of 1

4、16M(+19%Y/Y)&RDDT exited the quarter with DAUq above 116M.RDDTs 3Q marketing efforts represented a L-MSD%of revenue&were effective in driving top-of-funnel traffic,though we believe there is meaningful opportunity to improve ad efficiency&drive higher user retention w/greater personalization&easier

5、onboarding.Beyond users,3Q ad revenue grew+74%Y/Y driven by broad based strength across objectives,verticals,geos,&channels,&we believe the 4Q revenue guide of$655M-$665M could prove conservative.RDDT continues to capture share of advertiser budgets&active advertiser count grew 75%+Y/Y,though we bel

6、ieve RDDTs advertiser count remains relatively low,likely in the tens of thousands range.RDDT delivered strong profitability gains in 3Q,achieving its previous 40%Adj.EBITDA margin target,&believes it can achieve 50%Adj.EBITDA margins over time,while prioritizing investments across S&M,core product