Reddit released its third quarterly performance report as a public company. It has seen steady gains both in usage and revenue over Q3.

First of all, usage. "Daily Active Uniques," or DAUq for short, came in at 97.2 million for the period, representing a 6 million bump from Q2.
Reddit is also gaining new users in the US as well as in other markets; however, it has attributed its success to the translation tool efforts in helping it expand into other geographies.

As per Reddit:

"More than half of the user growth from Q2 was driven by international traffic, as we are seeing early momentum with our machine translation strategy across geographies.".

Throughout the year, Reddit has been expanding its post translation options to more languages. This now allows more users, in more regions, to use the app.
Reddit still relies heavily on its U.S. user base for revenue, but this means it has vast opportunities to generate more money from other markets if it can get more traction and presence.

Reddit also reports that it has peaked at over 100 million DAUq more than once during the quarter and that it has actually marked a record for its application. I again do think that Reddit saw such use in 2019, when it topped at 430 million actives. It has indeed lessened since then as the application seeks to clean its darker contents. But since then, and since Reddit has been tracking daily active usage, it's a new record, and a new benchmark for the next era of the business.

Interestingly, Reddit also mentions that its Weekly Active Unique user count (WAUq) averaged 365.4 million in the third quarter, an increase of 53% year-over-year. The amount of daily to weekly usage here is unusual for social apps, which usually see about 2.3x usage between daily and monthly actives. Reddit seems to see a lot more than this, which may point to the less consistent way in which visitors use the app.

In terms of revenue, Reddit raked in $348.4 million for the quarter, up 68% year-over-year.
That is a big jump, which highlights the efforts that Reddit has gone to in building its business. Having long been regarded as the wild west of the web, where anything goes and even the most contentious material finds a home, Reddit has been to great effort in making the platform more advertiser-friendly. As more and more people are looking for actual human insight into products in order to inform their purchasing process, it is now also becoming a key consideration for many marketers.

On that front, Reddit also points out that "Reddit" has been the sixth most Googled word in the U.S. in 2024 thus far, which points to the value people now see in Reddit content. That may also account for the variance in daily/weekly users, because a lot of people are now adding "Reddit" to their Google searches, and visiting one a case-by-case basis, as opposed to logging in daily.
That trend also comes into play with the evaluation of your application, but in either case, the value that the site offers is becoming increasingly obvious, which leads to more ad space.

It is also making money selling data, and as AI developers look for human input to their language models, Reddit's data is considered particularly valuable in this sense, with consumer insights. The firm reported that it generated $33.2 million in "Other" revenue in Q3, which includes data licensing revenue, an increase of 547% year-over-year.

Some of the notable partnerships are an already established data-sharing deal with Google and a new deal signed with Meltwater for data sharing.
Product development is where Reddit reports its revamped "Ask Me Anything" format has led to a fivefold increase in the number of AMAs created.

Reddit also states that it will look to expand its search options, so users accessing Reddit directly from external search and directly searching within the app will continue to see improvements in their ad options in step with shifting user behavior.

This is a good outcome for the platform, as it underlines the growing importance of Reddit as a consideration channel. And although it is yet not on top of the priority list for most social media marketers, it has recently become an increasingly important consideration, which may serve the interest of your promotional needs.