Reddit, Inc. (RDDT) Earnings Call Transcript & Summary

All right. So people are still settling in, but welcome, everyone, to the Deutsche Bank 2025 MIT Conference. Thanks for making your way down here. We're really excited to kick off the conference today with Steve Huffman, Co-Founder and CEO of Reddit. So thanks for leading us off today.

Thanks, Ben. Good morning. Hi, folks. Hope you're doing great.

All right. So it's been an exciting ride since you went public around this time last year. So maybe to kick things off, what have been your key learnings over 12 months? How have your priorities changed? And maybe what surprised you the most one way or the other?

Yes. So it will be a year, I think, in a couple of weeks. I don't think we could have asked for a better year last year, that's for sure. So I came back to the company in 2015, so almost 10 years. In 2015, we did $12 million in revenue, and we had 12 million DAU. And we had a number of long-standing goals that we crossed last year. We got to 100 million DAU, which we've been chasing for a long time. We crossed $1 billion in revenue, which, again, we've had our eye on that for a long time. And then we got the profitability for the first time as well. So really fun year. In terms of what we learned, it's, I think, both a story of consistency and evolution. We're executing, I think, better than ever. We're just building more, shipping faster, higher quality. All of these things make us really happy. The reason for that is, is we've just been consistent, consistent on the strategy, on the communication, and that's just driving results. Now there also has been some evolution, which is on the search side. And so we went so far as to even expand our mission. Our mission now is to empower communities and make their knowledge accessible to everyone. Because what we really saw last year is the emergence of another use case on Reddit, which is users going through the historical Reddit corpus looking for answers to their questions, advice and so forth. And so really embracing that. Our users are already doing it on Reddit, and so embracing that as well. But like big picture, I don't think we could have asked for more last year.

Yes. No, certainly. I will delve into some of those topics. But first, users. It's been a topic over the last quarter. DAUs have been growing at a pretty rapid pace for some time now. But last quarter, U.S. logged out DAUs stepped down modestly sequentially. So can you just give us a peek behind the curtain and tell us sort of what happened? And perhaps more importantly, why do you think this is more of an aberration, not potentially a lasting trend?

Sure. So if you look over the last year, we grew users 39%. We crossed that 100 million DAU mark. I think so lots to be happy with there. Logged in users on Reddit, we grew over 27% every quarter last year, also, I think, very healthy. We basically have 2 traffic sources, direct to Reddit and then from Google. And so we saw some chop from Google, which not seeing chop would actually be more of the aberration, right? They make algorithm changes, they fiddle with their product. Sometimes that causes downstream effects to platforms like us. But what we saw in Q4, which was a little bit of a swing that we've since recovered from, is a corresponding increase in the search term Reddit on Google, which says that Internet consumers broadly want Reddit's content. And they actually go to Google with the intention of ending up on Reddit. Last year, Reddit was the sixth most searched word on Google between news and maps. So I think that foundation is there, very strong. And look, we're 48 million, 49 million users in the U.S. DAU. Weeklies are 170 million DAU, also growing nicely. And so I think the opportunity there is large as anybody's.

Right. So maybe doubling down on Google just a little bit. Just can you speak to how your relationship has evolved and maybe give us an idea of how it's a mutually beneficial partnership from a user perspective, from an engagement standpoint. And I guess relatedly, a question that we get a lot from investors is how should we think about your dependence on Google as a source of traffic? There are many other companies that fit into that bucket. And typically, that's driven some volatility in revenue, that's driven volatility in earnings, which has impacted the way that some of these companies have been valued. So why do you think Reddit is different in that case?

Sure. Well, one of the main differences between us and anybody who gets a lot of traffic from Google is we get more traffic direct straight to Reddit. And so a lot of companies are wholly dependent on Google, and so that's their business. That's not us. For example, in Q4, where we saw a little Google chop, revenue was as strong as ever. It was one of our best quarters last year, growing over 60% in the quarter. So that is basically unaffected. And again, I think the big picture here is Internet consumers want what Reddit has. And so whether they come to us direct, obviously, that means they want Reddit, or if they're going to Google and appending the word Reddit to their query, that also means they want Reddit. And within the Google traffic that we see, about half of that on any given day is logged in. Those are our core users. We're going to see them one way or the other. Now there can be kind of shocks to the ecosystem here or there if Google makes a big product change or an algorithm update. But those happen pretty consistently. And so we're very experienced in responding to these things. Big picture, our relationship with Google is great. We collaborate with them. On the search side, obviously, we have a ton of content in their index that makes their search product better. It's an amazing channel for us, particularly those logged out users coming from Google, though it's volatile, it's a great opportunity for us to teach Internet consumers broadly that Reddit has the answer to their questions. It also happens to be our least valuable cohort of users from a monetization point of view. So it doesn't really affect revenue. That's why you didn't see any revenue movement related to anything that Google does. And then we collaborate with Google on the AI side. They're a customer for our data. We're a big cloud customer. We're mutual advertisers. We collaborate on safety. It's a really deep and healthy partnership.

Right, right. And I guess one of the ways that Google benefits from you guys is their ability to launch a new product, Google, the AI overviews. And a question that we get from investors is how have these potentially impacted your engagement trends? Just conceptually, if a user goes on to Google and finds what they're looking for on an AI overview, there's conceptually no reason to click into Reddit. Is that something you've seen? Is that a concern? Is that potentially evolving how you think about the partnership and Google's product set?

So first, the Reddit product is a product for community and conversation. That's what people are coming to Reddit for, is to be connected with other humans. AI will never replace that, because people want to have that experience talking to other humans about what's going on in their lives. And what Google does is it helps users kind of navigate Reddit, right? We have this 20-year corpus. And so to the extent that a user has a general question, what Google teaches them is that Reddit has the answer. And so whenever they're showing Reddit content, they're also linking to Google. Now we have confidence in this relationship because we've been in Google search for a long time. Although I will point out, not for our entire history. You can't get traffic from Google without content in the index. And so by and large, that we grew without that. And internationally, we're also growing without that because, again, the product we're building is a community and conversations product. Now AI summaries that you see in search is really an evolution of the search product. We've been a beneficiary of search on the Internet for a long time, and we expect to continue to do so because, again, Reddit is where Internet consumers broadly want to be. But I think we also have opportunities to build an amazing search product of our own. And so that's one of the things that we're really taking on in 2025. Our first version of this is Reddit Answers. This is AI-powered search results on Reddit itself, which even in the first, it's only been online for about 1.5 months, is, I think, a really fascinating glimpse of what's to come.

Right. We'll get into Reddit Answers in a bit, but just to wrap up the discussion on perhaps U.S. user trends. Longer term, how big do you think Reddit can become from a scale perspective in terms of users? If you zoom out 10 years, like how big do you think you'll be? And who would be your closest peer?

So Reddit is universal. We have communities and conversations for literally any topic that would be of interest to you, whatever you're into, whatever you're going through, right? Every hobby, every passion, every interest, every major-like decision, every vulnerability. And so Reddit is one of the few platforms on the Internet that can claim universal appeal. And so that's how we think about it. We're at 100 million DAU today. Now we're shifting our sights to how do we get to 1 billion DAU. In the U.S., let's call it, around 50 million DAU. But we have about 170 million people in the U.S. visit Reddit every week. That's as big as anybody. And so from a product point of view, how do we convert those weeklies into dailies. That's product quality, make it stickier, make search better, make onboarding better. But the potential is there in the weeklies, 170 million in the U.S. And then outside the U.S., we're also about, call it, 50 million DAU, and we've got a long way to go there. But like I said, I think we can be as big as anybody, because Reddit is one of the few platforms that can claim pretty much anybody as a user. If you're, call it, 17 to 70 men, women, nerds, normies, whatever it is, there is a community for you on Reddit. And so that's how we think about it over the long term.

Interesting. Yes. And so you mentioned product and, at least from our vantage point, you seem to be one of the CEOs that's really hands on in terms of the product side of the business. I think you mentioned product velocity is pretty high. Reddit Answers is another thing that you mentioned that sort of emerged last year. So can you just shed some light on the early learnings of Reddit Answers? And when we look ahead, you mentioned sort of a prototype is what you mentioned, I think, on earnings call. If we look ahead over the next few quarters, how do you expect the product to evolve?

Sure. Look, so fundamentally, at Reddit, we're builders. We get to work on this really fun product. It's a super fascinating thing to do because Reddit, sometimes it's less a technology product and more feels like this living organism that we're studying and understanding and trying to facilitate its growth. And so one of the big things we've seen develop over the last few years is -- so our core product is community and conversations. So if you're in the app or you go to reddit.com, you're primarily interacting with content, with posts that were created within the last 24 hours. And so it's very recent. But then in conversations on Reddit over the last 20 years, we'll be 20 this summer, our users have left this massive trail of information about every facet of the human experience, everything they're going through, thinking about, purchasing decision, all of these things in this massive 20-year corpus, which has been more or less unavailable to our users and Internet consumers more broadly. Google actually only indexes a fraction of Reddit's corpus. So when we talk about search or that second clause in our mission to make community's knowledge accessible to everybody, it's really unlocking that corpus. And so we have traditional search on Reddit, which itself is getting a big investment. And then we have a product we whipped together, we did it like 90 days, we put it online in December of last year, really to answer the question, is there something worthwhile here? And so what Reddit Answers does, you can type in a question on Reddit, subjective questions work best, right? What's the best way to get started with this author? What's the best travel backpack, right? What's the tipping etiquette in Thailand? Things like that, that don't have clear answers. How do I make my toddler sleep through the night, whatever? I don't think there's a good answer. I guess I just kind of outed what I'm going through in life. What we do is we run a basic search on Reddit. Maybe we get 100 posts or something like that. And then we use an LLM to summarize the results. And it would just give you this is what the communities across Reddit think about that question. And it's really, really powerful. And we're learning for ourselves how interesting this is, because there's nothing quite like it on the Internet, because when we talk about AI summaries, AI can't tell you what it's like to use this backpack. AI doesn't have kids yet. And so there's like these really important interesting things about the human experience that only humans experience kind of by definition. And so that's what Reddit reveals. And so I think this product will be unique on the Internet in its ability to provide perspectives that are otherwise unattainable online. So anyway, Reddit Answers is a prototype. It's in the app, it's online. You can go to reddit.com/answers, or it's in the app if you're logged in. Over this year, we'll be merging that with traditional search on Reddit, because I think there's a really good opportunity here, I think, to make our product just much more accessible and easy to use. Because if we think about the kind of ways people come to Reddit, broadly, we look at our user base as we call them scrollers and seekers. Scrollers is the core Reddit product. They're in the app, they're on the front page. They're there for the community and conversation. That's the product we've been working on for 20 years. Well, scrollers need search as much as anybody, because especially, let's say you're a new Reddit user, you're coming to Reddit. Or goal is to help you find your home on Reddit. The best way to do that is for you to type into a text box what you're interested in or what you're thinking about, what you're looking for. So I think search can be really powerful for new users. And then we have the seekers. Today, these are users coming from Google, right? They had a question, they go to Google, they end up on Reddit for the answer. They're obviously searchers. And so right now, the seekers coming from Google are interacting, they're hitting this community product. They're not hitting a page tailored design to give them the right answer. It works pretty good, right? You can see that in our growth on Google over the last decade. But I think we can make that product much, much better itself, which also leads us to a search investment. So search and those different entry points would be really important to us this year.

Right. And just hearing you talk about that, right now, the products are embedded within Reddit. Is there a chance to potentially have these as stand-alone products reaching back into the Reddit corpus and not necessarily being part of the sort of a bit of a breakout app?

That is an interesting question and is a debate that we have pretty much constantly. Would we ever have another app? Okay. So technically, yes, we are going to have another app. I'll tell you about that in 30 seconds. But would we ever break a use case out of Reddit into a stand-alone product? The answer is maybe. I think what would have to happen is we'd want to see enough heat in a use case on Reddit that it would warrant doing that. There's some precedent for that elsewhere. Facebook pulled out Messenger out of the Facebook app, things like that. And so I think from a product point of view, we'd be looking for is there's so much tension in the app where the app became confusing because there's like radically different ways of using it that we would need to split it apart. We're not there yet. So I would call that a first-class problem to have. Now that said, we are building another version of our app called Reddit Lite, which we'll be testing internationally. And so we're doing 2 things here. One, we're just building a lightweight version of the app to use internationally, which is a kind of tried and true practice. But also, we're going to be experimenting with pretty big changes to the UI, making Reddit, in my opinion, much easier on the eyes, much easier to use, making a home feed that better accommodates all the different content types we have. Because one of the things about Reddit, if you go into the home feed, you see text and images and meme and gifs and video and video ads. It's all there. It's a lot. And so from my point of view, when we talk about new users and converting weeklies to dailies, the path there is making the app more accessible and easy to use. And so we're going to try basically a whole new version of Reddit and see if we can accomplish that, and we'll be testing that outside the U.S. this year as well.

All right. So you mentioned on-platform search. I'd just love to hear sort of like a status update on where that is right now? What incremental investments you need to sort of improve that product? And could you see sort of a meaningful impact to DAU growth through improved on-platform search? And how do you think about the pathway and maybe even the time line to monetizing some of those grades?

Okay. So we've talked a lot about search. So what are we doing? There's traditional search on Reddit. That's getting better as we speak. A lot of quality of life improvements coming online right now, things like smarter auto-complete, spell checking, just the basics, right? As a user, you expect these things. So when we turn them on, you may notice. It's just the search is getting better, improving performance and ranking. So all of that is a work in progress. And traditional search on Reddit should get much, much better over the course of this year. We're shipping stuff rapidly there. And then folding in Answers. And so when I say traditional search, I mean you're searching for a topic, maybe you're searching for a specific post, kind of like keyword search, let's call it that, whereas answers longer queries, subjective answers. But we don't want to have 2 search products on Reddit. So bringing those things together. And then I talked about the entry points. So you coming from Google, that's a different entry point than arriving on Reddit's front page or opening Reddit for the first time. But the reason I think search is so interesting and such valuable technology for us is it makes the seeker use case better, it helps new users find their home on Reddit, and it helps core users discover new content on Reddit and answer their questions. And so it's one of the few products that actually hits every cohort of users. And then it's search. Ads on search result pages is literally the best business model on the Internet. Now we may start scratching the surface of monetization this year, but we do need some consistency in the product before we start selling it. And so that will come later once we've got the product, I think, in a really good place and a more consistent place. But right now, it's under heavy construction. So that's fun, but it's going to be moving around a little bit.

Understood. All right. So let's move on to international users, and you obviously leveraged some of your LLM partnerships to launch machine translation across several new languages. So one, can you talk about your early learnings there? Which languages you plan on launching next? And maybe a bigger picture question, other than simply translating the content, what else do you sort of need to kickstart the community flywheel in some of the non-English-speaking countries?

Yes. So growing outside the U.S., big priority for Reddit. I was talking before about the kind of long-term growth potential for Reddit, how do we get to 1 billion users? Well, if we're 50 in the U.S. and 50 outside the U.S. and let's say we turn all of our weeklies in the U.S. into daily, so that goes from 50 to 170. Well, then the next 850 to get to 1 billion has to come outside the U.S. So a lot of wood to chop there. Now there's an incredible amount of potential. And so let me just tell you why I think that potential is not that far-fetched. If 50% of our users today are outside the U.S., just in other parts of social media, Twitter X is about 80% international. That's on the low end. And then Facebook, 95% international, call it that the high end. And so I think naturally, being between 80% and 95% outside the U.S. is where we'll land. And so now we just have to get there. So you need Reddit as a community platform, a conversation platform. You need content to attract users, you need users to create content. And so there's a bit of a cold start challenge there. One of the ways of getting over the cold start challenge right now is with machine translation. So we can use large language models to translate the English corpus of Reddit into other languages. And we can do so at human quality. This was not an opportunity, an option available to us a couple of years ago, but LLMs have gotten the quality bar high enough. They can actually translate humor and sarcasm at a human level. So French in France was the first country that we started this in last year. It's one of our fastest-growing countries. And in general, countries where we started using machine translation, they're growing 30%, 40% faster than other countries. And so it's a really nice opportunity to lay that kind of foundation. Now ultimately, what we want is for every country to be able to stand on its own, right? So native language content created by native users in countries around the world. But machine translation is a really nice way to jump start that. But we're also in our focus markets. We have about a half a dozen of them this year. We're in country, meeting with moderators, helping identify content areas, doing meet-ups. It's very kind of high-touch work because, again, it's a human-driven process. But we're right in the thick of it right now. And I think the opportunity, as I said, is very large.

Right. Absolutely. All right. Let's shift to revenue. Great. Yes. I mean it's been a powerful story. Your ad revenue growth last quarter, 60%, with another quarter of year-on-year growth acceleration. So can you maybe talk about the driver of that acceleration on users? And delve in a little bit deeper into what was specific to Reddit versus what was a general sort of broader stronger digital ad market.

Sure. So look, great year last year, I think, across the board on revenue growth. Last quarter, over 60%. We had a couple of quarters like that last year, outgrowing the market, outgrowing our peers in the space by quite a wide margin. So what's going on there? Our ads are working. That's the long and short of it. Our ads are -- the targeting is getting better. The performance is getting better. We saw particular progress on the performance side of the business, which is really where we want to be. So midsized businesses, small businesses. We had, in Q4, record number of advertisers and advertiser growth. But as a platform like ours gets better at performance, you just unlock more and more customers. And so generally, what happens is the new ad platform starts with large customers, brand advertising. And of course, we have great relationships there that are getting deeper and more valuable over time. But for the mid and small businesses, they don't care about relationships. They care about clicks, conversions, objectives. And so the ads just has to work. And so for us, it's been a story of investing in the ad technology and making that as performant as possible. I love the trend that we're on. The good news here is I think we have years of road map in front of us of basically known winning ideas, of things that advertisers expect that work very well on other platforms. And so we build it, ship it, and we just see the numbers get better and better. And so we're still -- I mean, I think what's fun about Reddit is we're growing fast, but we're still, I think, on the ad-tech side, early in our journey. There's just so much opportunity.

And one of the new ad formats that came out that's been evolving were conversation ads, right? And from our vantage point, from the outside looking in, they appear to be a pretty decent hit actually. So can you talk about the learnings there? And perhaps relatedly, is this one of the initiatives that you have up your sleeve to better monetize logged out users? And if that's the case, what else are you working on to narrow that monetization gap between the logged-in cohort and the logged-out cohort?

Great question. So basically, there's kind of 2 main service areas on Reddit for ads right now. One is in the feed, which if you've been on the Internet, you're familiar with that ad type. And then the other is on our conversation pages. So if you click or tap on any post on Reddit, you get into the conversation. And this is really the heart and soul of the Reddit product. This is where our users are talking about things in a way they don't communicate elsewhere online. But they're often talking about a specific question, a specific decision, often a specific company or their product or vertical, and so as an ad surface, it's really powerful and the opportunity there is great. So we put ads in that surface last year, and it's performing very well because the pages are so intentional. And of course, our visitors from Google are landing on those conversation pages. And so they're basically -- those pages are one click more intentional than what you see on Google. Again, talking about a specific company or product or purchasing decision fairly often. And so it's a huge opportunity there. So to grow that business, it's better targeting, more advertisers, more advertiser density, making sure that we have the perfect ad to put on that page every single time. And so when we talk about logged out users and what's the best way to monetize them, for the external traffic, yes, some of them do log in, but in that moment, in their session, they ran a search, right? They're looking for an answer to a question. And so we expect them to be sort of transient, because it's a short Internet session in general, right? They're doing something else with their time. But making sure when they land on Reddit for the answer to their question, that there's the most relevant ad possible. And so I think that's a really lucrative opportunity for us if we make that connection. And I think it will be really beneficial to the user as well, again, because they're in a transactional mindset. So how do we do that? It's the basics, more advertisers, better targeting, targeting in this case, on contracts, right, what is on the page. And so just continuing to chip away at that. I think it's a massive opportunity.

Right. All right. So we're going to switch things up a little bit here. So in preparation for this chat, the Reddit team solicited some questions from the community in the r/RDDT subreddit. So the question is on video experiences, right? So Reddit is great at catering to users who want to dive deep into communities or casual users who are just looking for information. But with the surge of platforms like TikTok and Instagram Reels, which obviously capture audiences who want quick engaging video content, do you see opportunities for Reddit to evolve in the future to develop features that would appeal to this user segment that favors the more fast-paced video-centric experience?

So first, thank you for asking the question. This was a question from our user base, and we try to include our users in these things. One of the reasons we went public was so that our users, who feel a deep sense of ownership over Reddit, could actually be owners of Reddit. So thank you for doing that. Okay. So the question is, do we see more video and short-form video on Reddit? How are we thinking about that from a product point of view? Look, Reddit is a conversation platform. And so whatever it is that people want to talk about, they can talk about on Reddit. And so this means from a content format point of view, we try to be agnostic. Whether it's text or links or images or video, the real magic of Reddit is talking about the thing. So Reddit has lots of video, as it happens. It's one of our fastest-growing content types. It's a little bit different than what you see on social media. We're on social media, it's often camera in, right? Look at me. On Reddit, it's more camera out, right? Let's talk about this thing. But important, nevertheless. And so what we try to think about is how do we make Reddit a comfortable and effective platform for talking about any content type. And so having video and text in the same feed, that's both the magic and I think some of the challenge of Reddit. So I was talking earlier about Reddit Lite. Can we reimagine Reddit to make it more effective at kind of juggling these different content types. That's one of the big things on our mind, make it a platform that is equally hospitable to text and video. And I expect video will continue to grow just because it's such an important content type to the Internet. But I think it will manifest on Reddit as it is in a little bit of a different way, just because the way people talk on Reddit is a little bit different.

Right. Okay. So moving on to a topic that I think is near and dear to your heart, but hasn't gotten a lot of limelight recently, the developer platform, right? So perhaps for those who aren't as close, can you explain your ambitions with the developer platform? And then maybe talk a little bit about the results of the public data, what surprised you, where do you need to do a little bit more work, for instance?

Sure. So developer platform is near and dear to my heart. So Reddit, the first thing to understand about Reddit is everything interesting about Reddit was created by our users. It's a relatively simple platform. It's communities, it's posts. But saying communities kind of masks all of the interesting things our users do with communities on Reddit, right? Some of them are for advice, some of them are basically games. There's places like Ask Reddit or Watch Exchange, where people are buying and selling luxury watches. There's sports and TV-based ones, where people are talking about things that are happening in real time. And so what we're trying to do with the developer platform is allow any user to expand how Reddit is used. So they can write code that will run on our clients to make Reddit more interactive. And I'll give you an example of kind of the high watermark for this. So on April Fool's Day, a couple of times, we've run these interactive games. One of them was called r/place. And by the way, if you've never used Reddit, you should go to YouTube and watch a video of r/place. It was basically an interactive game where users had a shared canvas of 1,000 by 1,000 pixels and then a user could place a pixel every 10 minutes. Over the course of a week, it turned into this dynamic living work of art, if you will. 10 million people played it in one canvas. And so it's really, really insane scale. And so we know these kind of game-like social experiments work really well on Reddit. So with the developer platform, I want to do 2 things. One, let users make Reddit more interesting. We're seeing this already, like the scoreboards, if you go to wallstreetbets, they have a widget at the top, that's the tickers most talked about on that subreddit today. That's all developer platform. And then what we'd really love to see, like our dream is for users to be able to create kind of interactive experiences and games like we've done with place. So we haven't had a hit like that yet, but that's the sort of thing we're trying to unlock.

Right. Let's move on to data licensing. It's a big story, at least last year, certainly a big contributor to growth. Can you just talk us through how your thinking has evolved there as it pertains to data licensing? And how should we anticipate that line item to move forward?

Yes. So I think one of the biggest learnings last year is the value of Reddit's corpus of nearly 2 decades of conversation about anything and everything. And so we did a couple of deals last year, one with Google, one with OpenAI, licensing our corpus for training for their LLMs. And then we also have started investing in our own work to kind of reveal the value of that corpus. And that's where our head is at right now. So this is search. This is Reddit answers. This is training our own models. But we're still in the market, we're open and open for business. We've done a number of smaller deals. I mentioned the big ones. We've done a number of smaller ones to kind of like social listening services or financial institutions. Anybody who wants a real-time feed of what people on the Internet or people in the world are talking about and thinking about. And so we'll kind of see where this goes in terms of is it smaller customers? Is it bigger customers for training? What I know for sure is that there's an incredible amount of value there. And I think we're actually in the best position to kind of capture it.

Right. And speaking of LLMs and obviously, the DeepSeek news recently. So I'd be curious to hear how you think about moderating costs of AI and how that could be specifically beneficial to you at Reddit?

Sure. I mean, look, with DeepSeek and some of the other open source models, we're seeing happen exactly what we've been saying would happen, which is the actual like LLM technology will become commoditized, the price will come down, and the open source versions of these things will be, at any point in time, let's say, 90% as good as the major commercial closed-source versions, because that's the story of Internet software for the last 20, 30 years. And so it's playing out, I think, exactly as we would have expected. And so I think all companies can benefit from AI across their business, but Reddit in particular, right? Reddit is text and words and content evaluation and translation and moderation, safety, ad targeting. All of these things are things that AI and LLM specifically can dramatically advance. And so I see, just across the board, so many ways for our product to be better, safer, more interesting. And so whether we use a commercial model or we make our own, both of which we do now, I think there's just opportunities across the board. I mean it's crazy. You can take DeepSeek's model and run it on like 4 GPUs, right? You can run that under your desk. And so obviously, that's a huge opportunity for us, and I think every company in this space.

All right. So parting question, again, from the Reddit community.

Great. Ben just wants to make it clear, it's not his question.

No. It's a great question. All right. Where do you envision Reddit's product and community evolving over the next 10 years? So I know you can spend as much time and as little time as you want on this, but yes, it's interesting.

Okay. I've got 17 seconds. Look, we talked about these things. Our 4 priorities: improve the core product, grow the ads business, search, internationalization. I think about how do we get to 1 billion users. I believe Reddit's product is universal. So how do we make that a true statement, convert our weeklies into dailies. So product quality, performance, search, it's the basics, but I think the path to where we want to go is just through doing the basics at a very high level.

Awesome. Well, thank you, Steve. I look forward to seeing how things progress over the next year and maybe give us a status update in 2026.

Only if you do this in Palm Springs, where I thought we were going. Thanks, Ben. Thanks, folks.