https://gnosly.com/feed/reddit/Business Intelligence Console and Prediction Algorithms3695@wkthesisWK Thesis<p>1. US daily users </p><p>- Logged-in: 19.3M in Q1'24, 23.0M in Q1'25, 23.4M in Q3'26. </p><p>- Logged-out: peaked at 30.3M in Q1'26, now 27.3M. </p><p>2. Revenue per daily user, per quarter (estimate) </p><p>- Logged-in: ~$24.0, logged-out: ~$5.1. About 4.7x. </p><p>- Another 15% drop in US logged-out users: ~$21M a quarter, ~3% of US revenue. </p><p>So the 80/20 point holds: losing logged-out traffic costs little. But in the US, the users who pay have barely moved since Q1'25. The estimate uses the CEO's 80%+ from the app and logged-in users, applied to the US.</p>https://x.com/wkthesis/status/21166600675502489770.00102026-11-01T07:31:52.810763+00:002x.comearningsusreddit3584https://pbs.twimg.com/media/HV_jHQqXEAAr4ML?format=jpg&name=smallImage2026-11-01T07:31:53.232763+00:003694@wkthesisWK Thesis<p>The ad business has never been better. Advertisers are finally paying for what Reddit always had: real people talking about real products. </p><p>The traffic is the problem. Most daily visitors never log in. They come from Google, read one thread and leave, and Google is changing how it answers questions: </p><p>"The reality is the AI mode does not drive traffic." Steve Huffman, CEO. That's the CEO saying his biggest source of visitors is drying up. </p><p>- Search referrals kept falling every week in October. </p><p>- Management warned total users could drop in Q4. </p><p>- No new AI data deals to announce. </p><p><strong>Author's view</strong>: </p><p>The logged-out visitor was always rented from Google. The real Reddit is the logged-in community, and that part is still growing. Judged on total users, the next few quarters will look bad. Judged on what a logged-in user is worth, this quarter was strong. </p>https://x.com/wkthesis/status/21162244659986190880.00202026-11-01T07:22:13.881128+00:002x.comairedditgoogle3583https://pbs.twimg.com/media/HV5W7xcXEAAPeMK?format=jpg&name=smallImage2026-11-01T07:22:15.443383+00:003669https://www.linkedin.com/company/the-vc-corner/The VC Corner<p>The numbers are WILD:</p><p>1️⃣ $895m revenue, up 53% YoY</p><p>2️⃣ 1m+ fewer weekly search referrals in October</p><p>3️⃣ 80% of monetization from app and logged-in users</p>https://lnkd.in/p/dTmYYtSE0.00202026-10-31T15:31:09.277410+00:001linkedin.comredditrevenuegoogle3556https://media.licdn.com/dms/image/v2/D4D10AQGoRyk8GHVN5g/image-shrink_800/B4DaGR8RieJEAg-/0/1793449859422?e=1794067200&v=beta&t=cDORYF6Q5UesA3VlhL8UD-8RQsWE9J7abxa4InzXAMMView image2026-10-31T15:31:09.759515+00:003618@RealNickMugalliNicholas Mugalli<p>Google now reads Reddit, writes the answer itself, and the user never leaves the search page. Reddit does the work, and Google keeps the reader…and that’s how money is being made. </p><p>For Reddit, its biggest front door is closing, which is why the stock is down 25% this morning. Huffman plans that people will just come to Reddit directly. Maybe. </p>https://x.com/RealNickMugalli/status/21161684124643820940.00202026-10-30T18:22:23.573564+00:002x.comairedditgoogle3510IMAGE/media/content/3618/image.pngimage.pngpng2026-10-30T18:23:20.395004+00:003612https://www.linkedin.com/company/the-kobeissi-letter/The Kobeissi Letter<p>Source: Kobeissi Letter</p>https://www.linkedin.com/company/the-kobeissi-letter/0.00102026-10-30T17:12:17.490903+00:001linkedin.comredditaistockstrading3499https://media.licdn.com/dms/image/v2/D4D22AQHsh_NaXdQxIA/feedshare-shrink_800/B4DaGNfTuSHIAc-/0/1793375157581?e=1795046400&v=beta&t=ZjfXST6GSnGoKHm2rx5cYSOdpj8N56UkjbnUkzc6xVwView image2026-10-30T17:12:20.156449+00:002751@IrishPoliticsNLThe Irish Politics Newsletter<p>Source: IrishPoliticsNL (X)</p>https://x.com/IrishPoliticsNL/status/21095687471952408020.00502026-10-12T14:27:14.468048+00:002x.comredditdata-centersyandex2567https://pbs.twimg.com/media/HUaxmA3WIAA1FBN?format=jpg&name=smallImage2026-10-12T14:27:14.926230+00:00