Reddit gains as August user growth accelerates, Piper says

Reddit shares rose 7% after Piper Sandler reported an 8% month-over-month user growth in August, the strongest this year. Total audience growth accelerated to 18% YoY. While international users surged 29.3%, US users grew 5.2%. Piper noted a one-time 20% reduction in September estimates due to methodology changes, not underlying trends. Ad spending beats were seen across digital peers, with Reddit's Q3 ad-spending estimate raised by 30 basis points.