<p>股市上最热门的科技公司之一，某种程度上也是最传统的公司之一。<strong>Reddit</strong>（RDDT 1.75%）的网站没有华丽的图形或时尚的设计；相反，它是一个关于几乎任何可以想象的主题的在线讨论平台。</p>
<p>这种表面上平凡的展示隐藏着一个高潜力的运营，已经充分证明它能够为投资者提供回报。考虑到这一点，我认为外表朴素的 Reddit 的股价增长将在未来一年超越社交媒体同行 <strong>Meta Platforms</strong>（NASDAQ: META）和 <strong>Snap</strong>（NYSE: SNAP）。</p>
<h2>目前的社交媒体明星</h2>
<p>过去几天对 Reddit 的兴奋源于其第二季度财报，该财报于周五早晨发布，市场反应热烈（仅在早盘交易中，股价就上涨了超过 21%）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMzcvcGVyc29uLXJlYWN0aW5nLWpveWZ1bGx5LXRvLXNvbWV0aGluZy1vbi1hLXNtYXJ0cGhvbmUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMzcvcGVyc29uLXJlYWN0aW5nLWpveWZ1bGx5LXRvLXNvbWV0aGluZy1vbi1hLXNtYXJ0cGhvbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>收入同比激增 78%，达到 5 亿美元，主要得益于广告销售增长 84%，达到 4.65 亿美元。根据公认会计原则（GAAP），净利润转为 8900 万美元的盈利，而 2024 年同季度则亏损 1000 万美元。自由现金流（FCF）在这一期间膨胀了 8400 万美元，达到 1.11 亿美元。这两个主要数据均超出分析师预期。</p>
<p>至于运营指标，该公司的日活跃用户（DAUq）——他们定义为 “我们可以通过唯一标识符识别的用户，在 24 小时内访问过 Reddit 网站页面或至少打开过一次 Reddit 应用程序的用户”——同比增长 21%，超过 2100 万。这样的参与度如何？</p>
<p>Reddit 对当前（第三）季度的指引同样令人印象深刻。它预计收入将在 5.35 亿到 5.45 亿美元之间，调整后的息税折旧摊销前利润（EBITDA）将在 1.85 亿到 1.95 亿美元之间。分析师预计收入仅略高于 4.73 亿美元。</p>
<h2>适时的合适网站</h2>
<p>那么，Reddit 的秘密武器是什么？</p>
<p>当然，管理层推出了几项聪明的、促进增长的举措，包括在 5 月推出的动态产品广告（DPA）。这些广告与网站的 “子版块” 主题相匹配，并嵌入其中，以服务那些显然或明显希望购买此类产品/服务的用户。在理想情况下，这些广告是双重有益的，因为需要指导的购物者获得了量身定制的推荐，而理论上理想的消费者则被广告商锁定。</p>
<p>在广告领域，Reddit 也在未来前沿，积极采用人工智能（AI）工具进行广告创作。借助这些工具，广告商可以实时获取讨论线程中的趋势信息，并将积极的用户评论整合到广告中。</p>
<p>但我认为 Reddit 的巨大飞跃并不主要归功于这些（诚然令人印象深刻的）技术。相反，我认为这更多是公司所提供的服务的功能。Reddit 能够就几乎任何主题生成有意义的讨论，并为几乎无限种问题或关注提供答案，正在不断提升其权威性和实用性。</p>
<p>尽管 Meta 的 Facebook 和 Instagram 以及 Snap 的产品都取得了成功，但它们并不是真正的信息交换或启发的场所。它们是与朋友和熟人分享事物的有趣地方。然而，你很难快速找到关于哈布斯堡帝国历史的有效信息讨论。</p>
<p>我认为跟踪社交媒体和大型科技股的分析师已经意识到了这一点。他们预计 Reddit 在 2025 年全年收入将实现近 60% 的年增长，2026 年将增长 31%。每股盈利的集体预期为 1.86 美元，较 2024 年的 3.33 美元亏损有了天壤之别的改善。预计 2026 年将增长 61%。</p>
<p>预计 Meta 的收入和盈利能力在 2025 年至 2026 年间不会接近如此高的增长。分析师预测 Snap 在这一期间的净利润将提高 42%，但收入增长仅为 11%。</p>
<p>高表现自然吸引投资者，因此 Reddit 的估值明显高于其社交媒体同行（例如，前瞻市盈率高达 121，而 Snap 低于 37，Meta 低于 29）。然而，这家公司显然抓住了时代的脉搏，拥有用户粘性、资源和管理才能，能够维持这些巨大的增长率。</p>
<p>在这三者中，我毫不犹豫地会购买 Reddit 的股票。</p>

RDDT

<p>Reddit 的股票预计在未来一年内将表现优于 Meta 和 Snap，此前该公司发布了强劲的第二季度财报，收入激增 78% 至 5 亿美元，利润为 8900 万美元。分析师预计，Reddit 的收入将在 2025 年前每年增长近 60%，盈利能力也将显著改善。该公司的创新广告策略和独特的讨论平台为其增长潜力做出了贡献，使其相较于同行具有较高的估值。投资者被鼓励考虑购买 Reddit 股票</p>

<p>One of the hottest tech companies on the stock market is also, in a way, one of its more old-fashioned. <strong>Reddit</strong>'s (RDDT 1.75%) website doesn't feature flashy graphics or funky designs; rather, it's a set of online discussions about almost any topic imaginable.</p>
<div class="lb-trans"><p>股市上最热门的科技公司之一，某种程度上也是最传统的公司之一。<strong>Reddit</strong>（RDDT 1.75%）的网站没有华丽的图形或时尚的设计；相反，它是一个关于几乎任何可以想象的主题的在线讨论平台。</p>
</div><p>This outwardly mundane presentation hides a high-potential operation that has more than proved it can deliver the goods for investors. Given that, I think the stock price growth of the dowdy-looking Reddit can trounce that of social media peers <strong>Meta Platforms</strong>(NASDAQ: META) and <strong>Snap</strong>(NYSE: SNAP) over the coming year.</p>
<div class="lb-trans"><p>这种表面上平凡的展示隐藏着一个高潜力的运营，已经充分证明它能够为投资者提供回报。考虑到这一点，我认为外表朴素的 Reddit 的股价增长将在未来一年超越社交媒体同行 <strong>Meta Platforms</strong>（NASDAQ: META）和 <strong>Snap</strong>（NYSE: SNAP）。</p>
</div><h2>The social media rock star of the moment</h2>
<div class="lb-trans"><h2>目前的社交媒体明星</h2>
</div><p>The excitement over Reddit across the past few days stems from its second-quarter earnings report, published Friday morning to a thunderously positive reception by the market (which sent the share price more than 21% skyward in morning trading alone).</p>
<div class="lb-trans"><p>过去几天对 Reddit 的兴奋源于其第二季度财报，该财报于周五早晨发布，市场反应热烈（仅在早盘交易中，股价就上涨了超过 21%）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMzcvcGVyc29uLXJlYWN0aW5nLWpveWZ1bGx5LXRvLXNvbWV0aGluZy1vbi1hLXNtYXJ0cGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828037%2Fperson-reacting-joyfully-to-something-on-a-smartphone.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Revenue surged 78% higher on a year-over-year basis to $500 million, powered by all-important ad sales that rose 84% to $465 million. The bottom line according to generally accepted accounting principles (GAAP) flipped to a well-in-the-black profit of $89 million, against a $10 million deficit in the same quarter of 2024. Free cash flow (FCF) ballooned by $84 million across that stretch to $111 million. Both headline figures blew past analyst estimates.</p>
<div class="lb-trans"><p>收入同比激增 78%，达到 5 亿美元，主要得益于广告销售增长 84%，达到 4.65 亿美元。根据公认会计原则（GAAP），净利润转为 8900 万美元的盈利，而 2024 年同季度则亏损 1000 万美元。自由现金流（FCF）在这一期间膨胀了 8400 万美元，达到 1.11 亿美元。这两个主要数据均超出分析师预期。</p>
</div><p>As for operational metrics, the company's count for daily active uniques (DAUq) -- users that it defines as those &#34;whom we can identify with a unique identifier who has visited a page on the Reddit website ... or opened a Reddit application at least once during a 24-hour period&#34; -- leaped by 21% year over year to over 21 million souls. How's that for engagement?</p>
<div class="lb-trans"><p>至于运营指标，该公司的日活跃用户（DAUq）——他们定义为 “我们可以通过唯一标识符识别的用户，在 24 小时内访问过 Reddit 网站页面或至少打开过一次 Reddit 应用程序的用户”——同比增长 21%，超过 2100 万。这样的参与度如何？</p>
</div><p>Reddit's guidance for its current (third) quarter was similarly impressive. It's projecting $535 million to $545 million for revenue, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $185 million to $195 million. Analysts were anticipating a top line of barely over $473 million.</p>
<div class="lb-trans"><p>Reddit 对当前（第三）季度的指引同样令人印象深刻。它预计收入将在 5.35 亿到 5.45 亿美元之间，调整后的息税折旧摊销前利润（EBITDA）将在 1.85 亿到 1.95 亿美元之间。分析师预计收入仅略高于 4.73 亿美元。</p>
</div><h2>The right site at the right time</h2>
<div class="lb-trans"><h2>适时的合适网站</h2>
</div><p>So, what's the secret sauce for Reddit?</p>
<div class="lb-trans"><p>那么，Reddit 的秘密武器是什么？</p>
</div><p>Sure, management has launched several clever, growth-fueling initiatives, including dynamic product ads (DPA), rolled out in May. These spots match topics of the site's &#34;subreddits,&#34; and embed within them to serve users who are obviously or apparently looking to buy such products/services. In the ideal case, the ads are doubly beneficial, as a shopper in need of guidance gets a tailored recommendation, and a theoretically ideal consumer is targeted by an advertiser.</p>
<div class="lb-trans"><p>当然，管理层推出了几项聪明的、促进增长的举措，包括在 5 月推出的动态产品广告（DPA）。这些广告与网站的 “子版块” 主题相匹配，并嵌入其中，以服务那些显然或明显希望购买此类产品/服务的用户。在理想情况下，这些广告是双重有益的，因为需要指导的购物者获得了量身定制的推荐，而理论上理想的消费者则被广告商锁定。</p>
</div><p>Also in the realm of ads, Reddit is future-forward with its embrace of artificial intelligence (AI) tools for ad creation. With these, an advertiser can garner real-time information on trends in the discussion threads, plus integrate positive user comments into the ads themselves.</p>
<div class="lb-trans"><p>在广告领域，Reddit 也在未来前沿，积极采用人工智能（AI）工具进行广告创作。借助这些工具，广告商可以实时获取讨论线程中的趋势信息，并将积极的用户评论整合到广告中。</p>
</div><p>But I don't believe Reddit's big leaps are mostly due to these (admittedly impressive) technologies. Rather, I think it's more a function of what the company offers as a service. With the ability to generate meaningful discussion about almost anything and provide answers for a near-limitless variety of questions or concerns, Reddit is growing in both authority and utility.</p>
<div class="lb-trans"><p>但我认为 Reddit 的巨大飞跃并不主要归功于这些（诚然令人印象深刻的）技术。相反，我认为这更多是公司所提供的服务的功能。Reddit 能够就几乎任何主题生成有意义的讨论，并为几乎无限种问题或关注提供答案，正在不断提升其权威性和实用性。</p>
</div><p>As successful as Meta's Facebook and Instagram and Snap's offerings have been, they're not really venues for information swapping or edification. They're fun places to share things with friends and acquaintances. However, you would be hard-pressed to quickly access an effective informational discussion on the history of the Habsburg Empire.</p>
<div class="lb-trans"><p>尽管 Meta 的 Facebook 和 Instagram 以及 Snap 的产品都取得了成功，但它们并不是真正的信息交换或启发的场所。它们是与朋友和熟人分享事物的有趣地方。然而，你很难快速找到关于哈布斯堡帝国历史的有效信息讨论。</p>
</div><p>I think analysts tracking social media and big-tech stocks have cottoned on to this. They're modeling nearly 60% (!) annual growth for Reddit on the top line for full-year 2025, with a 31% boost in 2026. The collective estimate for per-share profitability is $1.86, a night-and-day improvement over a $3.33 loss in 2024. That should balloon by 61% (!!) in 2026.</p>
<div class="lb-trans"><p>我认为跟踪社交媒体和大型科技股的分析师已经意识到了这一点。他们预计 Reddit 在 2025 年全年收入将实现近 60% 的年增长，2026 年将增长 31%。每股盈利的集体预期为 1.86 美元，较 2024 年的 3.33 美元亏损有了天壤之别的改善。预计 2026 年将增长 61%。</p>
</div><p>Neither revenue nor profitability are expected to surge anywhere near that high for Meta from 2025 to 2026. Analysts forecast Snap will improve its bottom line by 42% across that stretch, but with revenue growth of 11%.</p>
<div class="lb-trans"><p>预计 Meta 的收入和盈利能力在 2025 年至 2026 年间不会接近如此高的增长。分析师预测 Snap 在这一期间的净利润将提高 42%，但收入增长仅为 11%。</p>
</div><p>High performance attracts investors, of course, so Reddit's valuations are comparatively much higher than its social media cousins (a dizzying 121 forward price-to-earnings ratio, for example, against Snap's under 37, and Meta's sub-29). Yet this company has clearly captured the zeitgeist and possesses the user stickiness, the resources, and the managerial acumen to keep up those massive growth rates.</p>
<div class="lb-trans"><p>高表现自然吸引投资者，因此 Reddit 的估值明显高于其社交媒体同行（例如，前瞻市盈率高达 121，而 Snap 低于 37，Meta 低于 29）。然而，这家公司显然抓住了时代的脉搏，拥有用户粘性、资源和管理才能，能够维持这些巨大的增长率。</p>
</div><p>Of that trio, then, I would unhesitatingly buy Reddit stock.</p>
<div class="lb-trans"><p>在这三者中，我毫不犹豫地会购买 Reddit 的股票。</p>
</div>

Prediction: Reddit Stock Could Outperform Meta and Snap Over the Next 12 Months

- Reddit 第二季度营收同比增长 78%，达到 5 亿美元，广告销售增长 84%。  
- 每日活跃用户数同比增长 21%，超过 2100 万。  
- 分析师预计 Reddit 2025 年营收将增长近 60%。  

预测：Reddit 的股票在未来 12 个月内可能会优于 Meta 和 Snap