Quarterly guidance

Revenue
$1 billion to $1.03 billion
Adjusted EBITDA
$480 million to $510 million

Annual guidance

Annual guidance
No specific annual guidance was provided.

Outlook

Search traffic
Declines in search referral traffic have continued into the early part of Q4.
User growth
If current search trends continue, total DAUq could fall by a low double-digit percentage in Q4.
Product strategy
The company is prioritizing making Reddit a daily habit through improved feed personalization and app performance.
Marketing
The company is shifting marketing spend from web reach campaigns to app install campaigns to improve user retention.
Logged-in transition
The company will begin testing a logged-in only experience in select markets outside the U.S. in Q4.
Capital allocation
The company maintains three capital priorities: investing in the business, M&A, and share repurchases.