Reddit is the article’s pick: it grew revenue about 67% over the year and earned roughly $871 million, while Snap grew about 13% and lost money. The caveat is whether Reddit keeps search traffic as AI assistants answer questions without directing users there.
Snap brings in about $6.35 billion annually, versus Reddit’s $2.78 billion, and has roughly $2.66 billion in cash. Its latest quarter’s revenue growth was closer to 19%; the article says Snap trades at about eight times expected next-year earnings, compared with Reddit’s 23 times.
Reddit says its U.S. revenue per user now exceeds Snapchat’s North American figure, though the companies count users differently. It also licenses its discussion archive to AI firms; Google’s deal has been reported at roughly $60 million a year and at risk of renegotiation. Reddit is expected to report daily active uniques in early November, while dropping its logged-in/logged-out user split this quarter.
