Reddit股价单日跌29%：搜索导流每周少逾100万次，公司拟推强制登录
社交平台Reddit的股价10月30日收盘大跌29.22%，收于91.73美元。公司前一日盘后公布第三季度财报：营收好于预期，但管理层警告，来自搜索引擎的导流正在下滑，四季度用户量可能出现两位数百分比的下降，并宣布将测试对多数内容强制登录。
Reddit第三季度营收8.95亿美元，同比增长53%，高于LSEG汇总的分析师平均预期8.784亿美元。公司全球每日活跃独立访客约1.303亿，其最大收入市场美国的日活为5,070万，同比下降2%。
首席执行官Steve Huffman在财报电话会上说，10月搜索引擎给Reddit带来的访问量平均每周减少逾100万次；如果导流继续下滑，四季度每日活跃独立访客可能较目前约1.3亿的水平下降两位数百分比。Huffman把矛头指向谷歌搜索的AI Overviews等直接给出答案的功能——用户在搜索结果页得到答案后，不再点进Reddit的讨论帖。
应对方面，Reddit计划四季度先在美国以外的部分市场测试「登录后才能看多数内容」的模式，评估影响后再决定是否推广。公司称此举同时意在遏制数据抓取：Reddit的用户讨论语料是训练超级智能模型的抢手数据，公司已把数据授权给OpenAI与谷歌母公司Alphabet，同时起诉了Anthropic、Perplexity及三家数据抓取公司，指其非法采集Reddit数据。Huffman说：「我们会继续有意地授权我们的语料，但这些商业合作都带有保护用户与业务的护栏。」
Reddit给出的四季度营收指引为10亿至10.3亿美元，大致符合预期；调整后息税折旧摊销前利润指引为4.8亿至5.1亿美元，低于分析师预期的5.122亿美元。公司称，登录用户贡献了八成以上的变现收入，未来将以更相关的广告、更多视频内容与更强的个性化来提升登录用户体验。
Reddit Shares Fall 29% in a Day: Search Referrals Drop by Over a Million a Week, Sign-In Mandate Planned
Shares of the social platform Reddit plunged 29.22% on October 30, closing at $91.73. In third-quarter results released after the previous day's close, revenue beat expectations, but management warned that search referral traffic is falling, fourth-quarter users could drop by a low double-digit percentage, and the company will test mandatory sign-in for most content.
Reddit's third-quarter revenue was $895 million, up 53% year over year and above the LSEG-compiled analyst average estimate of $878.4 million. The company counted about 130.3 million daily active uniques worldwide, while daily users in the United States, its biggest market by revenue, fell 2% to 50.7 million.
Chief Executive Steve Huffman told investors that search engine referrals to Reddit decreased by more than one million on average each week during October, and warned that total daily active uniques could fall by a low double-digit percentage in the fourth quarter from about 130 million if the decline continues. Huffman pointed to Google features such as AI Overviews, which answer questions directly on the results page instead of sending users to Reddit's discussion threads.
In response, Reddit plans to test a logged-in-only experience in select markets outside the United States in the fourth quarter before deciding on a wider rollout. The company said the move also aims to curb data scraping: Reddit's trove of user discussions is prized training data for super intelligence models. Reddit licenses its data to OpenAI and Alphabet's Google, and has sued Anthropic, Perplexity and three data-scraping companies, accusing them of illegally collecting its data. 'We will continue licensing our corpus intentionally, but those commercial deals come with guardrails that protect our users and our business,' Huffman said.
Reddit forecast fourth-quarter revenue of $1 billion to $1.03 billion, largely in line with estimates, and adjusted EBITDA of $480 million to $510 million, versus estimates of $512.2 million. The company said logged-in users make up over 80% of its monetization, and it is enhancing the platform for them with more relevant advertising, more video content and better personalization.
来源：GSM·美国（原文链接）
图片来源：图：Reddit首席执行官Steve Huffman（右）在Goldman峰会上发言。TechCrunch摄，CC BY 2.0，经Wikimedia Commons。 / Reddit CEO Steve Huffman (right) speaking at a Goldman event. Photo by TechCrunch, CC BY 2.0, via Wikimedia Commons.
