Reddit is cheaper now than in 2025 even though its revenue has nearly doubled since then. x.com 

Reddit's revenue per share has grown far faster than its stock price: +493.4% versus +178.9%. x.com 

Reddit's Q3 drop in US daily users risks another poor market reaction, even if headline earnings are strong. Last quarter a slight sequential decline in US daily users sent the shares down 20% despite a massive triple beat; the new chart shows a further sequential drop in Q3. x.com  x.com 

Reddit's fundamentals have disconnected from its share price. Revenue is growing 61%, US revenue per user 51%, and net margin is 31%, yet the stock is down 34% this year. x.com 

Reddit is one of the most compelling opportunities in the market, and today's worries about Google referrals and AI disruption will look like the moment to have bought. Investors fixated on search-referral risk and short-term user growth are missing exceptional financial performance: surging revenue, expanding margins and no debt. It trades at just 19x an estimated $1.7 billion of 2027 free cash flow, supporting a $315 target by early 2027. x.com 

Reddit carries Pinterest-like downside to a 10x P/E if investors decide North American user growth is toast, while the stock is priced on everyone playing for big numbers from new lab deals. x.com 

Reddit pairs ridiculously good growth with clean financials. It grows without making the rest of the business worse through excessive stock-based compensation or falling margins, and clean financials matter a lot. x.com 

Reddit's 61% revenue growth and 177% EPS growth at a 30 P/E make it easy to imagine it working out well, even if its management is detestable. x.com 

Reddit's main business is declining and its data licensing business is too limited to make up for it. x.com 

Reddit's selloff has nothing to do with the business, which scores 109 on the Rule of 40. Last quarter revenue grew 69% with a 40% adjusted EBITDA margin, net income was $204M, free cash flow $311M at a 47% margin, and cash stands at $2.8 billion; the Q4 print scored 115. In a real drawdown the market sells what is liquid and up, and quality does not protect against multiple compression. When the tape settles, the scores will still be there and the fear will not. x.com