Benjamin Black

Vollero answered candidly that retention is the constraint on scaling user acquisition spend and acknowledged Reddit sits below peers on that measure.

Vollero was explicit that leverage comes from incremental revenue flow-through rather than cost takeout, and named the long-term 50% margin goal.

Steve described the content flywheel and post-success work, and said licensing partners are chosen for citations, mind share and mission fit beyond dollars.

Jen said Reddit owns the trusted-recommendation point of decision, which agents can't commoditize, positioning it well for agentic commerce.

Steve said AI content can be additive if transparent and well labeled, but bot-like behavior belongs in the developer program.

Drew lifted the long-term adjusted EBITDA-margin North Star toward 50% but said it won't rise every quarter given reinvestment.

Jen described the ad market as broadly stable but with low visibility, with tariffs on some customers' minds.

Steve said the licensing deals proved how essential Reddit's Corpus is to LLMs, leaving Reddit in a strong strategic position.

Steve said it is too early on renewals but partners value the data, reiterating the ongoing-supply thesis for licensing.

Steve said it was too early to measure retention effects since Answers is English-only and just launched.

Folded into the MAU answer: Alex described the emerging-market growth curve maturing into a LatAm-like conversion path over time, but gave no distinct future-initiative list.

Alex attributed margin strength to a healthy core across music, podcasts and audiobooks; Christian added only qualitative color on Q2 reinvestment, no specific driver.

Alex declined to disclose deal specifics but positioned the ad-free premium content as similar to the audiobooks/SBP playbook.

Alex disclosed new modernized deals with all top-5 U.S. publishers securing long-needed broader video rights, framed as win-win that unlocks new products and features. Direct.

Christian guided flat constant-currency ARPU in Q3 with developed-market uplift offset by emerging-market dilution, and declined to comment on Q4.

Christian said the guidance philosophy is unchanged; they calibrate to a certain level and this quarter simply landed on target rather than above.

Daniel declined to reaffirm the 20% constant-currency target as linear, stressing execution speed and past reacceleration via price increases and subscriber growth.

Daniel clarified 'near-term noise' referred to broader markets, not Spotify's business, which he said shows no cause for concern short or long term.

Christian guided to full-year margin improvement over 2024 but with more quarterly variability due to targeted investments.

Adam explained success depends on advertisers creating creative specific to Axon's 30-second format rather than porting social ads. Demand density improvement will help conversion rates over time.

Adam said generative AI interactive page tools are in pilot with 100+ customers, video model coming soon. Goal is to help ecommerce advertisers bridge the gap from hundreds of creatives to gaming-like volumes.

Adam described strong prior-year cohort growth and positive referral trends but declined to break out ecommerce revenue, arguing vertical disclosure in a unified auction would be misleading.

Adam said unified auction means take rates are consistent across categories; ad credits for new advertisers are immaterial.

Adam said GPU purchases planned a year ahead, expensed through P&L not capitalized; disciplined to not overinvest ahead of revenue.

Evan said AI/ML spend continues while infra is being calibrated to monetization potential and converted to revenue-generating uses; direct.

Evan said Lens+ is early but promising, with room to run pricing experiments while building subscriber value; direct.

Evan said NA DAU is stabilizing near 99-100 million with no further Q2 declines expected, citing snapping and content freshness; direct.

Baszucki said the 3D interaction data set deepens the Discovery moat; Chopra attributed the hours-versus-bookings divergence to geographic mix shift.

Baszucki attributed top-10 rotation and virality to discovery, infra quality and Studio tooling, plus growth all the way down to the top 1,000 creators.

Management prioritized paying the 2026 convert and organic investment, with a high M&A bar; direct.

Management cited a programmatic Audience Hub push while staying focused on gaming; direct.