Reddit (RDDT, Neutral, $68 target) First Take: Surprise upside in ad monetization
What’s New: In this first take following tonight’s results, we focus on:1. Topline surprise: ad monetization much better, user growth largely inline
2. Conversations ads lead the way for Search ads to come
3. Not much new on data licensing, MSFT partnership seems unlikely
4. Operating leverage much stronger than expected
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