Reddit (NYSE:RDDT) grew third-quarter revenue by 53% to $895 million even as its U.S. daily users shrank 2% from a year ago. Shares fell about 10% in early after-hours trading. All of Reddit's user growth came from outside the U.S., so in its most valuable market this quarter's growth came from earning more from each user, not adding new ones. U.S. revenue rose 50% despite a smaller audience, so all of that growth came from making more money from each user. That lever is powerful, but it has a ceiling when the base keeps shrinking. The leak is in logged-out users, who fell 4% in the U.S. These are often people who land on Reddit from a search such as Google's, so the traffic depends on a search engine Reddit doesn't control. Logged-in U.S. users, which the release calls its most engaged and monetizable, grew only 1%. The release says app users grew from last quarter, but it gives no app figures to back that up.
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