Reddit Max

Starting in Q4, Reddit will test logged-in-only mode to protect its user engagement, improve ad targeting and keep AI from scraping its content.

Generative AI search has pushed traffic off a cliff across most of the internet, but not on social platforms. Reddit included.

Reddit reported on Thursday $690 million in ad revenue for Q4 2025, a 75% YOY increase. But the company’s stock is down 38% over the past month.