Can Reddit Shrink to Grow?

Reddit shares fell over 21% after Q4 revenue growth forecasts slowed to 40% YoY from Q3's 53%, and CEO Steve Huffman announced plans to shift to a logged-in-only experience. Despite near-term headwinds, the analyst sees potential value, noting Reddit is on track for $1 billion in annualized free cash flow with a 3.7% FCF yield and a history of doubling cash from operations annually.