Reddit Beat on Revenue, Profit, and Guidance. Its U.S. Daily Users Went Backward, and the Stock Fell 21%.

Reddit delivered strong Q2 earnings with 61% revenue growth to $805M and net income nearly tripling to $253M, but U.S. daily active users declined sequentially from 53.5M to 53.2M—the first quarterly decline in five quarters. This user stagnation in the U.S., which generates 79% of revenue at $11.85 per user, triggered a 21% stock decline despite the company trading at 33x earnings.