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Reddit reported $2.20 billion of 2025 revenue and $663.4 million of Q1 2026 revenue. The thesis turns on advertising demand, user engagement, data licensing, cash conversion and platform-governance risk.
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Affirm is scaling GMV and has moved into GAAP operating profitability, but the stock thesis still depends on credit discipline, funding access, partner concentration, regulation and whether Card, wallets and international expansion preserve unit economics.
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