Reddit Inc. (NYSE:RDDT) shares rose 1.5% in premarket trading on Tuesday after Piper Sandler data showed the social media platform’s average user base increased 8% month on month in August.
The increase was Reddit’s highest monthly user growth rate of the year and followed a 2% decline in July, according to Piper Sandler.
Feed users increased by 79 million during August, while Conversation users declined by 1 million.
International User Growth Reaches 29.3%
Reddit’s overall audience increased 18.0% year on year in August, accelerating from 12.8% growth in July.
Piper Sandler’s data showed different trends between the U.S. and international markets. U.S. users increased 5.2% in August, representing a slower rate of growth than in previous months.
International users, meanwhile, increased 29.3% year on year, compared with 19% growth in July.
Piper Sandler also said Reddit is making changes to its ads manager model that are expected to result in an approximately 20% reset to the reported audience size.
Reddit stock price
