Reddit reported Q2 2026 results with total revenue of $805 million, including $762 million from advertising, up 64% year-over-year. Data licensing revenue reached $43 million, growing 24%, with OpenAI and Google remaining the two largest customers. The stock dropped more than 20% as licensing revenue represents only 5% of total revenue, far below market expectations that valued the company as a key data supplier for artificial intelligence. The agreement with Google, worth approximately $60 million annually, is approaching expiration and its renewal remains uncertain.
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