Reddit third-party data show slowing U.S. trends, says JPMorgan

JPMorgan says Reddit (RDDT) shares have been pressured by softer third-party user data, the broader social media trial, and possibly early concerns on potential geopolitical headwinds to digital advertising budgets. SimilarWeb data suggest Reddit’s U.S. unique visitor growth year-over-year has decelerated to up 1% in March from up 5% in February, the analyst tells investors in a research note. JPMorgan adds that while third-party data suggests softer recent trends closing out the quarter, investors are already expecting 1M quarter-over-quarter U.S. daily active user net additions and 5M globally in Q1.