Earnings calls are basically Marvel movies. Big numbers up front, the twist after the credits.

Reddit cashes in. Its Q3 letter shows ad revenue up 54% to $847M, on higher prices and more impressions. Video ad revenue more than doubled.

The catch: in October, search referrals fell by over 1M a week on average, and Reddit warns daily users could drop by a low-double-digit percentage from 130M in Q4.

Its answer: making Reddit logged-in-only, with tests outside the US this quarter. Fewer people may see your ads, but logins give Reddit more targeting signals.

Pinterest grows wider, not deeper. Its Q3 results show:

• Monthly users: a record 661M, up 10%
• Revenue: $1.174B, up 12%
• Revenue per user: $1.80, up just 1% and down 7% in Europe.

Its Q4 guide of 8 to 12% growth tops out at Q3’s pace.

Nearly all the user growth came from outside the US and Canada, where Pinterest earns far less per user. Selling mainly in North America? Pinterest’s audience there grew just 4%.

Meta’s AI is pulling its weight, says Meta. Upgrades to its ad ranking system, which picks the ads people see, lifted Facebook clicks 8.3% and conversions 15.7% in Q2.

The boost is automatic, but your goal, data quality and how much you let the AI optimize still shape results.

And a new feature shows which ads did the work: Ads Manager’s new Breakdown option shows how each image, video and text variation performs.

It skips collection and carousel displays, plus some custom conversions like Donate and Subscribe.