If you haven’t already, we hope you’ll subscribe, so you don’t miss a thing. And if you want to run your own mention analysis, check out our Mention Markets x Earnings Call Dashboard.
Also, if you haven’t listened to it yet, we just had a great conversation this morning with one of Kalshi’s top traders, Gaeten Dugas. Give it a listen, and be sure to follow us on X, so you don’t miss the next one:
Traffic. Reddit Pro. Machine Translation. Developer. Game. Emplifi. Holiday. Algorithm. Smartly. OpenAI / Open AI. TikTok.
The call is Thursday, February 5th, 2026 at 5 p.m. ET.
This market is a tricky one, and we’ll get to why…
Currently, some potential mentions are aligned with our expectations and analysis.
Traffic and Reddit Pro are at 99% and 97%, respectively, and they’ve been mentioned on most calls. Reddit Pro, however, was skipped in Q2 of 2024.
Traffic is central to Reddit's earnings narrative. On the Q3'25 call, CEO Steve Huffman noted that “Reddit is the #3 most visited site in the U.S., per Semrush October 2025.” And then there’s the recent Max Campaigns beta that is explicitly for “select advertisers running traffic and conversion campaigns.”
So we -- and apparently a lot of other people -- think “Traffic” is more than likely a safe position, even if it’s only pennies at this point.
Now, Reddit Pro is a key part of Reddit's pitch to both advertisers and publishers, and we figure any update on publisher adoption or new Pro features for Q4 would naturally reference this.
One reason why machine translation may be slightly underpriced is that it’s been mentioned on every single earnings call to date.
Although, it’s worth mentioning that the number of mentions dwindled to only one mention on the last call:
Machine translation is available in 30 languages, and it's a major driver of top-of-funnel growth outside the U.S.
But a “problem,” or rather complication, with this market is that because Reddit recently went public, there aren’t many earnings calls to reference. Because of that, we’re uncertain about many of these and the market seems to reflect that…
We think two likely to be safe positions are “No” on both OpenAI/Open AI and TikTok.
OpenAI was mentioned in 2024 in the context of their deal with Reddit, but there has been no mention of them in 2025 earnings calls. Although it was reported last September that Reddit wanted better licensing arrangements with Google and OpenAI, there was no mention of OpenAI in the earnings call shortly following that report, and we don’t currently see a strong signal that they’ll be mentioned.
And even though Reddit overtook TikTok in the UK, we just don’t see that as strong enough evidence for Reddit to mention a competitor, unless it’s brought up in the context of a question, but even then a Reddit representative would have to say the word.
Then that brings us to a whole lot of maybes…
Developer has been mentioned on 5 of 7 calls, but the trend is trailing, with nine mentions in Q1'24 then four, then zero, zero, one, one, and two. On the last earnings call, Huffman specifically said:
The developer platform, which we haven't talked much about today, is one of our big ways of doing that.
There’s still a chance it’s mentioned, but based on Huffman’s own framing, it doesn’t seem like it’s a centerpiece of their earnings narrative.
Holiday has only appeared on two of seven calls, but that number is a bit misleading, because mentions of “Holiday” are most relevant for Q4 calls, and there has only been one so far. In the last Q4 call, the word did appear:
Revenue from the Cyber Five Week during the holiday period grew over 60% year-over-year. This was driven by a combination of first-time brands and existing retail customers who increased their spend with us.
Last October, Bloomberg reported that Reddit's Q4 guidance was literally framed as a "holiday-quarter forecast." And on the Q3'25 call, an analyst specifically asked about the "4Q holiday shopping season," putting the word in play. However, we don't have strong conviction here. The sample size is painfully small, and management might prefer phrases like "Q4 seasonality" or "fourth quarter strength" over "holiday" specifically.
That said, after tonight, we'll have more data to determine whether this is a pattern.
Smartly probably won’t come up unless it’s asked about. Smartly has been mentioned on the last two calls (Q2'25 and Q3'25), but the trend is declining.
In Q2'25, it was in prepared remarks:
Our new Smartly integration that launched to all advertisers in Q2 combines Reddit's audience and performance with Smartly's AI-powered advertising platform.
In Q3'25, it was mentioned in response to an analyst question about lower-funnel products:
We had a partnership with Smartly that we announced and a piece of that is also just doing work together on shopping.
So unless it's asked about, we don't think there is a high likelihood that it is mentioned. The integration is now established, so it's no longer the "new thing" that necessarily merits a prepared-remarks callout.
Emplifi we don’t have a strong take on, but there’s some background we wanted to provide that you might find helpful. Emplifi has never been mentioned on any Reddit earnings call because it's a brand-new partnership.
On January 15, 2026, Emplifi announced a strategic integration with Reddit's Enterprise API. Reddit's VP of Business Development Jonathan Flesher was quoted in the announcement.
Reddit does have a history of name-dropping new partners in prepared remarks. In Q3'24, CFO Drew Vollero announced the Meltwater partnership by name:
In Q3, we entered into a new partnership with Meltwater, a media and social intelligence company.
In Q4'24, they announced a partnership with Intercontinental Exchange. And in Q2'24, they named mParticle and Tealium.
Naming new partners is part of the earnings call playbook, but as of late, their cadence shifted. In Q1'25, partner mentions dropped sharply to two generic references. And by Q2 and Q3'25, the focus moved from naming individual partners to discussing ecosystem-level progress. The precedent for name-dropping new partners exists, but the recent trend is away from it. Since Emplifi is a martech middleware company, not a well-known consumer brand, we genuinely don't have a strong take here.
Now, one last thing…
Will there be another government shutdown?
If you ask Polymarket, there’s a 67% chance there will be. We have more to come on this in the coming week, but to get caught up on what’s going on, and to get ready, check out our past write-ups on the government shutdown: