Reddit entered the summer of 2026 having nearly tripled its net income and grown revenue by 61 percent, yet the market punished the company with a 21 percent stock decline — a reminder that in the attention economy, growth in the wrong geography can feel like standing still. The stumble was narrow but symbolic: American daily users, the audience that generates nearly four-fifths of all revenue, declined for the first time across five quarters of reporting. What the numbers reveal is a deeper tension between monetization and expansion — a company learning to charge more for the audience it has,