Reddit gains social ad share as digital ad spending accelerates, per Jefferies.

Reddit increased its share of social advertising budgets in Q2, driven by its strong contextual targeting and high-intent audience, according to Jefferies. Digital ad spending accelerated sequentially, with growth expected to continue through the year. Reddit's new performance products and automation tools are helping attract smaller advertisers and broaden its advertiser base. Meanwhile, other platforms like LinkedIn and Pinterest are losing budget share to Reddit, while ChatGPT's ad product trials showed underwhelming results.