Reddit ($RDDT) reported a phenomenal result yesterday, and yet shares are down -13% in the pre-market...

Net Revenue came in at $805M (vs. $730M expected, +61% y/y), while EPS reached $1.25 (vs. $0.95 expected, +178% y/y). DAU came in at 130.3M, growing +18% y/y, with a Gross Margin of 91.3%.

The reason for the decline was CEO Steve Huffman’s comment that “search referrals were choppy” and traffic became more volatile late in the quarter.

Does $RDDT really have a defensible moat? What do you think?