I'll need to calculate "Sales & Marketing" as a percentage of revenue for each company. Let me first look up the ticker for Reddit, then load the financial data for all three.Now let me load the financial data. I need total revenue and selling/general/administrative expenses (which typically includes sales & marketing). However, "Sales & Marketing" specifically may need to be searched in SEC filings. Let me first try the standard income statement metrics and also search the filings.The data is loaded. Now, I need to think about the specific request: "Sales & Marketing as a % of spend." SG&A includes sales & marketing plus other administrative costs. Let me check if there's a more specific "Sales & Marketing" line item. Let me search the SEC filings for these companies to see if they break out sales & marketing separately.

Actually, let me first check the compressed filings for the breakdown of SG&A or operating expenses that might have a specific "Sales and Marketing" line.I can see from the filings that these companies do report "Sales and Marketing" (or "Marketing and Sales") as a separate line item on their income statements. Now I need to get the historical data for each. The standard SG&A loaded earlier won't separate out Sales & Marketing. Let me search for the historical "Sales and Marketing" values across multiple years for each company.Good, I now have data going back to 2019 for GOOGL and META. Now let me get RDDT annual data. Let me also get the 2023 RDDT filing and check for earlier years.Now let me check for RDDT's annual 2024 data and earlier years.RDDT only has data from 2023 onwards (they IPO'd in 2024). Let me try to find the 2023 quarterly data from the 2024 10-K filing which might contain full year comparisons, and also try to get the RDDT 2024 annual numbers. Let me also try their S-1 for pre-IPO data.Let me try a different approach. I'll use the data I already have from the filings to build the dataset. For RDDT, let me try to get data from their first 10-K as a public company. Let me also check the income statement data already loaded (dataframe 1058) and compute sales & marketing as % of revenue. But first I need the actual sales & marketing values. Let me compile what I have from the filings and use compute to create the chart.

Let me now try searching for the RDDT 2024 actual 10-K (which would be filed in 2025 for fiscal year ending Dec 2024).Let me try a broader web search for RDDT's 2024 annual results to fill in the gaps.Now I have all the data I need. Let me also try to get RDDT 2022 data.Now I have enough data. Let me also get META's 2025 data (partial year) and GOOGL 2025 data. I already have data through 2024 for all. Let me now compile all the annual data I have and create the trendline chart.

Here's what I have:

META (Marketing and Sales): - 2019: $9,876M - 2020: $11,591M - 2021: $14,043M - 2022: $15,262M - 2023: $12,301M - 2024: $11,347M

GOOGL (Sales and Marketing): - 2019: $18,464M - 2020: $17,946M - 2021: $22,912M - 2022: $26,567M - 2023: $27,917M - 2024: $27,808M

RDDT (Sales and Marketing): - 2022: $225M (from stockanalysis - Marketing Expense is what they report as Sales & Marketing) - 2023: $230M - 2024: $351M - 2025: ~$504M (from marketbeat, but that may be TTM)

Let me also get revenues from the data already loaded and build the % calculation. Actually, let me now use compute to build this dataset with all revenue and sales & marketing data.Now let me show this as a table and chart.

Loading chart...Sales & Marketing as % of Revenue — Annual Trend (2019–2024)

Year	META	GOOGL	RDDT
2019	14.0%	11.4%	—
2020	13.5%	9.8%	—
2021	11.9%	8.9%	—
2022	13.1%	9.4%	33.7%
2023	9.1%	9.1%	28.6%
2024	6.9%	7.9%	27.0%

Key takeaways:

• META has driven the most aggressive efficiency gains, cutting Sales & Marketing from 14.0% of revenue in 2019 to just 6.9% in 2024 — the "year of efficiency" in 2023 is clearly visible with a 4-point drop from 13.1% to 9.1%.

• GOOGL has steadily reduced S&M intensity from 11.4% in 2019 to 7.9% in 2024, a more gradual and consistent downward trend reflecting Google's mature, high-margin advertising business.

• RDDT is at a much earlier stage — spending 27–34% of revenue on Sales & Marketing, typical for a company still investing heavily in monetization and advertiser acquisition. It has trended down from ~34% to 27%, but remains structurally much higher than the incumbents.

Good question — let me check META's early years post-IPO (2012). Let me look at their filings from that period.Excellent. I now have the full picture. Let me compile this and update the chart.

Loading chart...No — META never crossed 20%, even in the early post-IPO years. The peak was 17.6% in 2012 (the IPO year), driven heavily by one-time stock-based compensation from Pre-2011 RSUs triggered by the IPO.

META Sales & Marketing as % of Revenue — Full History:

Year	S&M % of Rev	Context
2010	8.5%	Pre-IPO, lean startup
2011	10.6%	Scaling pre-IPO
2012	17.6%	IPO year — peak (massive SBC from Pre-2011 RSUs)
2013	12.7%	Post-IPO normalization
2014	13.5%
2015	15.2%	Acquisitions (WhatsApp, Oculus) amortization
2016	13.6%
2017	11.6%
2018	14.1%
2019	14.0%
2020	13.5%
2021	11.9%
2022	13.1%
2023	9.1%	"Year of Efficiency"
2024	6.9%	All-time low

The 2012 spike to 17.6% was an anomaly — IPO-triggered stock-based comp inflated the number. Outside that, META consistently ran in the 11–15% range for over a decade before the dramatic efficiency push in 2023–2024 cut it nearly in half.