This is the 6403rd most frequent Russian word.
читаем
"Читаем" means "we read" in English.
In this sentence, 'читаем' is the conjugated form of the verb 'читать' (to read) in first person plural (we) in the present tense, indicating an ongoing activity of reading.
Мы читаем книгу вместе.
We are reading a book together.
Here, 'читаем' is used to describe a habitual action performed by the group in question (first person plural), namely the action of reading in the present habitual sense.
Каждое утро мы читаем газету.
Every morning we read the newspaper.
In this context, 'читаем' is used in the first person plural to indicate a general repeated action (i.e., reading) that occurs under certain conditions (being at home).