Reddit Shares Surge 11% Following Strong Revenue Growth in First Quarterly Report That Surpassed Estimates from index stock market today Watch Video
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⏲ Duration: 0:43 👁 View: 2.4M times ✓ Published: 09-May-2024
Description: Social media platform Reddit released its first quarterly report since going public in March. Reddit reported revenue of over $240 million, up 48% year-over-year and beating analyst estimates. Advertising revenue grew 39%, faster than competitors like Meta, Amazon and Alphabet. The company reported a net loss of over $575 million, with stock-based compensation expenses driving red ink. Reddit had over 82 million daily active users in the first quarter, up from estimates and a sign of continued engagement growth. Shares surged 11% in pre-market trading following the strong earnings report.