Reddit reported second-quarter earnings on Thursday that beat on sales and guidance. Revenue grew 78% year-over-year in the second quarter and was 17% above consensus estimates, the biggest beat in the company’s short history as a public company. Reddit said third-quarter revenue will be in the range of $535 million to $545 million, ahead of Wall Street estimates of $473 million. Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Timothy A. Clary | AFP | Getty Images
Reddit shares jumped as much as 20% after the company reported second-quarter earnings on Thursday that beat on sales and guidance.
Here’s how the company did compared with LSEG estimates:
Earnings per share: 45 cents vs. 19 cents expected Revenue: $500 million vs. $426 million expected
Reddit’s revenue grew 78% year-over-year in the second quarter and was 17% above consensus estimates, the biggest beat in its short history as a public company. Net income came in at $89 million in the second quarter, compared with a