Reddit shares soar almost 20% after company reports revenue pop in first earnings report since IPO – EVOL

Reddit released its first quarterly report following its IPO in March. Revenue increased 48% to $243 million for the first quarter. Reddit reported 82.7 million daily active users for the period. Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024.  Timothy A. Clary | AFP | Getty Images

Reddit shares rallied 14% in extended trading on Tuesday after the company released quarterly results for the first time since its IPO in March.

Here’s how the company did:

Loss per share: $8.19. That may not compare with the $8.71 loss expected by LSEG Revenue: $243 million vs. $212.8 million expected by LSEG

Revenue climbed 48% from $163.7 million a year earlier. The company reported $222.7 million in ad revenue for the period, up 39% year over year, which is a faster rate of growth than at its top competitors.

Digital advertising companies have started growing again at a healthy clip after brands reeled in spending to cope with inflation



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