Reddit CEO Steve Huffman celebrated Reddit’s debut on the New York Stock Exchange on March 21, 2024, by sharing a moment with the company’s mascot, Snoo. Reporting its second-quarter results, Reddit exceeded analysts’ expectations. The company reported a loss per share of 6 cents, which was significantly better than the anticipated 33 cents loss. Revenue reached $281 million, surpassing the expected $254 million and marking a 54% increase from the previous year.
Reddit’s net loss narrowed to $10.1 million, down from $41.1 million a year prior. Notably, online advertising revenue surged 41% year-over-year to $253.1 million, reflecting a rebound in the digital ad market. Additionally, the company’s “other revenue” category, including data licensing, skyrocketed by 691% to $28.1 million. For the third quarter, Reddit projects sales between $290 million and $310 million, ahead of analyst expectations of $278.7 million.
The company also reported a higher-than-expected average revenue per user of $3.08, and daily active users rose 51% year-over-year to 91.2 million, surpassing the anticipated 84.5 million. This strong performance marks Reddit’s second successful quarterly earnings report since going public.
Original Story https://www.cnbc.com/2024/08/06/reddit-rddt-q2-2024-earnings-report.html
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