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Reddit's Stock Rises 15% On First Earnings Report
(MENAFN- Baystreet) Uber's Stock Falls 8% As Earnings Miss Target Shopify's Stock Plunges 18% On Surprise Loss Toyota's Profit Doubles Due To Strong Hybrid Vehicle Sales Reddit Stock Erupts After Q1 Results 'The Fall Guy' Beats Out Competitors Over the First May Weekend Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Wednesday, May 8, 2024 Reddit's Stock Rises 15% On First Earnings Report Reddit's (RDDT) stock is up 15% after the social media company issued its first earnings report as a publicly traded company.
Reddit held its initial public offering (IPO) in March of this year in what was a highly publicized market debut.
Now, the company behind online message boards has issued its financial results for this year's first quarter, reporting a loss per share of $8.19 U.S., which was not as bad as a loss of $8.71 U.S. that was expected among analysts.
Revenue in the quarter totaled $243 million U.S. versus $212.8 million U.S. that was expected on Wall Street. The still unprofitable company said its sales rose 48% from a year earlier.
Reddit also reported $222.7 million U.S. in advertising revenue for the quarter, up nearly 40% year over year.
The company had 82.7 million daily active users at the end of Q1, more than the 76.6 million expected by analysts. Average revenue per user rose 8% to $2.94 U.S.
Looking ahead, Reddit's management team said they expect revenue of $240 million U.S. to $255 million U.S. for the current second quarter, topping analysts' expectations of $224 million U.S.
Reddit began trading on the New York Stock Exchange on March 21. The company priced its IPO at $34 U.S. per share, which valued it at $6.50 billion U.S.
Prior to today (May 8), Reddit's stock had declined 2% since its IPO to trade at $49.40 U.S. per share.
Reddit held its initial public offering (IPO) in March of this year in what was a highly publicized market debut.
Now, the company behind online message boards has issued its financial results for this year's first quarter, reporting a loss per share of $8.19 U.S., which was not as bad as a loss of $8.71 U.S. that was expected among analysts.
Revenue in the quarter totaled $243 million U.S. versus $212.8 million U.S. that was expected on Wall Street. The still unprofitable company said its sales rose 48% from a year earlier.
Reddit also reported $222.7 million U.S. in advertising revenue for the quarter, up nearly 40% year over year.
The company had 82.7 million daily active users at the end of Q1, more than the 76.6 million expected by analysts. Average revenue per user rose 8% to $2.94 U.S.
Looking ahead, Reddit's management team said they expect revenue of $240 million U.S. to $255 million U.S. for the current second quarter, topping analysts' expectations of $224 million U.S.
Reddit began trading on the New York Stock Exchange on March 21. The company priced its IPO at $34 U.S. per share, which valued it at $6.50 billion U.S.
Prior to today (May 8), Reddit's stock had declined 2% since its IPO to trade at $49.40 U.S. per share.
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