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Reddit Stock Erupts After Q1 Results
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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.
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