Reddit shares soar 14% after company reports revenue pop in debut earnings report
Publishing timestamp: 2024-05-07 20:04:59
Summary
Reddit released its first quarterly report since its IPO, reporting a 48% increase in revenue and 82.7 million daily active users. The company's shares rallied 11% in premarket trading. Reddit reported a net loss of $575.1 million, with stock-based compensation expenses driving the loss. The company expects revenue of $240 million to $255 million for the second quarter.
Sentiment: MIXED
Tickers: RDDT, GOOGL, META, AMZN,
Keywords: enterprise, social media, breaking news: technology, internet, alphabet inc, amazon.com inc, business news, earnings, reddit inc, meta platforms inc, technology,
Source: https://www.cnbc.com/2024/05/07/reddit-rddt-q1-2024-earnings.html