Reddit shares close up 42% on profitability, rosy guidance
Publishing timestamp: 2024-10-30 14:35:01
Summary
Reddit's shares surged after reporting third-quarter results that exceeded expectations, with revenue up 68% from the previous year. The company also posted a surprise profit and offered optimistic guidance for the future, leading to a 42% increase in its stock price. Analysts praised Reddit's strong revenue growth, improved profitability, and growing user base.
Sentiment: POSITIVE
Tickers: RDDT,
Keywords: business news, earnings, technology, media, breaking news: technology, social media, stock markets, enterprise, internet, breaking news: business, reddit inc,
Source: https://www.cnbc.com/2024/10/30/reddit-shares-soar-35percent-on-profitability-rosy-guidance-.html