RDDT's third-quarter 2024 results benefit from strong user growth, higher ARPU and AI-powered services.
What's driving Reddit's stock to new heights today? Check out how the social discussion forum crushed analysts' expectations in the third quarter.
Reddit reported an increase in third-quarter revenue that exceeded analyst expectations, sending the social media company's stock soaring Wednesday toward its best day since going public in March, as analysts say the firm is benefitting from new search algorithms and other licensing deals.
Reddit stock is soaring Wednesday after the social media firm's blowout earnings report and upbeat guidance and analysts are rushing to raise price targets.
Reddit (RDDT) shares are surging Wednesday after the social media firm posted its first quarterly profit as a public company with higher-than-estimated results and a rosy fourth-quarter outlook.
Reddit's Q3 results exceeded expectations, with revenue up 68% y/y and DAUs growing 47% y/y, driving shares up 20% post-earnings. The company has particular advantages and potential in international markets, where machine translation has proven successful in France and Spain. It's planning to roll out local language translation to over 30 countries through 2025. With international representing less than 20% of current revenue, this is a major near-term growth driver.
Shares of social-media companies Reddit Inc (NYSE:RDDT) and Snap Inc (NYSE:SNAP) are surging today after earnings.
Reddit shares popped Wednesday, one day after it reported third-quarter results that beat Wall Street's expectations. The company reported revenue of $348.4 million, up 68% from a year earlier.
Reddit Inc.'s better-than-expected third-quarter results highlight the social-media platform's strong growth potential, analysts say.
The morning's biggest winner is Reddit (RDDT) after the social media platform turned a profit and reported higher-than-expected guidance. Eli Lilly (LLY) reported an "uncharacteristic" miss despite Mounjaro drug sales more than doubling over a year.
Reddit (RDDT) shares are surging 24% in premarket trading Wednesday after the social media firm posted its first quarterly profit as a public company with higher-than-estimated results and a rosy fourth-quarter outlook.
Reddit (RDDT) shares surged in premarket trading on Wednesday after the company reported earnings that topped estimates and provided a better-than-expected outlook amid robust digital advertising spending and lucrative artificial intelligence (AI) content licensing deals.