Reddit (RDDT) Q3 earnings reports 2024

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(RDDT) Q3 earnings reports 2024

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CEO Steve Huffman stands on the floor of the New York Stock Exchange (NYSE) after ringing a bell on the floor setting the share price at $47 in its initial public offering (IPO) on March 21, 2024 in New York City.

Spencer Platt | Getty Images

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shares jumped 22% in extended trading Tuesday, topping $100 for the first time, after the social media company reported third-quarter results that topped analyst estimates and issued an optimistic forecast for the current *******.

Here’s how the company did compared with LSEG estimates:

Earnings per share: 16 cents vs. a loss of 7 cents expectedRevenue: $348.4 million vs. $312.8 million expected

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said fourth-quarter revenue will be between $385 million and $400 million, beating the average analyst estimate of $357.9 million. Adjusted earnings for the fourth quarter will be in the range of $110 million to $125 million, higher than the $85.2 million average estimate.

Revenue in the third quarter jumped 68% from a year earlier, and the company turned profitable, reporting net income of $29.9 million, compared with a net loss of $7.4 million during the same quarter a year ago.

The company said that its daily active users grew 47% year over year in the third quarter to 97.2 million, better than analyst estimates of 96.5 million.

Average revenue per user was $3.58 for the third quarter, which beat analyst estimates of $3.24.

“It was another strong quarter for

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and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability,”

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CEO Steve Huffman said in a statement. “

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continues to be one of the most visited and trusted sites in the world with opportunities available to us that aren’t available to most companies.”

This is

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’s third earnings report since the company went public in March. Based on the after-hours pop, the stock has almost tripled in value since its IPO. At the close,

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had a market cap of $13.6 billion.

Since last year,

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has benefited from

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search updates that helped push its content higher in results, bringing in a flood of new users to the 19-year-old social media service. However, the newer users, which

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refers to as logged-out users, generate less online advertising revenue for the company than logged-in users, who typically spend more time on the platform,

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has detailed in

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.

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is trying to get logged-out users to sign up to the service and is making it easier for them to do so, Huffman told CNBC in August. He also said that

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’s direct traffic is “really resilient” to any

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search changes.

The company said global logged-out users grew 70% from a year earlier to 53.1 million, while global logged-in users increased 27% to 44.1 million.

WATCH: Cramer revisits 2024’s largest IPOs

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#

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#RDDT #earnings #reports

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