Reddit Stock Hits ATH as Company Reports Profit for the First Time Since IPO

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

Stock Hits ATH as Company Reports Profit for the First Time Since IPO

This is the hidden content, please

• Sign In
• or
• Sign Up

(NYSE:) has reached a significant milestone by posting a profit for the first time since going public in March 2024. The social media platform, known for its diverse user-generated content, has seen its stock more than double since its initial public offering (IPO). At the time of writing,

This is the hidden content, please

• Sign In
• or
• Sign Up

’s stock was trading at $114.72, up over 40% through the day.

This is the hidden content, please

• Sign In
• or
• Sign Up

Reports a Profit for the First Time

In the third quarter,

This is the hidden content, please

• Sign In
• or
• Sign Up

’s revenue was reported to be $348.4 million. This impressive growth is reflected in the stock’s performance, which reached a record high of approximately $114 at the time of writing.

Despite an estimated net loss of $8 million and earnings per share at a negative seven cents, the company is experiencing a surge in daily active users, which was reported at 97.2 million. The reported profit and revenue figures came as a surprise to the consensus forecast.

The company reported a profit of $29.9 million for the third quarter, a significant milestone and the first time the social media company has been a profitable company in its history of almost twenty years.

This is the hidden content, please

• Sign In
• or
• Sign Up

’s strategic partnerships, particularly in artificial intelligence (AI), have played a crucial role in its financial success. The company has secured significant AI training deals with tech giants

This is the hidden content, please

• Sign In
• or
• Sign Up

(NASDAQ:) (NASDAQ: GOOG) and OpenAI, each valued at approximately $200 million over the next three years.

By licensing its data to train AI models, such as

This is the hidden content, please

• Sign In
• or
• Sign Up

Gemini and OpenAI’s ChatGPT,

This is the hidden content, please

• Sign In
• or
• Sign Up

has opened a new revenue stream, with data licensing expected to contribute 15% of third-quarter revenue. Additionally, ad revenue, which constituted 90% of total revenue in the second quarter, is anticipated to grow, driven by dynamic product ads and collaborations with sports leagues like the NFL.

This is the hidden content, please

• Sign In
• or
• Sign Up

Stock Soars on Profitability News

This is the hidden content, please

• Sign In
• or
• Sign Up

’s stock has experienced a dramatic surge, with its price currently at $114.72, reflecting a 40.35% increase at the time of writing. The company’s market cap stands at $19.029 billion, fueled by strong earnings and a positive sales forecast.

This is the hidden content, please

• Sign In
• or
• Sign Up

’s unexpected profit, bolstered by a 68% sales growth, has caught the attention of analysts, resulting in a “Strong Buy” recommendation.

The stock’s year-to-date return is an impressive 134.70%, significantly outperforming the ’s 11.77% gain over the same *******. Analyst price targets range from a low of $59.00 to a high of $100.00, indicating confidence in

This is the hidden content, please

• Sign In
• or
• Sign Up

’s continued growth trajectory.

***

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

This is the hidden content, please

• Sign In
• or
• Sign Up

prior to making financial decisions.

This

This is the hidden content, please

• Sign In
• or
• Sign Up

was originally published on The Tokenist. Check out The Tokenist’s free newsletter,

This is the hidden content, please

• Sign In
• or
• Sign Up

, for weekly analysis of the biggest trends in finance and technology.

This is the hidden content, please

• Sign In
• or
• Sign Up

#

This is the hidden content, please

• Sign In
• or
• Sign Up

#Stock #Hits #ATH #Company #Reports #Profit #Time #IPO

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up