Reddit revenues topped analysts’ expectations, sending shares up 16 per cent in after-hours trading in its first quarterly results since its market debut in March.
In the second quarter of 2024, the social media group estimated revenue in the range of $240mn to $255mn, above consensus expectations.
Revenues rose 48 per cent to $243mn, well above forecasts for $213mn, according to data from S&P Capital IQ.
Net losses stood at $575.1mn compared with consensus estimates of $610mn, widening sharply from $60.9mn in the same quarter of the previous year. The company said this was “driven by IPO expenses”, and posted its first quarterly profit on an adjusted basis of $10mn.
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