Reddit Shines in First Earnings Report, Sending Stock Soaring
- Social media company reports adjusted Ebitda of $10 million
- Daily active users jumped 37% to 82.7 million globally
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Reddit Inc. shares jumped as much as 16% in premarket trading after improvements to the social media platform’s advertising system helped push quarterly sales higher than expected in its first results as a public company.
Revenue increased 48% to $243 million in the period ended March 31, the social media company said Tuesday in a statement. Analysts, on average, estimated $211.9 million, according to data compiled by Bloomberg.