Reddit Raises First-Quarter Revenue – Rising Sharply in After-Trade – E24

Reddit delivered its first quarterly results since its IPO earlier this year.

Reddit, which debuted as a publicly traded company in March, released its first-quarter results shortly after Wall Street closed Tuesday:

• Revenue was 243 million dollars, an increase of almost 50 percent from the same quarter last year.
• The adjusted operating result (ebitda) was 10 million dollars, up from minus 50.2 million in the first quarter of 2023.
• 82.7 million daily users, up 37 percent.

The income and operating result far exceeded what the analysts had previously expected.

– It was a strong start to the year and a milestone quarter for Reddit and our community as we debuted as a publicly traded company, says Reddit CEO Steve Huffman, who also co-founded the company back in 2005.

The stock is up almost 20 percent in after-market trading.

Reddit was listed on the stock exchange at $34 per share, but the stock traded at $49.40 at the close on Tuesday.

The company brought in 748 million dollars in connection with the stock market listing. The listing was the fourth largest so far this year when it occurred.

Reddit is a kind of network of various discussion forums. The subgroups on Reddit are called subreddits. One such subreddit dedicated to music artist Taylor Swift reached one million members last year.