Reddit Stock Soars After Strong Q3 Results, Q4 Guidance Above Estimates: DAUq's Grow 17% And More
Portfolio Pulse from Erica Kollmann
Reddit, Inc. (NYSE:RDDT) reported strong Q3 results, beating earnings and revenue estimates. The company saw a significant increase in daily active users and improved profitability metrics. Reddit's Q4 guidance also surpassed expectations, leading to a 17.45% increase in its stock price after-hours.
October 29, 2024 | 8:47 pm
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Reddit reported strong Q3 earnings, beating estimates with EPS of 16 cents and revenue of $348.4 million. DAUq grew 47% YoY, and the company turned profitable with a net income of $29.9 million. Q4 guidance is also above estimates, leading to a 17.45% after-hours stock price increase.
Reddit's Q3 results exceeded expectations with significant growth in daily active users and profitability. The positive earnings surprise and strong Q4 guidance are likely to boost investor confidence, resulting in a 17.45% increase in the stock price after-hours.
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