Reddit CEO Steve Huffman embraces mascot Snoo, Reddit will begin trading on the New York Stock Exchange on March 21, 2024.
Timothy A. Clary | AFP | Getty Images
Reddit Second-quarter results released Tuesday beat analysts’ expectations.
Here are the key numbers:
- Loss per share: 6 cents, while LSEG is expected to lose 33 cents
- income: $281 million LSEG expected to be $254 million
Second-quarter sales increased 54% year-over-year. The company’s net loss narrowed to $10.1 million from $41.1 million in the same period last year.
Online advertising revenue increased 41% from the previous year to US$253.1 million. The digital advertising market continues to grow recover From a A tough 2022when companies reduce promotional spending due to inflation and other factors.
Reddit’s “other revenue” includes the company’s Data licensing businessgrew 691% to $28.1 million.
Reddit said it expects third-quarter sales of $290 million to $310 million. Analysts expected $278.7 million.
The company said average revenue per user in the second quarter was $3.08, above analysts’ expectations of $3.02. FactSet data showed that the number of daily active users increased 51% year-on-year to 91.2 million, exceeding analysts’ expectations of 84.5 million.
This is Reddit’s second quarterly earnings report since the company folded people Listed on the New York Stock Exchange in March.
watch: TechCheck: Apple, Nvidia lead decline in large tech stocks
