Why Reddit Stock Is Skyrocketing Today
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Reddit's stock surged 21.1% despite a broader market decline, driven by strong Q2 results that exceeded expectations. The company reported earnings per share of $0.45 on revenue of $500 million, significantly beating analyst estimates. Daily active users increased by 21% year-over-year, reaching 110 million. Reddit's guidance for the current quarter suggests sales between $535 million and $545 million, indicating 55% year-over-year growth. The company is also benefiting from momentum in artificial intelligence, positioning it for continued strong performance.
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