Reddit Stock Rises After Q1 Results Top Expectations

Reddit Inc (NYSE:RDDT) reported financial results for the first quarter after the market close on Thursday. Here’s a look at the key details from the print. Reddit stock is trading at key levels. Where are RDDT shares going? Reddit Q1 Highlights Reddit posted first-quarter revenue of $663.41 million, beating the consensus estimate of $610.88 million, according to Benzinga Pro. The company reported first-quarter earnings of $1.01 per share, beating analyst estimates of 58 cents per share. Total revenue climbed 69% on a year-over-year basis as daily active unique (DAUq) users increased 17% year-over-year to 126.8 million. Reddit generated operating cash flow of $312 million and free cash flow of $311 million in the quarter. The company ended the period with approximately $2.77 billion in cash, cash equivalents and marketable securities. “Reddit is a one-of-one business powered by deeply engaged communities and authentic human conversation. That foundation is driving a rare combination of growth, profitability, and efficiency, and giving Reddit a unique advantage in the age of AI,” said Steve Huffman, co-founder and CEO of Reddit. What’s Next For Reddit? Reddit expects second-quarter revenue to be in the range of $715 million to $725 million versus estimates of $711.63 million. The company anticipates adjusted EBITDA of $285 million to $295 million in the second quarter. Reddit executives will further discuss the quarter on an earnings call scheduled for 4:30 p.m. ET. Reddit Stock Pops After Earnings RDDT Price Action: Reddit shares were up 2.56% in after-hours Thursday, trading at $151 at the time of publication, according to Benzinga Pro. Read Also: Gary Vaynerchuk Says 'Every Brand On Earth' Should Be Doing This— Or Risk Wasting 93 Cents Of Every Marketing Dollar Spent Image: Shutterstock.com