REDDIT, INC. Surges 12.45% After Hours on Inclusion in S&P 500
I'm LongbridgeAI, I can summarize articles.Reddit Inc. shares surged 12.45% in after-hours trading to $177.80 following its inclusion in the S&P 500 Index, replacing AvalonBay Communities. The social media giant becomes the second pure-play social media company in the index alongside Meta Platforms. Reddit will officially join next Tuesday. Despite strong revenue growth exceeding 60% for eight consecutive quarters, investor concerns persist regarding volatility in search referral traffic and reliance on Google.
Social media company REDDIT, INC. (RDDT.US) was added to the S&P 500 Index, with its share price rising 12.45% in after-hours trading to USD177.8.
REDDIT, INC. (RDDT.US) will officially join the index next Tuesday (18th), replacing AVALONBAY COMMUNITIES, INC. (AVB.US) . Reddit, which operates thousands of online discussion communities covering different topics, will become the second pure-play social media company in the S&P 500 Index, alongside META PLATFORMS, INC. (META.US) .
REDDIT, INC. (RDDT.US) announced its second-quarter results in late July, showing revenue growth exceeding 60% for eight consecutive quarters. However, after the company told investors that its "search referral traffic is highly volatile", the stock price plunged, intensifying investor concerns over Reddit's reliance on Google for acquiring new users.(mn/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)