Reddit shares surged up to 20% after the company beat second-quarter sales expectations and raised its guidance, according to CNBC. The social media company reported earnings of 45 cents per share and $500 million in revenue, surpassing expectations of 19 cents per share and $426 million in revenue. Second-quarter sales grew 78% year-over-year and beat consensus estimates by 17%, marking its largest outperformance since going public. Reddit’s global daily active users rose 21% year-over-year to 110.4 million, surpassing analyst estimates of 109 million. Reddit CEO Steve Huffman told shareholders that Reddit Answers, the company’s AI-powered tool, now has 6 million weekly users and will be integrated more deeply into search as it expands globally. He added that Reddit’s role as a community-driven platform is growing more vital as the internet evolves.
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00:02Reddit shares surged up to 20% after the company beat second quarter sales expectations and raised its guidance, according to CNBC.
00:09Social media company reported earnings of $0.45 per share and $500 million in revenue, surpassing expectations of $0.19 per share and $426 million in revenue.
00:19Second quarter sales grew 78% year-over-year and beat consensus estimates by 17%, marking its largest outperformance since going public.
00:26Reddit's global daily active users rose 21% year-over-year to $110.4 million, surpassing Atlas estimates of $109 million.
00:34Reddit CEO Steve Huffman told shareholders that Reddit Answers, the company's AI-powered tool, now has 6 million weekly users.
00:41It will be integrated more deeply into search as it expands globally.
00:44He added that Reddit's role as a community-driven platform is growing more vital as the internet evolves.
