Reddit (RDDT) Climbs 26% on Strong Earnings

We recently published 10 Stocks With Surprising Gains. Time to Sell? Reddit, Inc. (NYSE:RDDT) is one of the companies that stood stronger last week.

Reddit saw its share prices surge by 26.04 percent week-on-week as investors took heart from a strong earnings performance in the second quarter of the year.

In its updated report, Reddit, Inc. (NYSE:RDDT) said it swung to a net income of $89 million from a $10 million net loss in the same period last year, while revenues expanded by 78 percent to $500 million from $281 million year-on-year.

In terms of market share, the US contributed $409 million, marking a 79-percent increase year-on-year, while the international market amounted to $91 million, or a 71-percent jump from a year earlier.

For the third quarter of the year, Reddit, Inc. (NYSE:RDDT) is targeting to hit $535 million to $545 million in revenues, or a 53 percent to 56 percent surge from the $348.4 million actual revenues in the third quarter of 2024.

“Reddit is built for this moment. In a world where connection is increasingly rare, our communities show how valuable human conversation and knowledge really are,” Reddit, Inc. (NYSE:RDDT)Co-Founder and CEO Steve Huffman said.

Copyright: rvlsoft / 123RF Stock Photo

“We’re focused on growing globally, scaling sustainably, and making Reddit the most trusted place on the internet.”