Our social media habits are so ingrained they're almost automatic and essential. Little surprise, then, that the companies behind them are flourishing.
The New York Stock Exchange welcomes Reddit, Inc. to celebrate its initial public offering. To honor the occasion, Snoo, rings the Opening Bell®.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribewith net income of $29.9 million, compared with a net loss of $7.4 million during the same quarter a year ago.
Snap's total active advertisers have more than doubled from the year-ago quarter, according to CEO Evan Spiegel. That's coupled withMeanwhile, Reddit swung from a loss a year ago to earning a profit. That remarkable transformation was in part helped by a 47% year-over-year jump in daily active users and better-than-expected average revenue per user.
All companies reported earnings after the bell. In extended trading, shares of Reddit rocketed almost 25%, Snap surged around 10.6% and Alphabet added 5.8%.turn to report earnings later today. Microsoft isn't really involved in the ad market because it's more focused on enterprise products. But investors will be watching to see if Meta keeps up with the positive trend so far.
Judging by how much time I spend on Meta-owned Instagram and see ads that seem to know exactly what I want, the company's ad revenue is likely to see healthy growth as well.Note: CNBC Daily Open will be on a break Thursday, Oct. 31, for the public holiday in Singapore. Regular programming will resume Friday.
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