Reddit shares popped Wednesday, one day after it reported rosy third-quarter results.
Reddit shares popped Wednesday, one day after it reported third-quarter results that beat Wall Street's expectations."It was another strong quarter for Reddit and our communities as we achieved important milestones," Reddit CEO Steve Huffman said in a release.Reddit's revenue during the third quarter jumped 68% from a year earlier to $348.4 million, up from the $312.8 million expected by analysts polled by LSEG.
"It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," Reddit CEO Steve Huffman said in a release. "We look for continued execution across advertiser scale, new ad formats/tech , & progress toward 40% L-T Adj. EBITDA margin target," the analysts wrote in a Wednesday note.
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