Reddit shares popped Wednesday, one day after the company reported rosy third-quarter results.
Reddit shares popped a day after the company 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.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.The company reported a net income of $29.
"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 press release.Reddit's daily active unique users increased 47% year over year to 97.2 million during its third quarter, and analysts at Citi said Wednesday that this user growth underscored the company's"impressive" results.
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