Reddit share price jumps 25% after Q3 results, strong revenue forecast boosted by AI deals
Reddit share price jumped more than 24% in extended trading on Tuesday after the company reported its first quarterly profit, while its fourth-quarter revenue forecast beat estimates. Reddit stock price ended 2.59% higher at $81.74 and surged 24.79% to $102 after-market hours.
The company reported a profit per share of 16 cents for the third quarter ended September 2024, compared with a loss of 13 cents in the year-ago quarter. Analysts, on average, had expected a loss of 7 cents per share.
Revenue in the September quarter rose 68% to $348.4 million, beating analysts’ estimate of $312.8 million, Reuters reported.
Reddit’s daily active unique visitors increased 47% to 97.2 million in Q3, while its global average revenue per user (ARPU)…
