Reddit shares rise more than 15% in first quarterly earnings since going public
Social networking company reported $575m in losses, but strong revenue and an increase in users buoyed investor confidence
Reddit shares rose more than 15% in after-hours trading on Tuesday following its first quarterly earnings since going public in March. The company reported overall losses of $575m, citing expenses from its initial public offering for the decline. But strong revenue and user increases boosted confidence in the company after its long-awaited public offering.
Reddit reported a revenue of $243m during the first quarter of 2024 – an increase of 48% from the previous quarter. It also posted record user traffic, with daily active users increasing 37% to 82.7 million from the previous three months. The report comes after its initial public offering saw a positive response, with shares up 48% on the first day of trading.
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Reddit shares surge on OpenAI ChatGPT deal, on pace for biggest gain since March
Shares of Reddit Inc. soared 15.3% Friday, lifted by the company’s deal with OpenAI, putting the stock on pace for its biggest gain since March 25, 2024, when it rose 30% Dow Jones Market Data show.MarketWatch - Business -
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The public does not share government hostility to international students
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The Dow crossed 40000 for the first time, a milestone that appeared implausible a little more than two years ago when the Fed began raising interest rates to cool an overheated economy.The Wall Street Journal - World
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