Reddit (RDNT) Reports 69% Revenue Increase in Q1 Earnings

Reddit (RDNT) reported first-quarter revenue of $663 million, a 69% increase from $392 million a year ago, surpassing analyst expectations of $611 million. Earnings per share reached $1.01, significantly above the anticipated 58 cents. The stock jumped over 9% in extended trading following the announcement. Looking ahead, Reddit projected second-quarter sales between $715 million and $725 million, exceeding the $712 million estimate. Additionally, daily active users rose 17% year-over-year to 126.8 million, also surpassing expectations of 125.9 million.