Reddit Stock Rockets 42% As Company Posts First Profit Since IPO And Makes Its Case As An AI Winner
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deadline.comReddit stock zoomed 42% Wednesday after the tech firm posted a surprise quarterly profit, its first since going public last March.
Shares finished at $116.05 on trading volume more than eight times normal levels as investors registered the fact that the company is shaping up as an unexpected winner in the artificial intelligence arms race.
Earnings in the third quarter ended September 30 came in at 16 cents a share, with revenue at $348.4 million. Wall Street analysts had been expecting a loss of 7 cents a share and revenue of $314 million, according to FactSet.
Just about every metric in the quarter was up and to the right. The number of daily active users on Reddit’s app and website increased 47% year-over-year, hitting 97.2 million.
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