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Headline : Reddits first earnings after going public made its stock jump

Read more from the original article on here at qz.com.





Tags : #reddits #first #earnings #going #public #made #stock #jump


No. of Paragraph 10

Reddit, the cheeky social media platform that serves as a bridge for thousands of forums, is having a better-than-expected inaugural earnings debut as a public company.

Reddit stock spiked almost 15% to more than $56 per share in after-hours trading Tuesday after the company crushed first-quarter-earnings expectations. The company’s share price is significantly higher than its March IPO listing of $34 a share.

The company filed a confidential IPO filing in December 2021 and finally made its debut on the New York Stock Exchange just two months ago, making it the first social media platform to go public in years.

Reddit, which was founded in 2005, appears to be wasting little time. It blew past Wall Street’s expectations. For the first quarter, Reddit reported revenue of $243 million, up 48% when compared to the same period a year ago, the company said in its earnings release. Analysts forecasted it would report $214 million.

Read more from the original article on here at qz.com.


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