October 30, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas, including tech and bitcoin stocks reports on trading and news for social media stocks Reddit, Inc. (NYSE: RDDT), one of the internet’s largest sources of information.
The social media stock is trending today on financial results that demonstrate it is one of the most used and trusted communities for information. The stock is trading at $115.93, up 34.19, gaining over 42% on volume of over 21 Million as of this report.
The results clearly show that consumers and investors choose sites like Reddit and X (Twitter) to read and share information as the distrust for mainstream (corporate) media builds.
Reddit, Inc just announced financial results for the quarter ended September 30, 2024. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability,” said Steve Huffman, Co-Founder and CEO of Reddit. “Reddit continues to be one of the most visited and trusted sites in the world with opportunities available to us that aren’t available to most companies.”
Revenue increased 68% year-over-year to $348.4 million, Ad revenue increased 56% year-over-year to $315.1 million, and Other revenue increased 547% year-over-year to $33.2 million
Gross margin was 90.1%, an improvement of 280 basis points from the prior year
Net income was $29.9 million, as compared to net loss of $(7.4) million in the prior year
Adjusted EBITDA1 was $94.1 million, as compared to $(6.9) million in the prior year
Operating cash flow was $71.6 million, an improvement of $79.3 million from the prior year
Free Cash Flow1 was $70.3 million and capital expenditures were $1.4 million, less than 1% of revenue
Recent news
https://finance.yahoo.com/news/reddit-announces-third-quarter-2024-200800065.html
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