FMP

FMP

Enter

Reddit Shares Surge 24% After Strong Q3 Results and Upbeat Q4 Guidance

-

twitterlinkedinfacebook
blog post cover photo

Image credit: FMP

Reddit (NYSE:RDDT) saw its shares soar over 24% in after-hours trading after the social media platform reported impressive third-quarter results and provided optimistic guidance for the fourth quarter.

For Q3, Reddit posted adjusted earnings per share of $0.16, far surpassing Street expectations of a $0.23 loss. Revenue climbed 68% year-over-year to $348.4 million, exceeding the prior-year figure of $312.8 million. Daily active users also surged, with DAUs up 47% year-over-year to 97.2 million.

Reddit achieved GAAP profitability with a net income of $29.9 million, a significant turnaround from the previous year’s $7.4 million loss. Adjusted EBITDA reached $94.1 million, a stark improvement from negative $6.9 million a year prior.

Looking ahead, Reddit projected Q4 revenue between $385 million and $400 million, well above the Street estimate of $357.9 million. Gross margin rose to 90.1%, and the company generated positive operating cash flow of $71.6 million and free cash flow of $70.3 million, highlighting its strengthened financial position.

Other Blogs

May 14, 2024 11:41 AM - Sanzhi Kobzhan

The easiest way to calculate stock’s target price and why the target price is important.

A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...

blog post title

May 16, 2024 8:06 PM - Gordon Thompson

Deutsche Bank Upgrades AST SpaceMobile to Buy Amid Legal Challenges

On Thursday, May 16, 2024, Deutsche Bank upgraded its rating on NASDAQ:ASTS to Buy, maintaining a hold position. At the time of the announcement, ASTS was trading at $4.03. This decision was accompanied by an increase in the price target for AST SpaceMobile, raised to $22 from $19, as detailed in a ...

blog post title

May 24, 2024 9:30 AM - Rajnish Katharotiya

How to Access and Analyze Earnings Call Transcripts

Earnings call transcripts are invaluable resources for investors, analysts, and financial enthusiasts. They provide insights into a company's performance, strategy, and future outlook, making them essential for making informed investment decisions. With Financial Modeling Prep, Earnings Call Transcr...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep