Reddit (RDDT) Climbs 26% on Strong Earnings
Reddit saw its share prices surge by 26.04 percent week-on-week as investors took heart from a strong earnings performance in the second quarter of the year.
In its updated report, Reddit, Inc. (NYSE:RDDT) said it swung to a net income of $89 million from a $10 million net loss in the same period last year, while revenues expanded by 78 percent to $500 million from $281 million year-on-year.
In terms of market share, the US contributed $409 million, marking a 79-percent increase year-on-year, while the international market amounted to $91 million, or a 71-percent jump from a year earlier.
For the third quarter of the year, Reddit, Inc. (NYSE:RDDT) is targeting to hit $535 million to $545 million in revenues, or a 53 percent to 56 percent surge from the $348.4 million actual revenues in the third quarter of 2024.
'Reddit is built for this moment. In a world where connection is increasingly rare, our communities show how valuable human conversation and knowledge really are,' Reddit, Inc. (NYSE:RDDT)Co-Founder and CEO Steve Huffman said.
Copyright: rvlsoft / 123RF Stock Photo
'We're focused on growing globally, scaling sustainably, and making Reddit the most trusted place on the internet.'
While we acknowledge the potential of RDDT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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