Reddit Reports Strong Q2 Earnings, Revenue Up 54% YoY to $281.2M

Aug 6, 2024, 08:14 PM

Reddit reported strong second-quarter earnings, with revenue rising 54% year-over-year to $281.2 million, surpassing the estimated $254 million. Daily Active Uniques increased by 51% to 91.2 million, beating the estimate of 84.06 million. The net loss decreased significantly from $41.1 million to $10.1 million year-over-year. Adjusted earnings per share were reported at -$0.06, better than the estimated -$0.33. Adjusted EBITDA hit $39.5 million. Reddit also forecasted third-quarter revenue in the range of $290 million to $310 million, above Wall Street's estimates of around $282 million, indicating a recovering digital ad market and potential for new advertisers.