As a seasoned gamer and Reddit enthusiast with over two decades of digital wandering under my belt, I must confess that I followed the recent financial performance of Reddit (RDDT) with a keen eye, much like I track the latest gaming news or memes on the platform.
Reddit made its public debut earlier this year, and recently shared its Q2 earnings for the 2024 fiscal year. The company surpassed revenue expectations and posted a smaller-than-anticipated loss on Earnings Per Share (EPS), yet the Reddit stock still experienced difficulty in after-hours trading.
Today after market hours, Reddit released its Q2 2024 earnings report. The company surpassed expectations with a revenue of $281 million, compared to the projected $254 million. Contrary to predictions, Reddit’s EPS losses were only $0.06 per share instead of the anticipated $0.33 per share.
According to Steve Huffman, Co-Founder and CEO of Reddit, we’ve had outstanding performance all around, and there’s been an unprecedented surge in Reddit visitors. Our efforts to enhance the platform are paying off, and we’re poised for further growth as we strive to achieve our long-term objectives.
In the post-market hours, Reddit’s stock price plummeted to around $53 from its previous closing of $54.35. Meanwhile, the company reported an impressive 91.2 million daily active unique users during Q2.
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2024-08-06 23:57