Reddit (RDDT) Q3 2024 earnings results beat EPS and revenue expectations

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As a seasoned tech enthusiast who has witnessed the rise and fall of numerous digital giants, I must say that Reddit’s Q3 2024 earnings report left me utterly impressed! The company not only surpassed revenue expectations but also posted a positive EPS, a feat that was unexpected in today’s volatile tech market.

In their latest financial update, Reddit Inc., a tech firm, revealed that Q3 2024 performed exceptionally well across all sectors. The company saw an increase in revenue and, surprisingly, even reported a profit on earnings-per-share (EPS), contrary to the anticipated loss.

This week, Reddit revealed its Q3 2024 earnings on its investor relations website. Contrary to the projected revenue of $313 million by financial analysts, the company reported a total quarterly income of $348.4 million, marking an impressive surplus. In addition, experts anticipated a loss of $0.07 per share for Reddit’s EPS. However, the company exceeded expectations by posting a positive EPS of $0.16 per share instead.

Reddit announced some positive developments in its Q3 2024 earnings report, and much of this success seems to be due to a significant increase in Daily Active Users (DAUs). To put it into perspective, the DAUs increased by approximately 47% compared to the previous year, bringing the total up to about 97.2 million. Additionally, the company boasts that it has reached GAAP profitability with an estimated $29.9 million.

After an impressive third quarter, we’ll be intrigued to watch if Reddit can maintain its momentum and expand even more in the upcoming quarters. Keep an eye on this topic for updates and future insights.

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2024-10-30 08:27