Reddit Posts $575 Million Loss Tied to I.P.O. but Also Strong Growth [The New York Times]
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Source: The New York Times
Reddit on Tuesday reported a more than $500 million quarterly loss in its first earnings report as a public company, largely due to stock-based compensation expenses incurred during its initial public offering in March.But the social media company also posted robust revenue and user growth, underscoring the potential of its digital advertising business as people flock to the site. Last month,GoogleMetaSnapReddit’s revenue was $243 million in the first quarter, up 48 percent from $163.7 million a year earlier and above Wall Street estimates of $214 million, according to data compiled by FactSet. The net loss was $575.1 million, compared with a loss of $60.9 million a year earlier. Stock-based compensation expenses totaled $595.5 million, versus $13.2 million a year earlier.Daily active users jumped to 82.7 million, up 37 percent from a year earlier.“We see this as the beginning of a new chapter as we work toward building the next generation of Reddit,” Steve Huffman, Reddit’s co-founde
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