Reddit shares soar after company reports strong first-ever earnings with record user traffic [Business Insider]
Alphabet Inc. - Class C Capital Stock (GOOG)
Last alphabet inc. - class c capital stock earnings: 4/28 04:02 pm
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Source: Business Insider
R&D expenses were up four times compared to last year. Reddit just delivered a big first quarter as a newly public company. The social media platform beat analyst expectations Tuesday when it reported revenue of $243 million, up 48% from the same period last year. The company also boasted a record 82.7 million daily active users, up 37% from the year before. "It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company," co-founder and CEO Steve Huffman said in a statement. "We see this as the beginning of a new chapter as we work towards building the next generation of Reddit." Related stories While still not yet profitable, the net loss of $8.19 a share was below the $8.75 a share loss that investors were bracing for. Meanwhile, research and development costs soared by 300% year-over-year as the company beefs up its AI partnerships and advertising strategy. The company said its performance advertising segment
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