Reddit stock rises after first quarterly report on higher-than-expected earnings forecast, AI hopes

Yahoo Finance05-08

Reddit (RDDT) stock popped as much as 5% Wednesday after the company said in its first-ever quarterly earnings report that it expects better-than-expected sales growth in the current quarter and ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReddit stock rises after first quarterly report on higher-than-expected earnings forecast, AI hopes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-08 22:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/reddit-stock-rises-after-first-quarterly-report-on-higher-than-expected-earnings-forecast-ai-hopes-144712122.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Reddit (RDDT) stock popped as much as 5% Wednesday after the company said in its first-ever quarterly earnings report that it expects better-than-expected sales growth in the current quarter and ...</p>\n\n<a href=\"https://finance.yahoo.com/news/reddit-stock-rises-after-first-quarterly-report-on-higher-than-expected-earnings-forecast-ai-hopes-144712122.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOOGL","symbol_name":"谷歌A","start_time":0,"source_url":"https://finance.yahoo.com/news/reddit-stock-rises-after-first-quarterly-report-on-higher-than-expected-earnings-forecast-ai-hopes-144712122.html","article_id":"2433572031","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/XuZoM.CSxWVyzCWW8wSWiA--~B/aD0yOTQ3O3c9NDkyNjthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-05/81daaf90-0d42-11ef-b9f7-8b71d45806c2"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2433572031","pubTimestamp":1715179632,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Reddit  stock popped as much as 5% Wednesday after the company said in its first-ever quarterly earnings report that it expects better-than-expected sales growth in the current quarter and further progress on profitability.Reddit said in its release on Tuesday that it expects Q2 revenue in the range of $240 million to $255 million, above Wall Street's estimates for $228 million. The social media company also said it sees adjusted EBITDA in the current quarter in the range of $0 to $15 million. The Street had been expecting a loss of $13 million.Reddit's daily active users hit 82.7 million, up 9% from the prior quarter and faster than analysts had projected.\"Reddit delivered a strong first quarter post its IPO, in our view,\" Citi analyst Ronald Josey wrote in a note to clients on Wednesday. \"Importantly, we believe improving engagement trends are lasting.\". But the report from the company that once hosted fodder for meme stock targets highlighted a trend recently seen in other names fav","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"GOOGL":"谷歌A","RDDT":"Reddit","GOOG":"谷歌"},"translate_title":"艾希望Reddit股票在第一季度报告高于预期的盈利预测后上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RDDT":1,"GOOG":0.9,"GOOGL":0.9},"content_text":"Reddit (RDDT) stock popped as much as 5% Wednesday after the company said in its first-ever quarterly earnings report that it expects better-than-expected sales growth in the current quarter and further progress on profitability. \nReddit said in its release on Tuesday that it expects Q2 revenue in the range of $240 million to $255 million, above Wall Street's estimates for $228 million. The social media company also said it sees adjusted EBITDA in the current quarter in the range of $0 to $15 million. The Street had been expecting a loss of $13 million.\nReddit's daily active users hit 82.7 million, up 9% from the prior quarter and faster than analysts had projected. \n\"Reddit delivered a strong first quarter post its IPO, in our view,\" Citi analyst Ronald Josey wrote in a note to clients on Wednesday. \"Importantly, we believe improving engagement trends are lasting.\"\nAfter initially soaring following its public offering in late March, Reddit shares tanked in the following weeks, falling from a peak of about $74 per share to just below $40 as concerns over the company's lofty valuation and future potential revenue streams mounted. \nBut the report from the company that once hosted fodder for meme stock targets highlighted a trend recently seen in other names favored by retail traders. Reddit stock is moving higher after a quarter JPMorgan analyst Doug Anmuth described as \"strong,\" but not surging higher to a point that's hard for analysts to reason with. \n\"We expect trends to remain strong through the year given recent tailwinds, and we raise our 2024 & 2025 revenue estimates by 11% & 12%, respectively,\" Anmuth wrote. \nAnmuth maintained a Neural rating on the stock while raising his price target to $57 from $47, noting that shares appear \"fairly valued\" right now. \n\n\n\n  Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)\n \n\n  TIMOTHY A. CLARY via Getty Images\n \n\nBullish strategists on Wall Street highlight that Reddit's future prospects in artificial intelligence, through use cases like selling its data to large language model providers, will drive more growth than is currently priced in. \nReddit CEO and co-founder Steve Huffman flexed the social media platform's large database, which Alphabet is already paying to have access to, during his opening remarks on Tuesday night's earnings call. \n\"We have nearly two decades of authentic conversation, unique perspectives, earnest advice, honest reviews and answers the questions about every topic imaginable,\" Huffman said. \nThis, Needham analyst Laura Martin, argued in a research note could be crucial to Reddit's future growth. Martin added Reddit to Needham's \"conviction list\" with a buy rating and $63 price target, noting optimism about Reddit's upside from licensing its data to train generative AI large language models. \n\"We also believe that there are no high-quality substitutes at similar scale, which should give RDDT pricing power,\" Martin wrote. \" We believe RDDT's data will become table stakes for all GenAI LLMs over time.\"\nFor now, that eventual path to AI data licensing deals remains unclear, though. Huffman said on the earnings call there are a \"handful of large player and many more smaller opportunities,\" and the company is looking into both. Huffman declined to comment on any active negations. \n\"We're in early days here,\" Huffman said. \"I'd say, big picture, we have seen an increase in interest in Reddit's data for various uses. And so, look forward to how this grows looking forward.\"\nJosh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices.\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433572031"}