Reddit is maturing as a company, CEO says

Yahoo Finance05-10

Reddit (RDDT) is entering its adult years, and that may turn out well for investors. "A lot of things are really starting to click," Reddit co-founder and CEO Steve Huffman told Yahoo Finance on ...

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For Reddit, the quarter was another win for 2024.The stock currently trades at around $50 and received a double-digit percentage boost after earnings this week. Reddit's market cap is now roughly $8.1 billion.Despite being in business for almost 20 years, Reddit had never turned a profit before the first quarter. Last year the company saw sales rise 21% year over year to $804 million. 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Weekly active unique users rose 40% from the prior year. \nTotal revenue improved 48% to $243 million, nearly doubling the growth rate from the prior quarter, due to strength in advertising. The company delivered adjusted operating profits of $10 million, versus a $50.2 million loss a year ago.\n\n\n\n  Reddit CEO Steve Huffman stands on the floor of the New York Stock Exchange (NYSE) after ringing a bell on the floor in its initial public offering (IPO) on March 21, 2024, in New York City. (Spencer Platt/Getty Images)\n \n\n  Spencer Platt via Getty Images\n \n\nHuffman declined to say when the company would be profitable on a net income basis, noting it's a focus for the management team. Other areas of focus include rolling out a new user interface this year, introducing shopping capabilities, and searching for another artificial intelligence content licensing deal like the one with Google (GOOG, GOOGL).\n\"Results this quarter show that Reddit is on the early end of a number of positive inflections: Top-of-funnel growth is accelerating, the ad platform is in the early stages of being built to address lower funnel objectives, the data licensing business is in the very early stages of growth, and the company is entering a harvest period in costs after aggressively adding to headcount over the last couple years,\" Deutsche Bank analyst Benjamin Black said in a client note.\nFor Reddit, the quarter was another win for 2024. \nInitially expected to price its IPO in the $31 to $34 per share range, Reddit ended up pricing its IPO at $34 in late March, giving it a $6.4 billion valuation. The targeted valuation on a fully diluted basis was less than the $10 billion it fetched in a 2021 funding round.\nThe stock began trading at $47 per share and quickly shot past $53.\nShares finished their first day of trading on March 21 at $50.44.\nThe stock currently trades at around $50 and received a double-digit percentage boost after earnings this week. Reddit's market cap is now roughly $8.1 billion.\nThe company was the first major social media IPO since Pinterest (PINS) debuted in 2019.\nDespite being in business for almost 20 years, Reddit had never turned a profit before the first quarter. Last year the company saw sales rise 21% year over year to $804 million. The net loss clocked in at $90.8 million. \nAmazon (AMZN) is also full steam ahead on AI, just like Reddit. In the latest episode of the Opening Bid podcast, Amazon's AWS CEO Adam Selipsky took investors inside the tech giant's AI plans. Listen in below.\n\nBrian Sozzi is Yahoo Finance's Executive Editor. He is also the host of the \"Opening Bid\" podcast. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com. Are you a CEO and want to come on Yahoo Finance Live? Email Brian Sozzi.\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\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/2434046274"}