Reddit Q3'24 Earnings Highlights
🔹 Revenue: $348.4M (Est. $312.8M) 🟢; +68% YoY
🔸 Advertising Revenue: $315.1M (Est. $277M) 🟢
🔸 Other Revenue: $33.2M (Est. $35.9M) 🔴
🔹 Net Income: $29.9M (Est. -$13.8M loss) 🟢
🔹 Adjusted EBITDA: $94.1M (Est. $58.9M) 🟢; +229% YoY
🔹 Free Cash Flow: $70.3M 🟢
🔹 Gross Margin: 90.1% (up 280 basis points YoY)
Q4'24 Guidance:
🔹 Revenue: $385M-$400M (Est. $356.2M) 🟢
🔹 Adjusted EBITDA: $110M-$125M (Est. $87M) 🟢
User Metrics:
🔹 Daily Active Users (DAUs): 97.2M (Est. 96.36M) 🟢; +47% YoY
🔸 US DAUs: 48.2M (Est. 48.26M)
🔸 International DAUs: 49M (Est. 48.95M) 🟢
Revenue Per User (ARPU):
🔹 Global ARPU: $3.58 (Est. $3.22) 🟢
🔹 US ARPU: $5.88 (Est. $5.19) 🟢
🔹 International ARPU: $1.32 (Est. $1.24) 🟢
Operating Expenses:
🔹 R&D Expenses: $166.7M
Operational Highlights:
🔹 Ad Revenue Growth: +56% YoY
🔹 International DAUs: Now exceed US users
🔹 Net Income: Achieved profitability with an 8.6% net margin
🔹 Workforce Compensation: Invested $66M to net-settle 1.2M employee shares
CEO Commentary:
"Our communities continue to grow, and we are unlocking new revenue streams while reaching profitability. With opportunities available that few companies have, we are well-positioned for long-term growth." – Steve Huffman, CEO
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