Reddit Q3'24 Earnings Highlights
๐น Revenue: $348.4M (Est. $312.8M) ๐ข; +68% YoY
๐ธ Advertising Revenue: $315.1M (Est. $277M) ๐ข
๐ธ Other Revenue: $33.2M (Est. $35.9M) ๐ด
๐น Net Income: $29.9M (Est. -$13.8M loss) ๐ข
๐น Adjusted EBITDA: $94.1M (Est. $58.9M) ๐ข; +229% YoY
๐น Free Cash Flow: $70.3M ๐ข
๐น Gross Margin: 90.1% (up 280 basis points YoY)
Q4'24 Guidance:
๐น Revenue: $385M-$400M (Est. $356.2M) ๐ข
๐น Adjusted EBITDA: $110M-$125M (Est. $87M) ๐ข
User Metrics:
๐น Daily Active Users (DAUs): 97.2M (Est. 96.36M) ๐ข; +47% YoY
๐ธ US DAUs: 48.2M (Est. 48.26M)
๐ธ International DAUs: 49M (Est. 48.95M) ๐ข
Revenue Per User (ARPU):
๐น Global ARPU: $3.58 (Est. $3.22) ๐ข
๐น US ARPU: $5.88 (Est. $5.19) ๐ข
๐น International ARPU: $1.32 (Est. $1.24) ๐ข
Operating Expenses:
๐น R&D Expenses: $166.7M
Operational Highlights:
๐น Ad Revenue Growth: +56% YoY
๐น International DAUs: Now exceed US users
๐น Net Income: Achieved profitability with an 8.6% net margin
๐น 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." โ Steve Huffman, CEO
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