Shares of the social network Reddit rose by 20% after the closure of trading in the secondary market, reaching nearly a milestone of $100 per share and setting a new record. The company announced its financial results for the third quarter, surpassing analysts' expectations, and presented an optimistic outlook for the current period.
According to LSEG data, the profit on Reddit shares in the third quarter amounted to 16 cents, while the expected loss was 7 cents. The company reported earnings of $348.4 million, which exceeded the expected $312.8 million.
Reddit announced that revenues in the fourth quarter will range from $385 million to $400 million, exceeding the average analyst estimate of $357.9 million. At the same time, the adjusted profit for the fourth quarter is expected to be in the range of $110 million to $125 million.
