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EMARKETER

Reddit Q3 earnings soar with ad revenue growth and a profit

Article by Jeremy Goldman  |  Oct 30, 2024
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Reddit Q3 earnings soar with ad revenue growth and a profit
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Topics
Social Media Users
Social Media Ad Spending
Artificial Intelligence (AI)
United States
Worldwide

The news: Reddit’s third-quarter earnings demonstrated solid gains as the company swung to a profit amid increased advertising revenues, though daily user growth fell just short of expectations. Its shares rose up to 25% in after-hours trading.

By the numbers:

  • Revenues: $348.4 million, up 68% from $207.5 million a year earlier and well past market expectations of $312.8 million.
  • Net income: $29.9 million, compared with a net loss of $7.4 million in Q3 2023; the company reached GAAP profitability with an 8.6% net margin.

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