Reddit Recovers from Major Service Outage On Wednesday

On Wednesday, Reddit, Inc RDDT faced an outage in the afternoon. The social media company had resolved disruptions to its services.

The Reddit status page said the company had investigated the issue since 12:38 pm PT (or 3:38 pm ET).

The number of disruptions reported peaked at close to 44,000 at 3:34 pm ET and close to 32,000 at 5.19 pm ET, as per Downdetector.

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According to Downdetector, around 51% of the reported issues were related to website malfunctions, and 48% were related to the app. Users also posted complaints on X.

While trying to access the homepage, TechCrunch encountered the outage firsthand. The screen showed a black background with the message “Upstream connect error or disconnect/reset before headers. Reset reason: connection failure.” On the iOS app, the only visible image was Reddit’s alien mascot, Snoo, with its signature deadhead, as per TechCrunch.

Reddit’s status page said the company implemented a fix at 4:35 pm PT (or 7:35 pm ET) and announced the resolution of the issue at 8:08 pm PT (or 11:08 pm ET). Currently, Reddit’s status page says that all systems are operational.

Is Reddit A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Reddit‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Reddit does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 41.97%, you'll need to buy a share of ZIM Integrated Shipping by the Dec. 2, 2024. Once done, you can expect to receive a nominal payout of $2.81 on Dec. 9, 2024.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Reddit will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

Price Action: RDDT stock traded higher by 3.61% to $141.19 premarket at the last check on Thursday.

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