Reddit Shares Soar On First Post-IPO Q1 Results, Strong Q2 Guidance

Reddit, Inc. RDDT reported its first-quarter financial results after the bell Tuesday. Here's a look at the highlights. 

The Details: Reddit reported quarterly losses of $8.19 per share which missed the analyst consensus estimate of losses $6.97 by 17.5%.

Quarterly sales clocked in at $242.963 million, beating the analyst consensus estimate of $212.83 million by 14.16%.

The company reported record user traffic, with Daily Active Uniques (DAUq) increasing 37% to 82.7 million and Weekly Active Uniques (WAUq) increasing 40% year-over-year to 306.2 million.

“It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company,” said Steve Huffman, co-founder and CEO of Reddit. “We see this as the beginning of a new chapter as we work towards building the next generation of Reddit.”

Outlook: Reddit expects second-quarter revenue in the range of $240 million to $255 million, versus the $223.83 million analyst estimate, and adjusted EBITDA in the range of $0 to $15 million.

Related News: Hims & Hers Health Reports Better-Than-Expected Q1 Results, Strong Guidance

RDDT Price Action: According to Benzinga Pro, Reddit shares are up 16.80% after-hours at $57.70 at the time of publication Tuesday.

Photo: Shutterstock