What's Going On With Reddit Shares Friday?

Reddit, Inc. RDDT shares rose on Friday after the company reported better-than-expected first-quarter earnings on Thursday after the market closed.

What To Know: The company reported earnings per share of 13 cents, beating the consensus estimate of 2 cents. In addition, Reddit reported sales of $392.36 million, beating the consensus estimate of $370.01 million, and representing a 61% year-over-year increase.

The company broke down revenue further, stating that ad revenue increased 61% year-over-year to $358.6 million, while other revenue increased 66% to $33.7 million.

The company sees second-quarter sales from $410 million to $430 million, versus the consensus estimate of $395.48 million.

“Over 400 million people now come to Reddit each week—because when you want real opinions, you turn to real people,” said Steve Huffman, Co-Founder and CEO of Reddit. “20 years in, I have never been more excited about Reddit’s future than I am now. We’re growing and building a more valuable platform for community and human perspective.”

Following the earnings report, Needham analyst Laura Martin maintained a Buy rating on Reddit and raised the price target from $135 to $145. JMP Securities analyst Andrew Boone maintained a Market Outperform rating on Reddit and raised the price target from $155 to $180.

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RDDT Price Action: At the time of writing, Reddit shares are trading 1.53% higher at $120.61, according to data from Benzinga Pro.

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