Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Timothy A. Clary | AFP | Getty Images Reddit reported second-quarter results on Tuesday that topped analysts' estimates.
Here are the key numbers: Loss per share: 6 cents vs. the loss of 33 cents expected by LSEG Revenue: $281 million vs. $254 million expected by LSEG Sales in the second quarter rose 54% from a year earlier.
The company's net loss narrowed to $10.1 million from $41.1 million in the same quarter a year earlier.
Online advertising revenue climbed 41% from a year prior to $253.1 million. The digital ad market is continuing to recover from a tough 2022 , when businesses pulled back on promotional spending because of inflation and other factors.
Reddit's "other revenue" which includes the company's data licensing business , rose 691% to $28.1 million. Reddit said it expects third-quarter sales of $290 million to $310 million.
Analysts were expecting $278.7 million. The company said its average revenue per user was $3.
08 in the second quarter, topping analyst estimates of $3.02. The number of daily active users rose 51% year-over-year to 91.
2 million, topping analyst estimates of 84.5 million, according to FactSet. This is Reddit's second quarterly earnings report since the company went public in March on the New York Stock Exchange.
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