Reddit Inc. (RDDT) reported a strong first quarter in 2024, surpassing earnings and revenue expectations. The company's earnings per share (EPS) exceeded forecasts by $0.30, while its stock price surged by 17% in after-hours trading. Analysts have praised the company's performance, highlighting significant revenue growth driven by advertising. Following the earnings report, Citi reiterated its buy rating for Reddit, emphasizing the potential for revenue growth through enhanced search capabilities and video monetization. Reddit's stock price reached a high of $58 post-earnings, indicating strong market confidence. Additionally, LFYT also reported an EPS beat of $0.05 and a revenue beat for the same period.
Trimmed $RDDT calls with good profits Holding some common shares as well from 50 level.
$RDDT bullish reversal.
$RDDT consolidating around 50 area. Some uptick here Stock hit 58 plus after Earnings
"It was objectively a great first report or print out of the door," Bernstein analyst Mark Shmulik says on $RDDT. "The top line numbers looked great. You know, revenue growth [is] growing well above expectations, led by ad growth, which is what you want to see." https://t.co/NbUf3h90Zn
"It's a fundamentally solid quarter," Roth MKM managing director Rohit Kulkarni says on $RDDT Q1 earnings. "They're executing well, and they're on their way to profitability much sooner than expected." https://t.co/sUhAE7ALWn
"It was objectively a great first report or print out of the door," Bernstein analyst Mark Shmulik says on $RDDIT. "The top line numbers looked great. You know, revenue growth [is] growing well above expectations, led by ad growth, which is what you want to see." https://t.co/0vqxfbydbl
$RDDT Citi reiterates Reddit as buy Citi said it’s standing by its buy rating following the company’s earnings report on Tuesday. “And as Reddit builds out its ad stack, we look for Search (1B+ monthly queries) and video monetization to potentially begin in ’24, creating a…
🔴WATCH LIVE: Reddit Q1 2024 Earnings Call | $RDDT https://t.co/imRzvN2pzL
$RDDT +17% in AHs
$RDDT thought they would have a good Q1 but holy smokes! Glad we covered the short at $37... should have gone long lol
$RDDT EPS Beat .30 REV Beat
$LFYT EPS beat .05 REV Beat