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Reddit | 8-K: Reddit Announces Third Quarter 2024 Results

SEC ·  Oct 30, 2024 04:21

Summary by Moomoo AI

Reddit delivered strong Q3 2024 results with revenue growing 68% year-over-year to $348.4 million, driven by a 56% increase in advertising revenue to $315.1 million and a 547% surge in data licensing revenue to $33.2 million. The company achieved its first GAAP profitability with net income of $29.9 million and an 8.6% net margin.Daily Active Uniques (DAUq) grew 47% year-over-year to 97.2 million, with U.S. DAUq up 51% and International DAUq up 44%. The platform reached over 100 million DAUq on select days during the quarter. Gross margin improved to 90.1%, while Adjusted EBITDA was $94.1 million with a 27% margin.For Q4 2024, Reddit expects revenue between $385-400 million and Adjusted EBITDA of $110-125 million. The company's machine translation initiative drove 4x incremental DAUq in Q3 versus Q2, with plans to expand to over 30 countries through 2025.
Reddit delivered strong Q3 2024 results with revenue growing 68% year-over-year to $348.4 million, driven by a 56% increase in advertising revenue to $315.1 million and a 547% surge in data licensing revenue to $33.2 million. The company achieved its first GAAP profitability with net income of $29.9 million and an 8.6% net margin.Daily Active Uniques (DAUq) grew 47% year-over-year to 97.2 million, with U.S. DAUq up 51% and International DAUq up 44%. The platform reached over 100 million DAUq on select days during the quarter. Gross margin improved to 90.1%, while Adjusted EBITDA was $94.1 million with a 27% margin.For Q4 2024, Reddit expects revenue between $385-400 million and Adjusted EBITDA of $110-125 million. The company's machine translation initiative drove 4x incremental DAUq in Q3 versus Q2, with plans to expand to over 30 countries through 2025.
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