On Wednesday, Reddit (RDDT.US) opened high and continued to rise, achieving its largest increase since March, surging nearly 40% to $113.94 as of the time of writing.
According to the Zhixin Finance app, on Wednesday, Reddit (RDDT.US) opened high and continued to rise, achieving its largest increase since March, surging nearly 40% to $113.94. On the news front, the company announced third-quarter results that exceeded analyst expectations and made an optimistic forecast for the current quarter. Revenue increased by 67.9% year-on-year to $0.3484 billion, compared to analysts' expectation of $0.3128 billion. Earnings per share were 16 cents, while analysts expected a loss of 7 cents. Net income was $29.9 million, compared to a net loss of $7.4 million in the same period last year.
Looking ahead, Reddit expects fourth-quarter revenue to be between $0.385 billion to $0.4 billion, higher than the analysts' average expectation of $0.3579 billion; Adjusted earnings for the fourth quarter are expected to be between $0.11 billion and $0.125 billion, above the average expectation of $85.2 million.
