Reddit reports Q1 revenue up 69% YoY to $663M, vs. $611M est., DAUq up 17% to 126.8M, vs. 125.9M est., and forecasts Q2 revenue above estimates (Jonathan Vanian/CNBC)
Reddit reported first-quarter revenue of $663 million, a 69% year-over-year increase and above the $611 million estimate, driven by strong user growth and advertising performance. The platform's average daily active users rose 17% to 126.8 million, slightly surpassing the 125.9 million estimate. Reddit also provided a second-quarter revenue forecast that exceeds current market expectations.
- ▪Reddit's Q1 revenue reached $663 million, up 69% year-over-year and above the $611 million estimate.
- ▪Daily active users averaged 126.8 million in Q1, a 17% increase and slightly above the 125.9 million estimate.
- ▪Reddit's forecast for Q2 revenue is above analysts' expectations, indicating continued growth momentum.
- ▪The results reflect improved advertising performance and user engagement on the platform.
- ▪Jonathan Vanian of CNBC reported on Reddit's financial results and outlook.
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