Reddit reports its first quarterly earnings as a public company

On May 7, 2024, Reddit reported its first quarterly results as a public company, covering the first quarter of 2024. Revenue rose 48% year over year to $243.0 million and daily active uniques grew 37% to 82.7 million, both beating Wall Street estimates. The company posted a large GAAP net loss of about $575.1 million, driven primarily by one-time stock-compensation charges tied to the IPO, but achieved positive adjusted EBITDA of $10.0 million.

Shares jumped sharply in after-hours trading on the revenue beat and strong second-quarter guidance, an early signal that public-market investors were receptive to Reddit's growth story. The report established the cadence of quarterly disclosure that would frame Reddit's narrative over the following two years as it moved toward sustained profitability.