Published , by Donovan Erskine
Published , by Donovan Erskine
Reddit (RDDT) went public earlier this year, and today the company reported results for Q2 of the 2024 financial year. It was a beat on revenue and a smaller-than-expected loss on EPS, but Reddit stock still struggled in after-hours trading.
Reddit published its Q2 2024 earnings report after the close of markets today. The company made $281 million in revenue, beating the $254 million expectation. Reddit’s EPS losses were $0.06/share, lower than the expected $0.33/share.
“We had a strong quarter across the board and more people are visiting Reddit than ever before,” said Steve Huffman, Co-Founder and CEO of Reddit. “Our work to improve the platform is driving results and we are well positioned to continue to grow and deliver on our long term mission.”
However, Reddit stock took a dive in after-hours trading, dropping as low as $53 after ending the day at $54.35. Reddit’s earnings report also revealed that the platform had 91.2 million Daily Active Unique visitors in Q2.