Reported 27 days ago
Reddit's stock skyrocketed over 40% to a record $117 after the company posted its first profit since going public, with Q3 sales reaching $348 million, surpassing analyst expectations. Despite slightly missing EPS estimates, Reddit reported a $30 million profit, while daily active users surged nearly 50% to over 97 million. The strong earnings also boosted fellow social media stocks, including Snap, which saw a 16% increase in its stock price.
Source: YAHOO