Reddit's stock soared 5.14% during intraday trading on Monday, continuing its positive momentum in the market.

The significant price increase is attributed to the company's blowout first-quarter earnings report. Reddit reported earnings per share of $1.01, nearly doubling analyst estimates, while revenue surged 69% year-over-year to $663 million, significantly exceeding expectations.

Furthermore, the company issued second-quarter revenue guidance that topped Street estimates, providing investors with continued confidence in its growth trajectory and driving sustained buying interest in the stock.