By Kelly Cloonan
Reddit logged higher revenue and swung to a profit in the first quarter as advertising revenue rose on higher impressions and prices.
The social media company on Thursday swung to a profit of $26.2 million, or 13 cents a share, from a loss of $575.1 million, or $8.19 a share, a year earlier.
Analysts expected earnings of 2 cents a share according to FactSet.
Revenue rose 61% to $392.4 million. Analysts expected $369.5 million.
Advertising revenue rose 61% to $358.6 million on higher impressions and prices, the company said.
Reddit's daily active users climbed 31% to 108.1 million, slightly above analyst expectations of 107.3 million. Average revenue per unique rose to $3.63.
For the second quarter, Reddit expects revenue of $410 million to $430 million, above analyst expectations for $391.8 million according to FactSet.
Shares rose 17% to $139.50 in after-hours trading.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 01, 2025 16:58 ET (20:58 GMT)
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