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Reddit delivers upbeat guidance after Q1 revenue tops estimates; shares jump

Investing.com -- Reddit soared in afterhours trading Tuesday after the social media company reported better-than-expected revenue and delivered upbeat revenue guidance for the current quarter, driven by strong user growth.

Reddit Inc (NYSE:RDDT), which made its stock market debut in March, rose more than 13% in afterhours trading Tuesday.

In Q1, Reddit reported a loss of $8.19 a share, wider than the $1.05 loss a share a year earlier, while revenue was up 48% to $243 million. That compared with analysts estimates for a loss of $6.32, if comparable, on revenue of $214M.

The losses were driven by expenses related to the company's initial public offering. 

The beat on the top line was driven by a surge in user growth as daily active uniques increased 37% to 82.7 million. 

The acceleration in users has helped attract more advertising dollars, with ad-revenue rising 39%.  

"It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company,” said Steve Huffman, Co-Founder and CEO of Reddit. 

Looking ahead, Reddit guided revenue in a range of $240M to $255M, compared with Wall Street estimates for $223M.

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