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Reddit Inc (NYSE:RDDT) reported second-quarter financial results Tuesday after the close. Here’s a rundown of the report.
Q2 Earnings: Reddit reported second-quarter revenue of $281.2 million, beating the consensus estimate of $253.58 million, according to Benzinga Pro. The company reported a quarterly loss of 6 cents per share, which may not compare to analyst estimates for a loss of 33 cents per share.
Total revenue was up 54% on a year-over-year basis. Daily active unique users (DAUq) increased 51% year-over-year to 91.2 million. Weekly active uniques increased 57% year-over-year to 342.3 million.
Reddit said it generated operating cash flow of $28.4 million and free cash flow of $27.2 million in the quarter.
“We had a strong quarter across the board and more people are visiting Reddit than ever before. 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,” said Steve Huffman, co-founder and CEO of Reddit.
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Q3 Guidance: Reddit expects third-quarter revenue to be in the range of $290 million to $310 million. The company expects third-quarter Adjusted EBITDA of $40 million to $60 million.
Management will hold a conference call to discuss these results at 5 p.m. ET.
RDDT Price Action: Reddit shares were down 2.50% after hours at $53 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: RDDT
