Reddit shares popped Tuesday afternoon after the social media company delivered its first earnings report following its March initial public offering, with its debut quarter a far stronger one than Wall Street anticipated.
Reddit CEO Steve Huffman, center, rings the opening bell at Reddit's March IPO.
Reddit’s stock skyrocketed 15% to $57 per share in after hours trading, hovering at what would be its richest level since its first week of trading and more than 50% its $40 ticker in mid-April.
The surge came after Reddit beat consensus analyst projections across the board.
Reddit reported $243 million in second-quarter sales ($214 billion forecasted), $10 million in adjusted earnings (-$23.9 million), 82.7 daily active users (76.6 million) and $2.94 average revenue per user ($2.90).
The online community forum kingpin also said it expects to bring in $240 million to $255 million of second-quarter sales and $0 to $15 million in adjusted second-quarter earnings, well above analyst forecasts of $228 million and -$19 million, respectively.
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