Reddit Shares Surge 11% Following Strong Revenue Growth in First Quarterly Report That Surpassed Estimates from neswangy net 939 Watch Video

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✓ Published: 09-May-2024
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Social media platform Reddit released its first quarterly report since going public in March. Reddit reported revenue of over $240 million, up 48% year-over-year and beating analyst estimates. Advertising revenue grew 39%, faster than competitors like Meta, Amazon and Alphabet. The company reported a net loss of over $575 million, with stock-based compensation expenses driving red ink. Reddit had over 82 million daily active users in the first quarter, up from estimates and a sign of continued engagement growth. Shares surged 11% in pre-market trading following the strong earnings report.

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Social media platform Reddit released its first quarterly report since going public in March. Reddit reported revenue of over $240 million, up 48% year-over-year and beating analyst estimates. Advertising revenue grew 39%, faster than competitors like Meta, Amazon and Alphabet. The company reported a net loss of over $575 million, with stock-based compensation expenses driving red ink. Reddit had over 82 million daily active users in the first quarter, up from estimates and a sign of continued engagement growth. Shares surged 11% in pre-market trading following the strong earnings report.
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UBS reported a return to profit in the first-quarter after losses in the previous two quarters, beating analyst estimates. Profits were boosted by higher revenues in its flagship wealth management division, which rose 28%. Expenses fell and consolidation benefits from the Credit Suisse takeover in June 2023 contributed to the $1.8 billion net profit. UBS expects to complete merging its US entities with Credit Suisse in the second quarter and Swiss entities in the third quarter. CEO Sergio Ermotti said integration progress was good, and the bank had returned to profitability and underlying strength.
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The family of the man who died in a tree-falling incident along Jalan Sultan Ismail in Kuala Lumpur on May 7 is eligible to receive benefits from the Social Security Organisation (Socso). Human Resources Minister Steven Sim said the victim's widow Norpahidah Mat Zaman would receive a dependent's benefit amounting to RM3,400 each month for the rest of her life.<br/><br/>Read more at https://shorturl.at/mnFH1<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline
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Airbnb's net income more than doubled in the first quarter compared to the same period last year, though revenue growth was slower at 18%. Earnings per share beat analyst estimates, helped by the timing of Easter holiday revenues. Strong earnings growth was partly driven by one-time factors like the additional leap day and the shift of Easter occurring earlier. Airbnb shares fell around 7% in after-hours trading.
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⏲ 6:39 ✓ 09-May-2024
【ENG SUB】The company manager is selling company's jobs! A job is worth half a million dollars!
⏲ 25:14 ✓ 11-May-2024

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