Reddit Beat on Revenue, Profit, and Guidance. Its U.S. Daily Users Went Backward, and the Stock Fell 21%.
The social media company's one soft number is the number its advertising business leans on hardest.
Overview
Reddit (NYSE: RDDT) delivered the kind of second quarter growth investors usually celebrate. Revenue rose 61% year over year to $805 million, the company's eighth consecutive quarter of growth above 60%.
Net income of $253 million nearly tripled from $89 million a year ago, reaching 31% of revenue. And management guided for third-quarter revenue of $860 million to $870 million, more growth than most companies can dream of.
Details
The stock fell 21% Friday anyway, closing at about $141.
Source
Originally published at www.fool.com.
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