Reddit Inc (RDDT)

[abrooklyn]

Reddit Announces First Quarter 2024 Results

Source: Business Wire
Record user traffic, Daily Active Uniques (“DAUq”) increased 37% to 82.7 million

Revenue increased 48% to $243.0 million, nearly doubling growth rate from prior quarter

Net loss driven by IPO expenses, first profitable Q1 on an Adjusted EBITDA basis

Operating cash flow of $32.1 million and positive free cash flow of $29.2 million

Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended March 31, 2024. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/.

“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. “We see this as the beginning of a new chapter as we work towards building the next generation of Reddit.”

DAUq increased 37% year-over-year to 82.7 million
Weekly Active Uniques (“WAUq”) increased 40% year-over-year to 306.2 million
Revenue increased 48% year-over-year to $243.0 million, Ad Revenue increased 39% year-over-year to $222.7 million
Gross margin was 88.6%, an improvement of 500 basis points from the prior year
Net loss was $575.1 million, as compared to $60.9 million in the prior year. Stock-based compensation expense and related taxes were $595.5 million, as compared to $13.2 million in the prior year, driven by IPO charges
Adjusted EBITDA was $10.0 million, as compared to $(50.2) million in the prior year
Operating cash flow was $32.1 million, an improvement of $28.0 million from the prior year
Free Cash Flow was $29.2 million. Capital expenditures were $2.9 million