Reddit shares surge over 14% after strong earnings and rising global users

Reddit’s stock jumped sharply on Friday, rising more than 14% after the company posted strong third-quarter results and showed solid advertising growth. The company’s revenue went up 68% compared to last year, reaching $585 million, beating the LSEG estimate of $546 million.

Earnings per share (EPS) came in at 80 cents, well above Wall Street’s estimate of 51 cents. According to the CNBC report, Reddit also shared a strong forecast for the fourth quarter, predicting revenue between $655 million and $665 million, higher than Wall Street’s $638 million estimate.