Reddit surpassed analyst expectations for revenue and user growth in its first quarterly earnings report as a public company.
First-quarter revenue surged 69% year-over-year to $663.4 million. Advertising revenue grew 74% to reach $625 million.
Daily active unique users (DAUq) increased 17% year-over-year to 126.8 million. The company reported a net income of $204 million, a significant improvement from the previous year.
Reddit projects second-quarter revenue between $715 million and $725 million, exceeding analyst projections. Shares jumped in after-hours trading following the report.