Reddit Inc Q1 2024 Earnings Report
Key Takeaways
Reddit Inc. announced a strong start to 2024 with significant growth in user traffic and revenue. Daily Active Uniques (DAUq) increased by 37% to 82.7 million, and revenue grew by 48% to $243.0 million. The company reported a net loss primarily due to IPO expenses but achieved its first profitable Q1 on an Adjusted EBITDA basis. Operating cash flow was $32.1 million, and free cash flow was $29.2 million.
Daily Active Uniques (DAUq) increased by 37% year-over-year to 82.7 million.
Revenue increased by 48% year-over-year to $243.0 million, with ad revenue up by 39% to $222.7 million.
Gross margin improved to 88.6%, a 500 basis points increase from the prior year.
First profitable Q1 on an Adjusted EBITDA basis with $10.0 million, compared to $(50.2) million in the prior year.
Reddit Inc
Reddit Inc
Reddit Inc Revenue by Segment
Reddit Inc Revenue by Geographic Location
Forward Guidance
Reddit estimates revenue in the range of $240 million to $255 million and Adjusted EBITDA in the range of $0 to $15 million for the second quarter of 2024.
Positive Outlook
- Revenue in the range of $240 million to $255 million.
- Adjusted EBITDA in the range of $0 to $15 million.