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Mar 31, 2024
Reddit Inc Q1 2024 Earnings Report
Reddit Inc's Q1 2024 earnings showcased strong user growth and revenue increase, marking its first profitable Q1 on an Adjusted EBITDA basis since its IPO.
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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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