Reddit shares soar almost 20% after company reports revenue pop in debut earnings report

Reddit's shares surged nearly 20% after its first earnings report as a public company showed a significant revenue increase of 48% to $243 million, surpassing expectations. The company, which went public in March, also reported a growth in daily active users to 82.7 million. Despite a net loss of $575.1 million due to IPO-related expenses, Reddit's ad revenue grew by 39%, outpacing some major competitors. Looking ahead, Reddit anticipates second-quarter revenues between $240 million and $255 million, exceeding analyst predictions.