Reddit Inc. reported its first results as a public company Tuesday, with the social-media platform reporting better-than-expected first-quarter revenue and a narrower-than expected loss.
The company reported a first-quarter loss of $575.1 million, or $8.19 a share, after a loss of $60.9 million, or $1.05 a share, in the prior year’s quarter. Analysts surveyed by FactSet expected a loss of $8.75 a share.
First-quarter revenue was $243 million, up from $163.7 million in the prior year’s quarter, and well above the FactSet estimate of $214 million.
Related: Reddit set to report its first results as a public company. Analysts are eyeing its upside.
Reddit shares RDDT, +2.34% surged 15.6% in extended trading after ending Tuesday’s session up 2.3%.
Daily active unique visitors (DAUs) were 82.7 million, up from 60.3 million in the prior year’s quarter.
Reddit’s lack of profitability on an annual basis came under scrutiny in the run-up to the company’s IPO earlier this year.
