Group 1 - Reddit's stock experienced a significant increase, closing up more than 7% after reporting strong third-quarter growth metrics [1] - The company's revenue surged by 68% year over year, reaching $585 million, with daily active unique visitors increasing by 19% to 116 million and weekly users rising by 21% to 444 million [3] - Reddit is now the third most-visited website in the U.S., following Google and YouTube [3] Group 2 - Advertising revenue was a major growth driver, with ad sales increasing by 74% to $549 million [4] - The net income of Reddit increased fivefold to $163 million, or $0.80 per share, surpassing Wall Street's earnings per share projections of $0.52 [5] - The company is investing in AI and automation technology to enhance marketing tools for better customer targeting [4]
Why Reddit Stock Jumped Today