Reddit shares jump 22% as AI deals boost quarterly revenue forecast

Quick Summary:

:Reddit on Tuesday reported its first quarterly profit and forecast fourth-quarter revenue above estimates, helped by its AI content licensing deals and strong digital advertising spending, sending its shares up 22 per cent in extended trading.

The company reported a profit per share of 16 cents for the third quarter, compared with a loss of 13 cents a year earlier.

People stand in front of Reddit's logo, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024.

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Category: EconomyBusiness

Markets: Singapore

Topics: Reddit Results York Analysts Cent Revenue March Million Third 2024 Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 04:13:53 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 448 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23333037

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Official Website: channelnewsasia.com

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Year Established: 1999

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News Last Updated: 40 minutes ago

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Publisher ID: #27

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