Reddit shares rocket as high as 19% on strong sales and guidance

Reddit CEO Steve Huffman stands on the floor of the New York Stock Exchange (NYSE) after ringing a bell on the floor setting the share price at $47 in its initial public offering (IPO) on March 21, 2024 in New York City. Reddit reported first-quarter earnings Thursday that beat Wall Street expectations on sales and guidance. Shares of the social media company rose as high as 19% in after-hours trading. Here's how the company did compared with LSEG estimates: Earnings per share: 13 cents vs. 2 cents expected 13 cents vs. 2 cents expected Revenue: $392 million vs. $370 million expected Reddit said its second-quarter sales should come in the range of $410 million to $430 million, ahead of Wall Street expectations of $396 million. Reddit provided the guidance and touched on the on-going trade dispute between the U.S. and China in a letter to investors, saying it is "well-positioned to meet this moment." "Ever-shifting macro environments like these create both challenges and opportun ... Read full article.