Reddit 'Remains A Favorite' For Wall Street After 'Emphatic Beat And Raise' In Q3

Reddit, Inc. (NYSE:RDDT) shares are soaring Wednesday following the company's blockbuster third-quarter results release after Tuesday's closing bell. Analysts' are lifting price targets on the stock and reactions are pouring in. 

The Details: Reddit beat analysts' expectations on the top and bottom lines with third-quarter revenue growing 68% year-over-year and achieved GAAP for the first time since the company's IPO in March. Reddit also reported Daily Active Uniques (DAUq) increased 47% year-over-year to average 97.2 million in the quarter. 

Reddit CEO Steve Huffman highlighted the company's growing reach and user base during the earnings call. 

"Reddit’s influence continues to grow across the broader Internet. In 2024, so far, the word Reddit was the sixth most googled word in the United States, underscoring that when people are looking for answers, advice, or community, they seek out Reddit specifically," Huffman said. 

Read Next: Reddit Stock Soars After Strong Q3 Results, Q4 Guidance ...