Reddit Stock Is Ripping Higher Wednesday: What's Happening?

Reddit Inc. (NYSE:RDDT) shares are on the rise Wednesday after the company reported strong third-quarter results and provided upbeat revenue guidance. Multiple analysts also lifted price targets following the print. Here’s what you need to know.

What To Know: After the market closed on Tuesday, Reddit reported earnings of 16 cents per share for the third quarter, exceeding analyst expectations for a loss of 8 cents per share. The company said revenue reached $348.4 million in the quarter, surpassing the estimate of $311.42 million.

Gross margin improved to 90.1%, up 280 basis points from the prior year. Reddit generated $71.6 million in operating cash flow ...