Reddit (RDDT) Stock Sinks 22% Even After Beating Earnings: Here’s Why
Photo: CoinCentral
TLDR Reddit (RDDT) stock was down about 22% in premarket trading Friday, near $100, after closing Thursday at $129.60. Q3 adjusted earnings of $1.40 and revenue of $895 million beat estimates. Daily active users of 130.3 million missed the 134 million estimate, and U.S. users fell 2%. Q4 revenue guidance of $1.00 billion to $1.03 billion has a midpoint below Wall Street’s $1.05 billion estimate. Search referrals fell by more than 1 million a week in October, and Reddit warned users could drop by a low double-digit percentage in Q4.
Source: CoinCentral
