Reddit (NYSE:RDDT) reported third-quarter financial results Thursday after market close.
Here are the key highlights.
Reddit Q3 Financials
Reddit reported third-quarter revenue of $895.00 million, up 53% year-over-year. The revenue total beat a Street consensus estimate of $878.02 million, according to data from Benzinga Pro.
Advertising revenue was $847 million in the quarter, up 54%. Other revenue came in at $48 million for the quarter, up 35% year-over-year.
Geographically, the United States revenue was $719 million and up 50% year-over-year, while International revenue was $176 million and up 67% year-over-year.
The company reported quarterly earnings per share of $1.40, beating a Street consensus estimate of $1.36.
Reddit had daily active uniques of 130.3 million for the quarter, up 12% year-over-year. Weekly active uniques were 515.2 million for the quarter, up 16% year-over-year.
"Our business is growing because the Reddit experience captures the human experience in a way that no other platform can replicate," Reddit CEO Steve Huffman said. "Surpassing $3B of revenue over the last 12 months shows Reddit's strength as a destination and the differentiated value of our platform."
What's Next for Reddit
Reddit stock is falling on guidance from the company.
The company is forecasting fourth-quarter revenue to be in a range of $1.00 billion to $1.03 billion. This represents year-over-year revenue growth of 37.8% to 42.0%, lower than the third quarter.
The guidance also comes in lower than a Street estimate of $1.046 billion for the quarter.
Reddit is guiding for fourth-quarter adjusted EBITDA in a range of $480 million to $510 million.
Reddit Stock Price Action
Reddit stock is down 16.8% to $107.78 in after-hours Thursday, which would mark a new 52-week low. The stock has traded in a 52-week range of $119.27 to $263.50.