Reddit, Inc. (RDDT  ) released its first-quarter results after Thursday's closing bell. Here's a look at the details from the quarter.

The Details: Reddit reported quarterly earnings of 13 cents per share, which beat the analyst consensus estimate of two cents. Quarterly revenue of $392.36 million beat the analyst consensus estimate of $370.01 million and is an increase of revenue of $242.96 million from the same period last year.

For the first quarter, Reddit reported:

  • Daily Active Uniques increased 31% year-over-year to 108.1 million.
  • Ad revenue increased 61% year-over-year to $358.6 million, and Other revenue increased 66% year-over-year to $33.7 million.
  • Gross margin was 90.5%, an improvement of 190 basis points from the prior year.
  • Net income was $26.2 million, as compared to a net loss of $575.1 million in the prior year.
  • Adjusted EBITDA was $115.3 million, an improvement of $105.2 million from the prior year.
  • Operating cash flow was $127.6 million, an improvement of $95.5 million from the prior year.
  • Free Cash Flow was $126.6 million and capital expenditures were $1 million, less than 1% of revenue.
"Over 400 million people now come to Reddit each week - because when you want real opinions, you turn to real people," said Steve Huffman, CEO of Reddit. "Twenty years in, I have never been more excited about Reddit's future than I am now. We're growing and building a more valuable platform for community and human perspective."

Outlook: Reddit estimates second-quarter revenue in the range of $410 million to $430 million, versus the $385.48 million estimate, and adjusted EBITDA in the range of $110 million to $130 million.

RDDT Price Action: According to data from Benzinga Pro, Reddit stock was up 18.43% after hours at $140.68 on Thursday.