Reddit shares soar 14% after company reports revenue pop in debut earnings report

▤ Summary

Reddit shares rallied 14% in extended trading on Tuesday after the company released quarterly results for the first time since its IPO in March. Digital advertising companies have started growing again at a healthy clip after brands reeled in spending to cope with inflation in 2022. Stock-based compensation expenses and related taxes were $595.5 million, primarily driven by IPO charges. Reddit, which hosts millions of online forums on its platform, was founded in 2005 by Alexis Ohanian and Steve Huffman, the companys CEO. Reddit began trading under the ticker symbol "RDDT" on the New York Stock Exchange in March.

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