"speak to the company's continued progress across its ad and platform initiatives,"
"We see a long runway for growth across both active advertisers (+75% y/y in 3Q) as well as greater penetration within existing advertisers."
"I'm looking forward to continuing to work on these things with these partners, but they're not a major traffic driver today,"
"But I think there's plenty of opportunity there as we continue to work together."
Reddit reported third-quarter revenue of $585 million, a 68% year-over-year increase that surpassed estimates, and earnings per share of $0.80, above expectations. The company issued fourth-quarter revenue guidance of $655 million to $665 million, topping Wall Street forecasts. Daily active users rose 19% to 116 million, exceeding estimates, while active advertisers grew roughly 75% year-over-year in the quarter. Nine of the top 15 advertiser verticals expanded more than 50%. Investments in advertising automation are improving return on ad spend. The platform attracted users and ad dollars from Google, and AI chat apps are not a major traffic driver today.
Read at www.cnbc.com
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