Reddit Stock Tumbles as User Growth Misses Expectations | Global News Avenue

reddit(Red) reported that earnings in the fourth quarter exceeded analyst estimates, but its user growth was insufficient, with stocks lowering in Wednesday’s expanded trading.

Social media platforms’ revenue rose 71% year-on-year to $427.7 million, more than the visible Alpha aggregated analyst consensus. Net income was $71 million, up from $18.5 million in the same period last year and higher than expected. However, despite a 39% increase, Reddit’s 101.7 million daily active users at the time still did not reach 102.4 million analysts.

Looking ahead, Reddit said it expects first-quarter revenue to be $360 million to $370 million, compared with $243 million a year ago, with analysts reaching consensus at the midpoint.

After the issuance, Reddit’s stock fell to 15% to $183.85 in expansion trading on Wednesday. The stock closed on a record Friday, nearly seven times higher than N’s share price IPO price is $34 Ended from March to Wednesday, 2024.