Skip to main content

Get the Reddit app

Scan this QR code to download the app now
Or check it out in the app stores
r/RDDT icon
r/RDDT icon

r/RDDT

members
online

Reddit to Participate in Upcoming Investor Conferences ADMIN Reddit to Participate in Upcoming Investor Conferences

SAN FRANCISCO--(BUSINESS WIRE)-- Reddit, Inc. (NYSE: RDDT), announced its planned participation in two upcoming conferences.

Jen Wong, Reddit’s COO, will participate in Needham’s 19th Annual Needham Technology, Media, and Consumer Conference on Wednesday, May 15, 2024 at 8:45 a.m. Eastern Time

Steve Huffman, Reddit’s Co-Founder & CEO, will participate in J.P. Morgan’s 52nd Annual Global Technology, Media, and Communications Conference on Monday, May 20, 2024 at 8:40 a.m. Eastern Time

Live webcasts and replays of the fireside chats will be available on Reddit’s investor relations website at https://investor.redditinc.com and investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/



Reddit Announces First Quarterly Earning Results (plus AMA!) ADMIN Reddit Announces First Quarterly Earning Results (plus AMA!)

Today, we shared our first quarterly financial results as a public company. During today’s conference call at 2 pm PT/5 pm ET, we’ll discuss these results and answer several questions submitted by redditors and equity research analysts.

How can I participate in today’s conference call?

You can listen to the live webcast here.

Additionally, you can ask questions in the comments below about Reddit’s earnings results. Reddit’s CEO (u/spez), COO (u/adsjunkie), and CFO (u/TimingandLuck) will take a selection of your highest upvoted questions that follow general guidelines to read out and answer during the Q&A portion of today’s conference call.

General guidelines:

  • Comments will be ON until 3:00pm PT / 6:00pm ET today

  • Questions must abide by the community rules

In the coming days, we’ll return to this community and respond to several remaining questions that were unanswered during the earnings call.

+++

Reddit Announces First Quarter 2024 Results

Record user traffic, Daily Active Uniques (“DAUq”) increased 37% to 82.7 million

Revenue increased 48% to $243.0 million, nearly doubling growth rate from prior quarter

Net loss driven by IPO expenses, first profitable Q1 on an Adjusted EBITDA basis

Operating cash flow of $32.1 million and positive free cash flow of $29.2 million

May 07, 2024

SAN FRANCISCO--(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended March 31, 2024. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/.

“It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company,” said Steve Huffman, Co-Founder and CEO of Reddit. “We see this as the beginning of a new chapter as we work towards building the next generation of Reddit.”

  • DAUq increased 37% year-over-year to 82.7 million

  • Weekly Active Uniques (“WAUq”) increased 40% year-over-year to 306.2 million

  • Revenue increased 48% year-over-year to $243.0 million, Ad Revenue increased 39% year-over-year to $222.7 million

  • Gross margin was 88.6%, an improvement of 500 basis points from the prior year

  • Net loss was $575.1 million, as compared to $60.9 million in the prior year. Stock-based compensation expense and related taxes were $595.5 million, as compared to $13.2 million in the prior year, driven by IPO charges

  • Adjusted EBITDA was $10.0 million, as compared to $(50.2) million in the prior year

  • Operating cash flow was $32.1 million, an improvement of $28.0 million from the prior year

  • Free Cash Flow was $29.2 million. Capital expenditures were $2.9 million

First Quarter 2024 Financial Highlights

https://preview.redd.it/reddit-announces-first-quarterly-earning-results-plus-ama-v0-mq0wx4rx52zc1.png

Financial Outlook

The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission. Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.

As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the second quarter.

In the second quarter of 2024, we estimate:

  • Revenue in the range of $240 million to $255 million

  • Adjusted EBITDA in the range of $0 to $15 million

Board of Directors Update

We are pleased to announce that Sarah Farrell, co-founder and Managing Partner of Waygrove Partnership, has joined Reddit’s Board of Directors. Sarah has served as a board observer since 2021 and will fill a new seat, increasing our Board to eight directors.

“Sarah’s expertise in finance and investing has been invaluable as we’ve made the transition to a public company,” said Steve Huffman, Co-Founder and CEO of Reddit. “This appointment is a testament to Sarah’s contributions, and I look forward to her continued impact on Reddit’s mission.”

“As a long-time Reddit user, I am excited to continue to partner with Steve and Reddit's leadership as the company enters a new era of growth in the public markets,” said Sarah Farrell. “In a world where content is increasingly AI and influencer generated, Reddit remains one of the few uniquely human places on the internet.”

Previously, Sarah was a Partner at Inclusive Capital Partners and held investment and private equity roles at ValueAct Capital, The Blackstone Group, and J.P. Morgan. Sarah served on the boards of Verra Mobility Corporation, Kolmac Outpatient Recovery Centers, and Lindblad Expeditions Holdings, Inc. Sarah lives in San Francisco with her family and enjoys spending time in r/goldenretrievers, r/watercolor, and r/dramatichouseplants.

Earnings Conference Call Information and Community Update

Reddit will host a conference call to discuss the results for the first quarter of 2024 on May 7, 2024, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available following the conclusion of the conference call on the same websites.

Reddit will solicit questions from the community in the investor relations subreddit r/RDDT at https://www.reddit.com/r/RDDT/ on Tuesday, May 7, 2024, and post responses following the earnings call at Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT at https://www.reddit.com/r/RDDT/.

Reddit uses the investor relations page on its website https://investor.redditinc.com, as well as the subreddits r/RDDT and r/reddit, available at https://www.reddit.com/r/RDDT/ and https://www.reddit.com/r/reddit/, respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.


Reddit, Inc. Announces First Quarter 2024 Results & Conference Call Reddit, Inc. Announces First Quarter 2024 Results & Conference Call

Hi redditors,

Early next month, we’ll share our first quarterly financial results as a public company and hold a conference call to answer questions from equity research analysts (people who assess public companies and provide recommendations on whether investors should buy, sell, or hold). You’ll be able to listen into the earnings call webcast (see access details here and below) and ask questions in advance that Reddit execs u/spez (CEO), u/adsjunkie (COO), and u/TimingandLuck (CFO) may read out and respond to during the conference call.

We’ll post in this community the morning of May 7th and ask for your questions around our quarterly earnings results. While question selection is subject to our guidelines and community rule #2, we want you all to have the opportunity to ask questions about Reddit’s business.

Stay tuned for that upcoming post with additional information and opportunities to participate in Reddit’s quarterly earnings discussions.

+++

Reddit to Announce First Quarter 2024 Results on Tuesday, May 7, 2024

April 11, 2024

**SAN FRANCISCO–(BUSINESS WIRE)--**Reddit, Inc. (NYSE: RDDT), announced today that the company’s first quarter 2024 financial results will be released after market close on Tuesday, May 7, 2024.

Reddit will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day.

The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.

Reddit will solicit questions from the community at r/RDDT on Tuesday, May 7, 2024, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and r/RDDT.


Introducing RDDT ADMIN Introducing RDDT

We have a life update: Reddit is now trading as a public company on the New York Stock Exchange as RDDT.

Thank you to everyone who was part of this journey, from the most casual redditor to those of you who were able to show your support by participating in the Directed Share Program. We look forward to this next chapter, so stay tuned for more opportunities to ask us questions and learn more about Reddit as a public company (*psst* you’ll see another post from us toward the end of April).

Just a reminder, due to legal limitations, this subreddit will operate slightly differently than others like r/modnews, r/modsupport, and r/reddit (which will continue to operate as normal) and you might notice some of our posts (but not all) will be read-only.

Snoo representing Reddit at the New York Stock Exchange

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission. This offering is being made only by means of a prospectus, copies of which may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: [email protected]; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: [email protected].

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.


Pricing of Reddit’s Initial Public Offering ADMIN Pricing of Reddit’s Initial Public Offering

If you’ve been keeping tabs on us over the past few months, you may have read about our path to becoming a public company. And if you’re looking for more information about this next chapter for Reddit…you’ve come to the right community. Last week, we shared a post in r/rddt explaining why we launched this community and how you can follow along right here to keep even more tabs on our investor and financial-related news and information.

Today, we’ve taken another step – see below for more information:

SAN FRANCISCO--(BUSINESS WIRE)--Reddit, Inc. (“Reddit”) today announced the pricing of its initial public offering of an aggregate 22,000,000 shares of its Class A common stock, 15,276,527 of which are being sold by Reddit and 6,723,473 of which are being sold by certain selling stockholders, at a public offering price of $34 per share. Reddit will not receive any proceeds from any sale of shares by the selling stockholders. In addition, Reddit has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on March 21, 2024, under the ticker symbol “RDDT.” The offering is expected to close on March 25, 2024, subject to customary closing conditions.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities are acting as lead book-running managers for the offering. Citigroup, Deutsche Bank Securities, and MUFG are acting as joint book-running managers. Citizens JMP, Needham & Company, Piper Sandler, Raymond James, Academy Securities, Loop Capital Markets, Ramirez & Co., Inc., and Telsey Advisory Group are acting as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission. This offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: [email protected]; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: [email protected].

This communication shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



An AM(almost)A with Reddit Executives ADMIN An AM(almost)A with Reddit Executives

As we take the next steps towards becoming a public company, we want to invite our community to join us for an AM(almost)A with Reddit’s CEO (u/spez), COO (u/adsjunkie), and CFO (u/TimingandLuck). As much as we wish we could, for legal reasons, we are not allowed to respond to any questions in the comments. Instead, we’ll take a selection of your highest upvoted questions that follow required guidelines and post a video response covering all of them. Details and timeline below:

  • Comments will be open for the next 2 days (March 11-12), during which time you will have the opportunity to ask u/spez, u/adsjunkie, and u/TimingandLuck about Reddit’s public company journey and upvote questions that you would most like to hear more about.

  • After the comment window has closed on March 12 @ 10pm ET, we will lock comments and select questions to be answered.

  • We’ll post a video in r/rddt on 3/18 in which u/spez, u/adsjunkie, and u/TimingandLuck will respond to many of the questions.

  • In addition to that video, you can find more information about Reddit and our IPO in our preliminary prospectus available on EDGAR, any free writing prospectus that we may prepare in connection with our IPO, and the final prospectus for our IPO.

  • An important note from our lawyers: The questions and comments made in this thread are not made by Reddit nor any of the underwriters and may contain statements about Reddit or our IPO that are incorrect or out-of-date. Neither Reddit nor the underwriters take responsibility for them and we and the underwriters will not correct them if they are incorrect.

We’ll see you (but you won’t see us) in the comments.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


Investor Relations, but Make it Reddit ADMIN Investor Relations, but Make it Reddit

As some of you eagle-eyed redditors have already noticed, there’s a new subreddit in town: r/rddt.

What is r/rddt? And where did all the vowels go?

r/rddt is a new official Reddit community where we’ll be sharing investor news, updates, and information as a public company. This includes things like press releases, information about quarterly earnings, and earnings calls. Our goal is to provide redditors with as much access as possible to the information that we share with traditional investors.

Because r/rddt is focused on sharing investor information, there are a lot of additional legal considerations informing how we operate this community. Tl;dr: shitposting participating will look and feel different here, so please take a look at our Community Rules and don’t be alarmed when content we post is often (but not always) read-only.

While everything has to operate a bit differently in this sub, you will also have the chance to ask questions about our business, in the following ways:

Be a part of Reddit’s Quarterly Earnings Calls

Redditors (whether investors or not) will have dedicated space for questions during quarterly earnings calls. r/rddt is where we’ll solicit questions from you each quarter in advance of the live earnings call.

Participate in AMAs with Reddit Executives

We’ll host AMAs on r/rddt where our executive team will answer questions about the investor stories and news you’re seeing here.

Oh, and about those vowels: Reddit’s stock ticker will be “rddt” so we thought it only fitting that this community bear the same name.

Thanks for coming along this journey with us – stay tuned for more to come.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.