Reddit Stock Surges Amid Broad Market Decline
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BTCCSquare news:
Reddit (RDDT) shares soared 21.11% Friday, defying a broader market downturn triggered by a weak July jobs report. The social media platform's Q2 earnings beat expectations, posting $0.45 EPS on $500 million revenue—far exceeding analyst estimates of $0.19 EPS and $426 million sales.
Daily active users grew 21% year-over-year to 110 million, while revenue jumped 78%. Management's bullish Q3 guidance of $535-$545 million sales (55% YoY growth midpoint) suggests sustained momentum. The stock's rally contrasts sharply with the S&P 500's 1.7% decline and Nasdaq's 2.2% drop during the same trading window.
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