Reddit Stock Soars on Earnings Beat

Reddit surged on Friday after the social media company beat expectations for earnings, extending this year’s rally. The company solidly beat analyst estimates for both revenue and earnings, which came in at $585 million and 80 cents a share, respectively. For the current quarter ending in December, Reddit expects revenue in a range of $655 million to $665 million and adjusted earnings before interest, taxes, depreciation, and amortization of $275 million to $285 million.