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Reddit's Sales Soar Past Expectations, Buyback Announced
6 Feb
Summary
- Reddit projects first-quarter revenue between $595 million and $605 million.
- Fourth-quarter revenue increased 70% year-over-year, reaching $726 million.
- The company announced a $1 billion share buyback program, its first since IPO.
Reddit Inc. has projected first-quarter sales to reach between $595 million and $605 million, exceeding analysts' expectations. This positive outlook comes after a period of significant growth, with fourth-quarter revenue soaring to $726 million, marking a 70% increase from the previous year. The social media platform's advertising business has been a primary driver of this success, contributing nearly all of its over $2 billion in sales last year.
