NYSE$RDDT
Reddit Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reddit Inc's Q1 2024 earnings showcased strong user growth and revenue increase, marking its first profitable Q1 on an Adjusted EBITDA basis since its IPO.
Reddit Inc. announced a strong start to 2024 with significant growth in user traffic and revenue. Daily Active Uniques (DAUq) increased by 37% to 82.7 million, and revenue grew by 48% to $243.0 million. The company reported a net loss primarily due to IPO expenses but achieved its first profitable Q1 on an Adjusted EBITDA basis. Operating cash flow was $32.1 million, and free cash flow was $29.2 million.
- Daily Active Uniques (DAUq) increased by 37% year-over-year to 82.7 million.
- Revenue increased by 48% year-over-year to $243.0 million, with ad revenue up by 39% to $222.7 million.
- Gross margin improved to 88.6%, a 500 basis points increase from the prior year.
- First profitable Q1 on an Adjusted EBITDA basis with $10.0 million, compared to $(50.2) million in the prior year.
Headline financials
Revenue & EPS history
Reddit Inc · Revenue · Quarterly
$243M
Revenue by segment
Reddit Inc · $247M total across 1 segment · Q4 2023
- Advertising$247M—100.0%
Forward guidance
Reddit estimates revenue in the range of $240 million to $255 million and Adjusted EBITDA in the range of $0 to $15 million for the second quarter of 2024.
Tailwinds
- Revenue in the range of $240 million to $255 million.
- Adjusted EBITDA in the range of $0 to $15 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 12 quarterly earnings reports · overlaid with Q1 2024
+9.0%
Avg return
Earnings day
+9.0%
Avg return
5 days after
+18.8%
Avg return
30 days after
67%
8 / 12 earnings
Positive
+46.0%
Q3 2023
Best reaction
-10.8%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +12.5% | +13.1% | +19.4% | |
| Q4 2025 | -7.4% | -7.8% | -7.7% | |
| Q3 2025 | +5.3% | +1.0% | +11.3% | |
| Q2 2025 | +17.2% | +32.5% | +40.2% | |
| Q1 2025 | -4.2% | -11.2% | -5.4% | |
| Q4 2024 | -5.3% | -13.6% | -40.8% | |
| Q3 2023 | +46.0% | +33.4% | +72.1% | |
| Q3 2024 | +45.6% | +41.8% | +75.8% | |
| Q2 2023 | +1.1% | -3.4% | +4.6% | |
| Q2 2024 | -10.8% | -6.9% | +3.3% | |
| Q1 2023 | +1.4% | +17.8% | +21.1% | |
| Q1 2024 | +6.5% | +10.9% | +31.5% | |
| Q4 2023 | — | — | — | |
| Q4 2022 | — | — | — | |
| Q3 2022 | — | — | — | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — | |
| Q4 2021 | — | — | — | |
| Q3 2021 | — | — | — | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — |
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