Reddit crushes expectations, shares explode after hours

The company posted a surprise profit and blew past revenue expectations.

10/29/24 6:31PM

Reddit posted a much better quarterly report than Wall Street expected, supercharging the shares in after-hours trading.

The company reported its largest-ever quarterly profit, $29.9 million, compared to a loss of $7.4 million in last year’s quarter. Sales soared 68% to $348.4 million, beating Wall Street expectations handily. Daily active users climbed 47% to 97.2 million.

The stock rose by more than 20% in the after-hours trading session. If those prices hold, the company, which has only been publicly traded since March, on Wednesday should be on track for its biggest daily jump since its first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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