The company said revenue for the quarter ended March 31, 2024 was $243.0 million, up 48% from a year earlier, and DAUq was 82.7 million, up 37%. Gross margin was 88.6%, compared with 83.6% a year earlier.

10-QQuarterly reportFiled May 8, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said revenue for the quarter ended March 31, 2024 was $243.0 million, up 48% from a year earlier, and DAUq was 82.7 million, up 37%. Gross margin was 88.6%, compared with 83.6% a year earlier.
Reddit said operating expenses for the quarter ended March 31, 2024 were $804.6 million and its net loss was $575.1 million. The company cited stock-based compensation expense and related taxes of $327.1 million related to RSUs with a liquidity event vesting condition that was satisfied upon the effectiveness of its IPO as the factor behind the increase in research and development expenses.
The company said Adjusted EBITDA for the quarter ended March 31, 2024 was $10.0 million (compared with $(50.2) million a year earlier), net cash provided by operating activities was $32.1 million, and Free Cash Flow was $29.2 million (compared with $3.7 million a year earlier).
Reddit said it completed its IPO in March 2024, raising net proceeds of $600.0 million after deducting underwriting discounts and commissions of $31.6 million. The company said its cash, cash equivalents, and marketable securities were $1.7 billion as of March 31, 2024.

Key figures

Quarter ended March 31, 2024

Revenue: $243M
Operating income: −$589M
Net income: −$575M
EPS: −$8.19
Operating cash flow: $32M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Revenue $243.0 million, DAUq 82.7 million

The company said revenue for the quarter ended March 31, 2024 was $243.0 million, up 48% from a year earlier, and DAUq was 82.7 million, up 37%. Gross margin was 88.6%, compared with 83.6% a year earlier.

Source · Based on the MD&A text of the filing

Operating Expenses $804.6 million and Net Loss $575.1 million

Reddit said operating expenses for the quarter ended March 31, 2024 were $804.6 million and its net loss was $575.1 million. The company cited stock-based compensation expense and related taxes of $327.1 million related to RSUs with a liquidity event vesting condition that was satisfied upon the effectiveness of its IPO as the factor behind the increase in research and development expenses.

Source · Based on the MD&A text of the filing

Quarterly Adjusted EBITDA and Free Cash Flow

The company said Adjusted EBITDA for the quarter ended March 31, 2024 was $10.0 million (compared with $(50.2) million a year earlier), net cash provided by operating activities was $32.1 million, and Free Cash Flow was $29.2 million (compared with $3.7 million a year earlier).

Source · Based on the MD&A text of the filing

March 2024 IPO Net Proceeds $600.0 million

Reddit said it completed its IPO in March 2024, raising net proceeds of $600.0 million after deducting underwriting discounts and commissions of $31.6 million. The company said its cash, cash equivalents, and marketable securities were $1.7 billion as of March 31, 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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