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Reddit stock price soars after social media player reports profit milestone
Reddit’s stock surged after posting a rare Q3 profit of nearly $30 million and surpassing revenue expectations with $348.4 million.
Daily users rose 47% to over 97 million, driven partly by a new AI-powered translation tool that quadrupled usage.
CEO Steve Huffman noted Reddit’s growing role as a community resource, including during recent hurricanes.
Reddit’s stock, debuting at $34 in March, reached $113.50, reflecting strong investor confidence, CBS News has reported.
read more: https://www.cbsnews.com/news/reddit-stock-price-reddit-earnings/
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