The company unveiled its first quarter (Q1) fiscal 2024 earnings after markets closed on May 7. Reddit reported that Daily Active Uniques (DAUq) in the quarter climbed 37% year-over-year to 82.7 million. Meanwhile, Weekly Active Uniques (WAUq) jumped 40% to 306.2 million. Reddit posted revenue growth of 48% to $243 million, while ad revenue jumped 39% year-over-year to $222.7 million.
Reddit’s net loss was reported at $575 million – compared to $60.9 million in the previous year. However, stock-based compensation expense and related taxes came out at $595.5 million – up from $13.2 million in Q1 2023. EBITDA stands for earnings before interest, taxes, depreciation, and amortization, and aims to give a clearer picture of a company’s profitability. Reddit delivered an adjusted EBITDA of $10.0 million – up from an adjusted EBITDA loss of $50.2 million in the prior year.
The company reported free cash flow of $29.2 million while capital expenditures stood at $2.9 million. Reddit has started hot out of the gate, and looks primed for strong revenue and earnings growth in the near term.
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