Reddit on Tuesday reported a quarterly profit for the first time as a publicly traded company. Shares of the company, popular for its user-led communities known as subreddits, rose more than 35% as markets opened the next day.
The company reported nearly 100 million monthly users, an increase of 47% from the year before, and a profit of $29.9m. Its revenue reached $348.4m, a year-over-year increase of 68%, handily beating analysts’ expectations.
