Reddit (RDDT) stock jumped 5% in early trading Wednesday after the social media platform beat top- and bottom-line expectations in its first earnings report as a public company. Shares have since pared a portion of these earlier gains, but are still comfortably higher.
In the three months ended March 31, Reddit's revenue surged 48.4% year-over-year to $243 million. The top-line results were driven by a 37.1% increase in daily active uniques (DAUq) to 82.7 million and an 8.1% increase in average revenue per user to $2.94. Reddit defines DAUqs as users the company "can identify with a unique identifier who has visited a page on the Reddit website or opened a Reddit application at least once during a 24-hour period."
