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S&P 500 futures rose as Alphabet's shares jumped 5% following strong earnings, exceeding expectations with $88.27 billion in revenue. The Nasdaq Composite hit a record high, driven by tech stocks, while investors await GDP growth data expected at 3.1% for Q3. Chipotle's mixed results led to a 3% dip in shares, and Chewy fell nearly 2% after meme stock leader Keith Gill dissolved his stake.
Sam Altman's stake in Reddit is now valued at over $1 billion following a 20% surge in the company's shares after a strong earnings report. Altman, who controls approximately 12.2 million shares, was a significant investor in Reddit, contributing $60 million in 2021. He remains one of the largest shareholders, with no indication of selling his stock since the lockup period ended in September.
Reddit Inc. shares surged over 16% after exceeding third-quarter sales expectations, reporting $348.4 million against the projected $312.8 million. The company also achieved profitability on a GAAP basis for the first time since its public debut in March, signaling a strong holiday season ahead, according to CEO Steve Huffman. [Bloomberg](https://www.bloomberg.com)
Reddit shares surged 22% in after-hours trading, surpassing $100 for the first time, following a strong third-quarter earnings report that beat analyst expectations. The company reported a net income of $29.9 million, a significant turnaround from a loss a year prior, and projected fourth-quarter revenue between $385 million and $400 million. Daily active users grew 47% year over year, highlighting Reddit's continued growth and profitability since its IPO in March.
Reddit Inc. shares have surged 139% since their March IPO, marking the best performance among this year's offerings that raised over $310 million. The continuation of this rally hinges on the upcoming release of its third-quarter results, which will assess the company's role in the AI landscape.
Reddit, Inc.
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s and p 500 futures rise as alphabet and tech earnings impress
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23:05 29.10.2024
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22:20 29.10.2024
reddit shares soar after strong third quarter and holiday outlook
21:10 29.10.2024
reddit shares surge 22 percent on strong earnings and optimistic forecast
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reddit shares surge as earnings report approaches amid ai focus
14:44 28.10.2024
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