Reddit gets an upvote from investors
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 30 October 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, October 30th. I'm Julie Morgan. Investors obviously like what they're hearing from |
| 0:16.1 | Reddit. Roaring Kitty makes a trade and J.P. Morgan Chase is serious about |
| 0:21.9 | getting its money back. |
| 0:24.0 | Reddit Smash Wall Street expectations for its third quarter results and guided higher for the current quarter. |
| 0:31.0 | The social media company benefited from increased engagement from more users on its platform. |
| 0:36.0 | Reddit is up 23% in pre-market action. |
| 0:40.0 | It closed 2.6% higher before the report. |
| 0:44.0 | On a per share basis, the company earned 16 cents apiece, |
| 0:48.0 | beating the consensus estimates of a loss of 6 cents a share. |
| 0:52.0 | Revenue rose 68% to 348.4 million and beat the consensus |
| 0:58.0 | estimate of 314.83 million. For the fourth quarter, Reddit expects to bring in revenue between 385 and 400 million, |
| 1:07.4 | an adjusted Eibada in the 110 to 125 million range, way ahead of the Bloomberg consensus estimate for revenue of |
| 1:15.6 | 356.2 million and adjusted Eibara of 87 million. During Q2 the company saw daily active unique users rise 47% from last year to 97.2 million. |
| 1:29.6 | Ad revenue was up 41%. |
| 1:33.2 | Chewy is adding to Tuesday's losses in pre-market trading, down another 2% on news that Keith |
| 1:39.2 | Gill, also known as Roaring Kitty, sold his remaining stake in the company. |
| 1:44.2 | According to an amended Schedule 13G filed with the US Securities and Exchange Commission, |
| 1:49.7 | Gill indicated that he has no beneficial ownership in |
| 1:53.0 | Chewy Class A common stock. |
| 1:55.2 | Over the summer, Gil acquired a 6.6% or 245 million |
| 2:00.1 | dollars stake in the Pet Care Company. |
... |
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