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AI brief of an SEC Form 8-K · Reddit (RDDT)

Reddit Q1 revenue rises 48% to $243.0 million; net loss widens to $575.1 million

Mixed Impact 3 of 5 earnings Written later

Reddit reported first-quarter 2024 results, with revenue up 48% year-over-year to $243.0 million and a net loss of $575.1 million, compared with $60.9 million a year earlier. The company said the loss was driven by stock-based compensation and related taxes of $595.5 million tied to IPO charges, while Adjusted EBITDA swung to a profit of $10.0 million. The filing also added Sarah Farrell to the board and gave second-quarter revenue and Adjusted EBITDA ranges.

Key points

  • Q1 2024 revenue was $243.0 million, up 48% year-over-year; advertising revenue was $222.7 million, up 39%
  • Net loss was $575.1 million versus $60.9 million in Q1 2023, driven by $595.5 million of stock-based compensation and related taxes tied to IPO charges
  • Adjusted EBITDA was $10.0 million versus a loss of $(50.2) million a year earlier; operating cash flow was $32.1 million
  • Q2 2024 estimates: revenue of $240 million to $255 million and Adjusted EBITDA of $0 to $15 million; Sarah Farrell joined the board May 2, 2024

The filing

CompanyReddit (RDDT)
Form8-K, current report
Filed with the SECMay 7, 2024, 4:15 PM ET
Accession number0001713445-24-000003

Items reported: 2.02 Results of Operations5.02 Director / Officer Change

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 07, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.