Reddit reports a loss of $575 million related to the IPO but also strong growth
Reddit reported a quarterly loss of more than $500 million in its first earnings report as a public company on Tuesday, largely due to stock compensation expenses incurred during its initial public offering in March.But the social media company also reported solid revenue and user growth, underscoring the potential of its digital advertising business as people flock to the site. Last month, Google, Meta and Snap also reported increased ad sales and double-digit revenue growth.Reddit's revenue was $243 million in the first quarter, up 48% from $163.7 million a year earlier and higher than Wall Street estimates of $214 million, according to data compiled by FactSet. Net loss was $575.1 million, compared to a loss of $60.9 million a year earlier. Stock-based compensation expense totale...