Reddit announced Its financial results for the first quarter of 2024 today in a post on its investor blog, and they are presented in a very strong way for the social network, with this being the first round of results following the company’s decision to go public on the New York Stock Exchange again. in March 2024.

CEO and co-founder Steve Huffman said this “This has been a strong start to a milestone year and quarter for Reddit and our communities as a public company.” and this “We see this as the start of a new chapter as we work to build the next generation of Reddit.”

Key site performance metrics, such as Daily Active Uniques (DAUq for short), show a significant increase in user traffic with a 37% increase to 82.7 million year over year. Its revenues also increased by 48% to 243 million dollars, almost doubling the growth rate from the previous quarter. Finally, it reports operating cash flow of $32.1 million and positive free cash flow of £29.2 million.

However, despite all this, the site’s net loss increased from $60.9 to $575.1 million, which the site attributes to the IPO charges as well as share-based compensation expenses and related taxes, and the change in percentage is marked as Insignificant (NM) in the table of highlights included in the post.

Reddit also estimates that it will have consistent revenues in the second quarter of 2024 in the range of $240 million to $255 million, and its earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of $0 to $15 million which is a measure that tries to represent the cash profit generated from his activity.

Finally, Reddit took the time to announce an update to its board in this post. Sarah Farrell, co-founder and managing partner of Waygrove Partnership, joins the board, having been an observer on the board since 2021 and growing the board to a total of eight directors.