🚀 Reddit surprising earnings

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Reddit's shares increased by 14% after it reported quarterly earnings post-IPO, beating expectations with a loss per share of $8.19 and revenue of $243 million, significantly higher than the predicted $212.8 million. The company highlighted a 39% year-over-year increase in ad revenue, contributing to a total revenue growth of 48%. Despite a net loss of $575.1 million mainly due to IPO-related expenses, Reddit's outlook remains positive with projected Q2 revenues between $240 million and $255 million, exceeding analyst expectations. The platform also reported a rise in daily active users to 82.7 million and an increase in average revenue per user to $2.94.

2. Walt Disney's shares dropped after its Disney+ streaming service fell short of subscriber expectations and the company's profit forecast underwhelmed analysts. Although Disney increased its full-year earnings growth projection from 20% to 25%, it did not meet the 25.5% growth expected by analysts. Disney+ reached 153.6 million subscribers, missing the anticipated 155.66 million. Despite these setbacks, Disney has beaten profit estimates for four consecutive quarters under CEO Bob Iger's leadership, contributing to a nearly 30% rise in share price year-to-date, bolstered by significant investments like $1.5 billion in Epic Games and cost-cutting measures. Earnings per share stood at $1.21, surpassing the expected $1.10, with revenue slightly missing at $22.08 billion versus the forecasted $22.11 billion.

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4. Headlines

   1. Peleton is considering a sale to a Private Equity firm.

   2. Famed investors are starting to sell off Nvidia following a period of significant returns for the stock.

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