Posted 3/21/2024, 7:35:44 PM
Reddit Shares Close Up 48% in Strong IPO Debut, Spurring Hope for More Tech Offerings
- Reddit closes first day of trading up nearly 48% at $50.31 per share from IPO price of $34
- Reddit achieved $804M revenue in 2023 but still unprofitable with over $90M losses last year
- Reddit sold $203M AI data contracts showing potential future growth business
- Strong debuts for Reddit and Astera Labs could encourage more tech IPOs in current market
- If IPO window opens more widely, Nasdaq reaching new highs this week is a positive sign
