Posted 3/21/2024, 5:29:20 PM
Reddit Shares Soar 60% in IPO as Popular Platform Goes Public
- Reddit goes public, opening at $47 per share compared to $34 IPO price, stock surges 60% in early trading
- Reddit's revenue jumped 20% in 2023 to $804 million, 98% from ads; net loss narrowed from 2022
- 500 million monthly visitors in Dec 2023; 73.1 million average daily active users in Q4 2022
- 1.76 million shares set aside for Reddit users and moderators with no lock-up
- CEO sees opportunity to license Reddit's trove of human-generated content data for AI use