Reddit Incurs $575 Million Quarterly Loss Despite 48 Percent Revenue Growth

The company’s shares rose by over 14 percent in after-hours trading on Tuesday.

This photo illustration shows the logo of Reddit on a mobile phone in Arlington, Va., on Jan.29, 2021.Olivier Douliery/AFP via Getty Images

Social media firm Reddit posted a loss of more than a half-billion dollars for its first quarterly earnings report post-IPO.

Net loss for first quarter 2024 was $575.1 million, with Reddit blaming the loss on “IPO expenses.” The company launched its IPO in March, and started trading on the New York Stock Exchange from March 21 under ticker symbol RDDT. This was the tech company’s first earnings report as a public firm. The $575.1 million loss was up from the $60.9 million loss registered in the same period last year.