The social media platform posted adjusted earnings per share of $0.16, significantly beating analyst estimates of a $0.23 loss. Revenue for the quarter jumped 68% YoY to $348.4 million, surpassing the $312.8 million reported in the same quarter last year and analyst expectations.

Reddit's daily active unique users (DAUs) increased 47% YoY to 97.2 million. The company achieved GAAP profitability with a net income of $29.9 million, compared to a net loss of $7.4 million in the prior year. Adjusted EBITDA came in at $94.1 million, a substantial improvement from negative $6.9 million a year ago.

"It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," said Steve Huffman, Co-Founder and CEO of Reddit.

Looking ahead, Reddit provided upbeat guidance for the fourth quarter, projecting revenue between $385 million and $400 million, above the consensus estimate of $357.9 million.

The company's gross margin improved to 90.1%, up 280 basis points from the previous year. Reddit also reported positive operating cash flow of $71.6 million and free cash flow of $70.3 million for the quarter.

Resource: Investing.com

Tradingkey.com

On May 9th, during an interview with journalist Mike Solana on Pirate Wires, Dorsey expressed optimism regarding the long-term price trajectory of Bitcoin and provided more background on his sudden departure from the BlueSky board—a decentralized Twitter alternative he helped create—launched in 2019.

Dorsey stated that he believes by 2030, the price of Bitcoin could reach "at least $1 million," and he added that it is likely to "reach and surpass that figure."

Dorsey, who currently heads the financial services company Block, noted that the actual price of Bitcoin isn't the most interesting aspect of it. Instead, he pointed out the collaborative nature of its ecosystem and the way it incentivizes collective efforts to enhance the network.

"Beyond the narrative of the founder, what's most fascinating about Bitcoin is that anyone who works on Bitcoin, or gets paid in Bitcoin , or buys Bitcoin for themselves—everybody working to make it better—is making the entire ecosystem better, which drives the price up."

"It's a fascinating ecosystem and story, more important than anything else," he added. "It's taught me a lot."

Earlier this week, Dorsey's confirmed departure from the Bluesky board attracted attention. Bluesky, a decentralized social network he helped create, was envisioned as an alternative to Twitter.

He described Bluesky as "basically repeating all [Twitter's] mistakes" and added that it's not a protocol that can be considered truly decentralized. "It's another app," he said.

Initially conceived as an open-source protocol, Bluesky was envisioned by Dorsey as something upon which Twitter and other social media platforms could build, separating the protocol layer from the application layer to mitigate censorship risks.

However, he noted that the company's actions resembled more of a traditional company starting to push moderation tools.

"All the things we wanted about decentralization, all the things we wanted about open-source protocols, suddenly turned into a company with venture capital and a board. That's not what I want, and that's not what I want to help create."

Dorsey later deleted his Bluesky account, stating that the Nostr platform—a anonymous, open protocol without a company or centralized control—better aligned with his goal of resisting censorship.

On May 2nd, in a report to shareholders, Dorsey stated that his financial technology company Block would allocate 10% of the gross profit from Bitcoin-related products to monthly purchases of more Bitcoin.

On May 1st, reports emerged that US federal prosecutors are investigating Block due to documents alleging misconduct within the company's payment divisions Square and Cash App.