Social media platform Reddit Inc. (NYSE: RDDT) had a strong second-quarter performance, with its profitability metrics now within striking distance of mature social networking companies such as Meta Platforms Inc. (NASDAQ:META).
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What Happened: During its second-quarter earnings call on Thursday, the company reported an adjusted EBITDA of $167 million, from total revenue of $500 million, resulting in EBITDA margins of 33%. This was largely driven by rapid top-line growth, alongside tight expense controls during the quarter.
The company’s CFO, Drew Vollero, said, “We found a sweet spot this quarter with both revenue growth and profitability,” referring to a 78% surge in revenues.
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