Reddit reported $243 million in total revenue, a 48% year-over-year increase, with ad revenue accounting for $222.7 million, driving its first profitable Q1 in adjusted EBITDA.
The increase in Reddit's daily active user base, driven by a boost in search traffic from Google and Reddit's AI utilization, contributed to its revenue growth and share price rise.
The 37% year-over-year increase in daily active unique visitors on Reddit's website and app set a growth record, with logged-in users growing by 27% and logged-out users by 48%.
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