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Reddit (RDDT) to Release First Quarter Earnings Report: What’s in the Cards?

Reddit RDDT is scheduled to publish its first quarter 2024 results on May 7.

The Zacks Consensus Estimate for first-quarter 2024 loss is $2.34 per share, unchanged over the past 30 days.

The revenue consensus is set at $212.43 million.

The social media platform Reddit offers communities covering a variety of topics. In December 2023, over 500 million users visited Reddit, and in the three months ended December 31, 2023, it averaged 73.1 million daily active uniques (DAUq) from around the world.

Reddit Inc. Price

Reddit Inc. PriceReddit Inc. Price

Reddit Inc. Price

Reddit Inc. Price | Quote from Reddit Inc

Reddit’s revenue growth in Q1 2024 is expected to be driven by DAUq growth. AI and machine learning-driven search engine performance improvements are expected to drive DAUq in the reporting quarter.

Reddit’s partnership with Google reflects the growing value of data used to train AI models. However, fierce competition for advertising dollars was a hindrance.

What our model says

According to the Zacks Model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.

Reddit currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. With our Earnings ESP filter, you can discover the best stocks to buy or sell before they are reported.

Stocks to consider

Here are some companies worth considering because our model shows they have the right combination of elements to beat earnings in upcoming launches:

Arista networks ANET has an Earnings ESP of +3.76% and a Zacks Rank of #2. You can see the complete list of today’s Zacks #1 stocks here.

Arista Networks shares are up 11.6% year to date. ANET is scheduled to report first-quarter 2024 results on May 7.

NVIDIA NVDA has an Earnings ESP of +2.50% and a Zacks Rank of #2.

NVIDIA stock is up 74.5% year-to-date. NVDA is scheduled to report first-quarter fiscal 2025 results on May 22.

Docebo DCBO currently has an Earnings ESP of +8.00% and a Zacks Rank of #3.

Docebo shares are down 5.7% since the beginning of the year. DCBO is scheduled to release its first-quarter 2024 results on May 9.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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NVIDIA Corporation (NVDA): Free Stock Analysis Report

Arista Networks, Inc. (ANET): Free stock analysis report

Docebo Inc. (DCBO): Free Stock Analysis Report

Reddit Inc. (RDDT): Free Stock Analysis Report

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