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Jakub Porzycki / NurPhoto via Getty ImagesKey TakeawaysReddit shares are surging Wednesday after the social media firm posted its first quarterly profit as a public company.Reddit posted third-quarter revenue of $348.4 million, up 68% from the same period last year and beating Visible Alpha estimates. It reported a third-quarter net profit of $29.9 million, or 16 cents per share, versus estimates of a net loss of $17.7 million, or 10 cents per share.For the fourth quarter, Reddit is forecasting revenue in the range of $385 million to $400 million.Reddit (RDDT) shares are surging Wednesday after the social media firm posted…
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Reddit’s shares surged 25% in after-hours trade after the company reported a profit for the first time and revenue that beat expectations.W6/Getty Images; Jenny Chang-Rodriguez/BIReddit shares surged 25% after it reported a revenue beat and turned a profit for the first time.The company saw a 68% revenue increase and a 47% rise in daily active visitors in Q3.Reddit’s AI-driven translation and revamped AMA product contributed to user growth.Reddit is reaping the rewards of artificial intelligence.The social network’s shares surged 25% in after-hours trade after the company reported a profit for the first time and revenue that beat expectations.Reddit’s third-quarter revenue…
Zhang Yiming, founder and global CEO of ByteDance, is China’s richest person with a personal wealth of $49.3 billion, according to an annual rich list by Hurun.VCG/VCG via Getty ImagesAccording to Hurun’s 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021.It’s a reflection of China’s struggling economy and a government crackdown on the superrich.Some wealthy citizens are looking for covert ways to move their wealth out of China.The number of China’s billionaires has dropped by a third since 2021, according to an annual rich list, as difficulties for the country’s economy and government crackdowns took…
Source: TradingView.comKey TakeawaysAdvanced Micro Devices shares moved sharply lower in extended trading on Tuesday after the chipmaker reported third-quarter earnings that came in below expectations and issued a light revenue outlook.The stock has rallied into the upper trendline of a descending channel, though lower volumes suggest that larger market participants remained on the sidelines ahead of the company’s quarterly results.Investors should watch key support levels on AMD’s chart around $162, $132, and $112.If the stock resumes its longer-term uptrend, investors should monitor a bars pattern bullish price target around $275.Advanced Micro Devices (AMD) shares moved sharply lower in extended trading…
GLENN CHAPMAN / Contributor / Getty Images Google and Alphabet CEO Sundar Pichai at the tech titan’s annual I/O developers conference on May 14, 2024, in Mountain View, CaliforniaAfter Google parent Alphabet (GOOGL) reported third-quarter earnings that topped analysts’ expectations, CEO Sundar Pichai and other executives told investors the tech giant is seeing strong gains from demand for artificial intelligence (AI), sending shares up over 5% in extended trading Tuesday.Investments in AI ‘Are Paying Off and Driving Success’Pichai told investors the tech giant’s investments in AI “are paying off and driving success,” with strong performance in Google’s search and cloud divisions driven by AI…