-Reddit forecast quarterly revenue above market estimates on Tuesday in its first earnings as a public company, riding on strong user growth and an uptick in the advertising market.The company said it expects second-quarter revenue to be between $240 million and $255 million, compared with analysts' average estimate of $223.8 million, according to LSEG data.
The results follow strong earnings from rivals including Snap and fan optimism that marketers are ramping up spending this year, after an ad market slump in 2023 caused by sticky inflation and an uncertain economic outlook. Reddit is also trying to diversify revenue by licensing its user-generated content for the training of data-hungry AI models. It signed a deal with Google earlier this year that is worth about $60 million annually.
David Rosenberg: Tanking economy, productivity mean Bank of Canada should cut rates with or without the FedRussia's FX sales rise to 6.3 billion roubles in May as Finance Minister halves purchases MOSCOW -Russia's finance ministry said on Monday that it would halve its purchases of foreign currency and gold in the month ahead, a move that will increase the state's overall forex sales. The finance ministry said its purchases of foreign currencies and gold for the period from May 8 to June 6 would amount to the equivalent of 110.94 billion roubles , or 5.55 billion roubles per day.
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