Reddit Posts $575 Million Loss Tied to I.P.O. but Also Strong Growth
Reddit’s first earnings report as a public company showed leaps in users and advertising revenue, along with expenses related to its initial public offering.
The Newhouse family, which controls the Advance media empire, made a 2006 investment of $10 million in the social site, which plans to go public on Thursday.
The social media company raised $748 million in the offering. Its shares begin trading on the New York Stock Exchange on Thursday.
In an industry where customers are slow to trust and quick to criticize, a new fee from Unity infuriated studios that use its platform.
Shares opened at $42 on Tuesday before declining, valuing the grocery delivery company at $11.1 billion.
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