Reddit RDDT is scheduled to report first-quarter 2024 results on May 7.
The Zacks Consensus Estimate for first-quarter 2024 loss is pegged at $2.34 per share, unchanged in the past 30 days.
The consensus mark for revenues is pegged at $212.43 million.
Reddit’s social media platform offers communities covering different topics. In December 2023, more than 500 million visitors, and in the three months ended Dec 31, 2023, an average of 73.1 million daily active uniques (DAUq) around the world came together on Reddit.
Reddit Inc. Price
Reddit Inc. price | Reddit Inc. Quote
Reddit’s first-quarter 2024 top-line growth is expected to have benefited from an expanding DAUq. Improvement in search engine results powered by AI and machine learning is expected to have driven DAUq in the to-be-reported quarter.
Reddit’s partnership with Google reflects the growing value of data, which is used for the purpose of AI model training. However, stiff competition for ad dollars has been a headwind.
What Our Model Says
Per 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’s not the case here.
Reddit currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Arista Networks ANET has an Earnings ESP of +3.76% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks’ shares have gained 11.6% year to date. ANET is set to report its first-quarter 2024 results on May 7.
NVIDIA NVDA has an Earnings ESP of +2.50% and a Zacks Rank #2.
NVIDIA’s shares have gained 74.5% year to date. NVDA is scheduled to release first-quarter fiscal 2025 results on May 22.
Docebo DCBO has an Earnings ESP of +8.00% and a Zacks Rank #3 at present.
Docebo’s shares have declined 5.7% year to date. DCBO is set to report first-quarter 2024 results on May 9.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Only $1 to See All Zacks’ Buys and Sells
We’re not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not – they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.
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
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
