Reddit (RDDT, Hold, $54 target) First Take: DAUq Growth & Margins Highlight Stellar First Quarter
What’s New: In this first take following tonight’s results, we touch on:1. 1Q24 tops our Street-high estimates, 2Q a little light vs NSR but above consensus.
2. DAUq growth exceeds even our lofty expectations.
3. Ad revenue likely decelerates slightly in 2Q, but roadmap remains robust.
4. No OpenAI data licensing deal announced, but more color on the emerging business roadmap.
5. While user and revenue growth get most attention, margins were very impressive.
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