Reddit (RDDT, Neutral, $54 target) Solid Results/Guidance, but Nothing Incremental for the Bulls
What’s New: In this first take following tonight’s results, we touch on:1. 2Q24 tops our estimates, with solid guidance for 3Q
2. DAUq growth exceeds our lofty expectations (again)
3. Strong ad growth, some caution from agencies for 2H, more on search potential
4. AMZN seems like most likely data licensor; is RDDT at loggerheads with MSFT?
5. Sports bring ad revenue near-term, developer and User Economy potential later
6. User and revenue growth get most attention, but margins were very impressive.
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