1 week Ago
stockcam Listen below or on the go on Apple Podcasts and Spotify Solid user engagement drives Reddit's robust results ; shares soar. (00:24) Roaring Kitty disposes of Chewy stake. (01:33) JPMorgan sues customers over alleged TikTok-fueled check fraud - reports.
(02:12) This is an abridged transcript of the podcast. Reddit (NYSE: RDDT ) smashed Wall Street expectations for its third quarter results and guided higher for the current quarter. The social media company benefited from increased engagement from more users on its platform.
Reddit is up 23% in premarket action. It closed +2.6% before the report.
On a per-share basis, the company earned 16 cents apiece, beating the consensus estimate of a loss of 6 cents a share. Revenue rose 68% to $348.4M and beat the consensus estimate of $314.
83M. For the fourth quarter, Reddit expects to bring in revenue between $385-$400M ($392.5M midpoint) and adjusted EBITDA in the $110-$125M range ($117.
5M midpoint), way ahead of the Bloomberg consensus estimate for revenue of $356.2M and adj. EBITDA of $87M.
During Q2, the company saw daily active unique users rise 47% from last year to 97.2M. Ad revenue was up 41%.
Chewy (NYSE: CHWY ) is adding to Tuesday’s losses in premarket trading, down another 2% on news that Keith Gill, also known as “Roaring Kitty”, sold his remaining stake in the company. According to an amended Schedule 13G filed with the U.S.
Securities and Exchange Commission, Gill indicated that he has no beneficial ownership in Chewy Class A Common stock. Over the summer, Gill acquired a 6.6%, or $245M, stake in the pet care company.
At the time, the stock skyrocketed to a one-year high of $39.10 before reversing the 34% gain the next day. JPMorgan Chase (NYSE: JPM ) is filing lawsuits against four customers, accusing them of exploiting a brief technical glitch that went viral on TikTok.
The company says they committed check fraud, a federal crime, by improperly withdrawing large sums of cash, according to several recent media reports. The so-called glitch in August allowed customers to deposit large checks at ATMs and withdraw funds instantly, even if the checks later failed to clear, Reuters reported. JPMorgan (NYSE: JPM ), the U.
S.'s largest bank, sued two individuals and two businesses in federal court this week, alleging they illegally kept over $661K after the checks they deposited were identified as counterfeit or forged. All four suits claim the defendants breached their deposit agreements and demand repayment of the improperly withdrawn funds, along with additional costs, the article said .
JPMorgan ( JPM ) did not immediately respond to Seeking Alpha's request for comment. More articles on Seeking Alpha: Colonial Pipeline considers options including potential $10B-plus sale - Bloomberg Ukraine, Russia said to be in talks over halting attacks on energy infrastructure Robotaxi stunner: Waymo hits milestone of 150,000 paid autonomous trips a week Catalyst watch: The Binance Blockchain Week conference will begin in Dubai. Notable investor events include V.
F. Corporation's ( VFC ) Investor Day event, Biomea Fusion's ( BMEA ) business update call, and Boston Scientific's ( BSX ) business update call. The National Retail Federation will hold a webinar on the holiday sales outlook at 1pm.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.
7% at $67/barrel. Bitcoin is up 1.7% at $72,000.
In the world markets, the FTSE 100 is down 0.3% and the DAX is down 0.5%.
The biggest movers for the day premarket: Advanced Micro Devices ( AMD ) plunged nearly 9% after reporting Q3 earnings and offering Q4 guidance that fell slightly short of expectations. On today’s economic calendar: 8:15 am ADP Jobs Report 8:30 am GDP Q3 10:00 am Pending Home Sales.
