The average gas prices in New Jersey is $4.54 today. I remember filling my car at $2.73 a gallon before the Iran war started. The highest average on record is $5.05 on 6/13/22. I believe we will break the record unfortunately. This will push inflation even higher. I’m thinking about purchasing a used EV. I can’t charge at home is my biggest concern. What are you guys doing to limit your driving?
Reddit reported better-than-expected profit and revenue in its first-quarter earnings report on Thursday, and also issued an optimistic forecast. The stock jumped 6% in extended trading.
Here's how the company did compared with LSEG estimates:
Earnings per share: $1.01 vs. 58 cents expected
Revenue: $663 million vs. $611 million expected
Revenue jumped 69% in the quarter from $392 million a year earlier, Reddit said in an earnings release. Net income soared to $204 million, or $1.01 per share, from $26 million, or 13 cents per share, a year ago.
Reddit said second-quarter sales should be in the range of $715 million to $725 million, ahead of analyst estimates of $712 million. Adjusted earnings will be between $285 million and $295 million, topping the $276 million average estimate.
The strong results continue a trend in online advertising. Meta and Alphabet, the leaders in digital ads, both beat on revenue in their earnings reports on Wednesday, showing their fastest growth in years. They also revealed plans to increase the amount of money they're spending on artificial intelligence infrastructure.
Alphabet shares rose Thursday, while Meta shares sank, underscoring investor concernsabout the Facebook-parent's hefty AI spending and its lack of a cloud business.
Reddit's daily active unique users, or DAUq, rose 17% year-over-year to 126.8 million for the quarter, ahead of analyst estimates of 125.9 million.
Average revenue per user, or ARPU, was $5.23, topping analyst estimates of $4.81. The company's U.S.-specific ARPU came in at $9.63, ahead of the $8.53 that Wall Street was projecting.
"Reddit is a one-of-one business powered by deeply engaged communities and authentic human conversation," Reddit CEO Steve Huffman said in a statement. "That foundation is driving a rare combination of growth, profitability, and efficiency, and giving Reddit a unique advantage in the age of AI."
Eli Lilly crushed Q1 and raised guidance again.
EPS: $8.55 vs $6.66 expected
Revenue: $19.8B vs $17.62B expected (+56% YoY)
Stock up 5% premarket
Main driver was GLP-1 demand:
Mounjaro: $8.66B revenue (+125%), beat estimates
Zepbound: $4.16B US revenue (+80%), also beat
Lilly now expects 2026 revenue of $82B–$85B (was $80B–$83B) and adjusted EPS of $35.50–$37 (was $33.50–$35).
They currently hold about 60% of the US obesity/diabetes GLP-1 market, ahead of Novo at 39%.
Even with lower prices, demand keeps ripping. New obesity pill Foundayo just launched, so next earnings call will probably focus on whether it can become another monster product.