Reddit CEO Steve Huffman told CNBC in August that the company has been making it easier for new users to create accounts.shares jumped 16% in extended trading on Tuesday after the social media company reported third-quarter results that topped analyst estimates and issued an optimistic forecast for the current period.Reddit said fourth-quarter revenue will be between $385 million to $400 million, beating the average analyst estimate of $357.9 million.
Revenue in the third quarter jumped 68% from a year earlier, and the company turned profitable, reporting net income of $29.9 million, compared to a net loss of $7.4 million during the same quarter a year ago.The company said that its daily active users grew 47% year-over-year in the third quarter to 97.2 million, better than analyst estimates of 96.5 million.
The company said that global logged-out users grew 70% from a year earlier to 53.1 million, while global logged-in users increased 27% to 44.1 million.in August that the company has been making it easier for new users to create accounts and is developing more recommendation features to turn newbies into long-term users. He also said that Reddit's direct traffic is"really resilient" to any Google search changes.