Reddit’s stock surged after posting a rare Q3 profit of nearly $30 million and surpassing revenue expectations with $348.4 million.

Daily users rose 47% to over 97 million, driven partly by a new AI-powered translation tool that quadrupled usage.

CEO Steve Huffman noted Reddit’s growing role as a community resource, including during recent hurricanes.

Reddit’s stock, debuting at $34 in March, reached $113.50, reflecting strong investor confidence, CBS News has reported.

With ad revenue and AI partnerships as key income sources, Reddit plans to expand its search functionality to enhance user experience and broaden its global reach.

Written by B.C. Begley