10:14 AM EDT, 10/30/2024 (MT Newswires) -- (Updates with the stock price movement in the headline and the first paragraph.)

Reddit ( RDDT ) shares surged nearly 35% in recent trading on Wednesday, a day after it posted Q3 earnings and revenue beat.

The company reported Q3 net income late Tuesday of $0.16 per diluted share, compared with a loss of $0.13 a year earlier.

Analysts polled by Capital IQ expected a $0.06 loss.

Revenue for the quarter ended Sept. 30 rose to $348.4 million from $207.5 million a year earlier.

Analysts surveyed by Capital IQ expected $314.8 million.

For Q4, the company expects revenue of $385 million to $400 million.

The consensus is for $361.6 million.

Price: 110.30, Change: +28.56, Percent Change: +34.94