Reddit’s stock soared after the company reported better-than-expected earnings and revenue for the first quarter of 2023. The social media platform’s revenue surged 25% year-over-year to $307 million, driven by strong growth in its advertising business and the integration of AI technology. Reddit’s CEO, Steve Huffman, highlighted the company’s focus on AI as a key driver of future growth, with plans to invest heavily in AI capabilities to enhance user engagement and advertising effectiveness. The company’s adjusted EBITDA also beat estimates, coming in at $48 million. Reddit’s user base grew to 57 million daily active users, up 19% from the previous year. The company’s success in monetizing its platform through advertising and premium subscriptions contributed to its strong financial performance. With its AI-driven growth strategy and expanding user base, Reddit is positioning itself as a major player in the social media and advertising space.