Is Reddit Stock a Buy After Its Most Profitable Quarter Ever?
On July 31, social media platform Reddit (NYSE: RDDT) reported its most profitable quarter ever, with net income of $89 million. This boosted its trailing-12-month net income to $216 million, a monumental turnaround from one year ago, when its trailing-12-month net loss was more than $500 million. And it looks like the company is just getting started.
It's so tempting to dismiss Reddit stock as overvalued today. It's up more than 500% since it went public last year. That said, it is delivering on something very important -- something that many other promising technology companies have failed to show investors. And it's why Reddit stock could be a buy.
Image source: Getty Images.
Source Fool.com
