Everyone voted Reddit | Wilnesh News

The New York Stock Exchange welcomes Reddit, Inc. (NYSE: RDDT) to celebrate its initial public offering. To mark the occasion, Snoo rang the Opening Bell®.

New York Stock Exchange

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Alphabet and Reddit exceed expectations
Google-Parents alphabetical Third-quarter profit beat expectations. The company’s cloud unit revenue grew 35% from a year ago, boosting the company’s top line. at the same time, Reddit It was profitable in the third quarter, with net profit of US$29.9 million, compared with a net loss of US$7.4 million in the same period last year. Reddit shares soared nearly 25% in extended trading on Tuesday.

European banks bathe in profits
UBS Third-quarter net profit for shareholders was US$1.43 billion, far exceeding expectations, compared with the LSEG poll’s forecast of US$667.5 million. In addition, the Bank of England Standard Chartered Bank Net interest income and pre-tax profit in the third quarter exceeded expectations, growing 37% compared with the same period last year.

market fluctuations
Tuesday, Nasdaq Index rose 0.78%, closing at a new high S&P 500 Index increased by 0.16%, but Dow Jones Industrial Average down 0.36%. Asia-Pacific markets were mostly lower on Wednesday. Hong Kong Hang Seng Index It fell about 1.4%, and the CSI fell about 1.2%. The indexes were dragged down by Chinese electric vehicle stocks, which fell on news that the European Union would increase tariffs on Chinese electric vehicles.

Xiaomi electric car cruising speed
MilletChina’s smartphone and appliance giant China’s smartphone and appliance giant said on Tuesday it delivered more than 20,000 SU7 electric vehicles in October. The SU7 costs about $4,000 less than a Tesla Model 3. Xpeng Motors and Nioh It took about 6 years to produce 100,000 electric cars, and Tesla took 12 years.

(PRO) UK budget impact on markets
UK Finance Minister Rachel Reeves will announce the country’s national budget later today. Analysts expect changes to the tax system and government borrowing, highlighting stocks and bonds that could be affected by these developments.

bottom line

A day in the life of an ordinary office worker:

Commute to work. Send a snap of a crowded train to a friend
Browse Reddit. giggle at the cat in r/pics
Search Google for information on why orange cats are so evil
Watch a collection of videos of cats knocking over vases on YouTube
Arrive at the workplace. Continue browsing social media secretly

These behaviors are so ingrained in most of us that they are almost natural and necessary.

It’s no surprise, then, that the companies behind these services— break, Reddit and letter – Posted third-quarter results that beat Wall Street expectations.

Their revenue is a particular highlight. In the third quarter, Alphabet’s advertising revenue grew 10.4% compared with the same period last year. While Snap and Reddit don’t specifically report their ad revenue, there are signs both companies are doing well in that area as well.

CEO Evan Spiegel said Snap’s total number of active advertisers more than doubled compared with the same period last year. Plus there were 2 million more daily active users globally than expected. More advertisers and more eyeballs means more revenue per ad.

Reddit, meanwhile, swung from a loss a year ago to a profit. This remarkable turnaround was driven in part by a 47% year-over-year increase in daily active users and better-than-expected average revenue per user.

All companies report earnings after the bell. In after-hours trading, Reddit shares surged nearly 25%, Snap shares soared about 10.6%, and Alphabet shares rose 5.8%.

it is Yuan and Microsoft’s Earnings will be reported later today. Microsoft isn’t really involved in the advertising market because it’s more focused on enterprise products. But investors will be watching to see if Meta can keep up with the positive trend so far.

Judging from the time I spend on Meta-owned Instagram and the ads I see, it seems like the ads know exactly what I want, and the company will likely see healthy growth in its ad revenue.