Reddit (RDDT) stock rises on sales pace, strong holiday quarter projections

Reddit Inc. shares rose more than 16% after beating third-quarter sales expectations and predicting a strong holiday season, pushing the stock to a record high as the newly public company continues to see its investments in ad technology pay off.

The social network operator, which went public in March, reported sales of $348.4 million for the period ending in September, beating the $312.8 million analysts had expected. Reddit was also profitable on a GAAP basis for the first time since going public, according to the CEO Steve Huffmanwho spoke to Bloomberg.