According to the China Fortune Network, as of Tuesday, the stock price of social media company Reddit (RDDT.US) rose by 24.8% in after-hours trading, breaking the $100 mark for the first time. Previously, this social media company announced third-quarter performance that exceeded analysts' expectations and made an optimistic forecast for the current quarter. Revenue increased by 67.9% year-on-year to $0.3484 billion, exceeding analysts' expectation of $0.3128 billion. Earnings per share were 16 cents, against analysts' expected loss of 7 cents. Net income was $29.9 million compared to a net loss of $7.4 million in the same period last year.

Looking ahead, Reddit expects fourth-quarter revenue to be between $0.385 billion to $0.4 billion, higher than the analysts' average expectation of $0.3579 billion; Adjusted earnings for the fourth quarter are expected to be between $0.11 billion and $0.125 billion, above the average expectation of $85.2 million.

The company stated that in the third quarter, its daily active users increased by 47% year-on-year to 97.2 million, surpassing analysts' expectation of 96.5 million. Average revenue per user (ARPU) in the third quarter was $3.58, higher than analysts' expectation of $3.24. Gross margin increased by 280 basis points compared to last year, reaching 90.1%. ARPU in the U.S. and international markets grew by 12% and 16% respectively. Advertising revenue increased by 41% to $0.3151 billion. Other sources of revenue were $33.2 million.

Reddit CEO Steve Huffman stated in a release: 'This is another strong quarter for Reddit and our community. We achieved significant milestones, including new levels of user traffic, revenue growth, and profitability. Reddit remains one of the largest and most trusted websites in the world, providing opportunities that most companies cannot.'

This is Reddit's third earnings report since going public in March. Looking at the post-market increase, the stock has almost doubled since the IPO. As of Tuesday's close, Reddit's market cap was $13.6 billion.

Since last year, Google's search updates have helped Reddit improve the ranking of its content in search results, attracting a large number of new users to this 19-year-old social media service. However, Reddit detailed in its financial documents that new users bring in lower online advertising revenue compared to existing users, who usually spend more time on the platform.

Huffman stated in an interview in August that Reddit is trying to make it easier for users to delete their accounts and register for the service. He also mentioned that Reddit's direct traffic is "very resilient" to any changes in Google search.