Shares of Reddit (RDDT) are soaring on Wednesday, driven by the company's first earnings report since its public debut. The social media platform saw a 39% surge year-over-year in advertising revenue. Adding to the positive sentiment, Reddit's second quarter revenue guidance surpassed analysts' estimates, signaling the company's confidence in sustaining its momentum.

Yahoo Finance's Josh Schafer breaks down the details of the report.

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This post was written by Angel Smith