Reddit announced a significant increase in its second-quarter profit, driven by a surge in advertising revenue. The social media platform reported a net income of $253 million, or $1.25 a share, a substantial jump from the $89 million, or 45 cents a share, recorded in the same period last year. This performance surpassed analysts' expectations, who had projected earnings of $1.01 a share.

Revenue for the quarter climbed 61% to $805 million. This growth was largely fueled by a 64% increase in advertising revenue. Wall Street had anticipated revenue of $731 million. The company attributed the rise in advertising income to increased pricing and a higher volume of ad impressions displayed to its growing user base.