Reddit truly is a forum of the people: it’s the only website where you can receive dubious medical guidance, upend Wall Street, and seek advice on how to handle everyday problems we all deal with, like infuriating your girlfriend’s family by adamantly pretending not to know what a potato is.

Somehow, Reddit has used its role as the internet’s most unhinged, free-ranging conversation forum to turn a profit for the first time ever.

Shares of the company leaped 42% today after it announced a stellar third quarter. What’s even crazier: The stock has roughly tripled in value since its IPO back in March.

The company reported:

• Reddit earned a profit of $29.9 million, compared to a net loss of $7.4 million in the same quarter last year.
• The company reported $348.4 million in revenue—a 68% jump year over year, and well above the $312 million analysts expected.
• Its outlook was rosy, too: Reddit said that it expects fourth-quarter revenue to come in somewhere between $385 million and $400 million, beating analyst forecasts of $357.9 million.

“Reddit’s influence continues to grow across the broader internet,” CEO Steven Huffman bragged explained in a letter to shareholders.

What’s so r/awesome?

If you feel like you’ve been seeing more Reddit results when you search on Google, you aren’t imagining it. New Google search updates have brought Reddit posts to the forefront, which has caused the number of logged-out users (meaning people who don’t have an account already) visiting the site to skyrocket 70% year over year. Logged-in users also jumped 27% since last year to 44 million.

Huffman told CNBC that the social media company was going to make creating an account even easier with hopes of turning logged-out users into logged-in users.

Huffman also said in a statement that the company’s AI translation feature helped recruit new users internationally. Posts can now be translated into Spanish, Portuguese, Italian, German, and French.

Should you upvote Reddit in your portfolio? Unlike the meme stocks born and bred on /WallStreetBets, Reddit itself seems like a good investment based on fundamentals. Of the Wall Street analysts surveyed by the WSJ, more have a “buy” rating on Reddit than any other rating.—LB

🟢 What’s up

• Snap soared 15.75% after beating top and bottom line expectations last quarter and announcing a new share buyback program.
• AbbVie’s sales of key drug Humira plummeted 37% last quarter, but the pharma giant more than made up for it with strong sales of Skyrizzi, its new top-selling product. Shares rose 6.33%.
• Shake Shack climbed 7.73% to a new 52-week high thanks to lower costs, higher sales, and an all-around outstanding quarter.
• Garmin steered itself to an all-time high today, rising 23.40% on the back of a blowout quarter and higher guidance for the year ahead.
• Dropbox popped 1.36% after it announced it will cut 20% of its workforce in order to improve profitability.
• Brinker International, parent company of Chili’s, jumped 7.38% after a shockingly strong quarter revealed that Americans can’t get enough Triple Dipper appetizers.

What’s down

• The roller coaster ride continues: Trump Media & Technology Group plunged 22.29% today as the meme stock’s volatility rises less than a week ahead of the presidential election.
• Super Micro Computer plummeted 32.68% after its accountant resigned following an audit of the tech company’s latest fiscal year. Spoiler alert: That’s usually a REALLY bad sign.
• Eli Lilly fell hard today, dropping 6.28% on the news that its weight-loss drugs missed sales expectations by a mile.
• Roaring Kitty has struck again: Famed meme trader Keith Gill has sold his entire stake of pet retailer Chewy. Shares fell 0.69%.
• Caterpillar sank 2.10% after the heavy equipment maker missed on both sales and earnings last quarter, in yet another sign that the manufacturing industry is struggling.

As Charlie Bilello astutely pointed out on X, everywhere you look, everything is hitting a new high—for better or worse.

In some cases, investors have profited quite handsomely. The three main indexes hit a new high seemingly every week, bitcoin has more than recovered from its 2022 lows, and even gold, usually the stodgiest of safe haven investments, has soared this year.

But not everything that glitters is gold. National debt is a growing problem that will become less theoretical and far more painful sooner rather than later, while millions of Americans remain locked out of the housing market thanks to sky-high home prices.

The only question is: Which of these bubbles will burst first?

We know getting a rundown of the biggest headlines is vital to getting through corporate report card season.

And here we are again, a mere 24 hours after we last saw you. Here’s what you missed:

Alphabet spelled success last quarter—shares rose 2.82% after Google’s parent company beat top and bottom line earnings forecast. EPS came in at $2.12, compared to the $1.85 expected by analysts, while Alphabet earned revenue of $88.27 billion, up from the $86.30 billion expected—a 15% increase year over year. Its cloud computing unit carried the quarter on its back, with cloud revenue up 35% year over year. Executives attributed the cloud unit’s success to the company’s AI offerings.

AMD shares fell 10.62% after the chipmaker provided sales guidance that disappointed investors. The company said that Q4 revenue should come in at roughly $7.5 billion, below analyst expectations of $7.55 billion. That being said, EPS for Q3 of $0.92 was in-line with expectations, while revenue came in at $6.8 billion, above analyst forecasts of $6.71 billion. Data centers keep proving they’re the name of the AI game: Data center revenue was up 122% from a year prior.

Chipotle investors were left hungry for more. Shares of the fast-casual chain fell 7.81% after it cooked up a mixed earnings report—including a slight miss in same-store sales. Adjusted EPS came in at $0.27, versus forecasts of $0.25, while revenue of $2.79 billion was just below the $2.82 billion analysts expected. The company said that its food and beverage costs increased over the quarter, partially because of TikTokers unleashing portion-related fury. Congrats to those who filmed Chipotle workers to surveil portion sizes at the expense of basic human decency—you did get more guac.

The earnings blitz isn’t over yet—so we’ll catch you sooner or later (probably sooner). —LB

Want to learn more about Chipotle’s plans for world domination? Our good friend Phil Andrews has a fantastic video about how Chipotle stacks up to fast food behemoth McDonald’s. Take a look at the latest Maxinomics video here to better understand how, even after a quarter like this, Chipotle is eating its competitors’ lunch.

• The economy is growing more slowly than expected, with the final revision of Q3 GDP pegging growth at 2.8%, rather than the 3.1% economists anticipated.
• The labor market looks strong: US companies added 233,000 jobs last month, far above forecasts and the biggest gain in 15 months.
• Pending home sales, or the number of homes under contract, hit their highest level since March in a surprisingly big surge.
• Flying taxis are an undeniably cool concept, but also an undeniably bad business model.
• Starbucks is discontinuing its olive oil-infused drinks nationwide in November. Which begs the question: Did anyone actually drink this stuff?
• Is the market in a bubble? Famed investor Jeremy Grantham will teach you how to spot an oncoming selloff.

PCE: PCE is a key measure of inflation, particularly Core PCE, the Fed’s favorite inflation gauge. A low reading tomorrow will go a long way toward convincing central bankers that rate cuts make sense.

Initial jobless claims: The number of people who file for unemployment insurance every week provides a constant assessment of the labor market. Recent hurricanes may muck the data, but thankfully the latest numbers have remained steady.

Take a look at these two Magnificent 7 stocks, one company in the news for all the wrong reasons, and another you may even not realize is publicly traded.

Before the open

• Roblox (RBLX) shares took an enormous hit in late September after a scathing report from short seller Hindenburg Research. But if Roblox can successfully refute these claims, this could actually be a great buying opportunity for a company that continues to grow at a rapid pace, is flush with cash, and has a young, avid, expanding user base. Consensus: -$0.39 EPS, $1.02 billion in revenue.
• SharkNinja (SN) is, in fact, a publicly traded company. What’s more, shares are up over 115% in 2024 thanks to a deep commitment to research and development that has provided impressive returns. Innovation has driven the consumer tech company to new heights, but analysts believe it can keep rising: All seven Wall Street analysts who cover the stock rate it a “buy,” and their average price target is 12% higher than where shares trade today. Consensus: $1.12 EPS, $1.3 billion in revenue.

After the close

• Apple (AAPL) has trailed the market just a bit this year as shareholders worry over the company’s growth, particularly when it comes to sales of the iPhone 16. Slowing demand in a struggling Chinese economy doesn’t help, though the company is doing everything in its power to reassure investors, including rolling out new AI software and new Mac hardware. CEO Tim Cook will look to convince investors that all is well, and that he’s got a plan for future growth. Consensus: $1.60 EPS, $94.41 billion in revenue.
• Amazon (AMZN) is the biggest name in the online retail game, but what investors should be watching is its cloud business. AWS has become a powerhouse revenue generator, and the company’s latest investments in AI only set the segment up for bigger growth. But that comes at a high cost, and shareholders will want to know that CEO Andy Jassey is getting some bang for his buck—and that slower consumer spending isn’t hurting its core retail business. Consensus: $1.14 EPS, $157.14 billion in revenue.