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Nvidia recorded the largest-ever single-day jump in market value a day after it announced its quarterly earnings.
The company added $272 billion to its market cap. Its market cap now stands at $1.94 trillion.
The previous record was set by Meta just two weeks ago - Meta added $205 billion to its market cap after it beat earnings forecasts.
announce = make a public about a fact, occurrence, or intention
“The company announced that its profits declined much less in the second quarter than analysts had expected”
stands at = be at a certain level or height.
“Tom stands at 6 feet 4 inches”
earnings forecast = analysts' expectations of company growth and profitability
“The earning forecast of Meat is going to be 25% increase in 2025”
The social media site plans to trade on the New York Stock Exchange under the ticker symbol RDDT.
This will be the first major tech IPO of the year and the first social media IPO since Pinterest went public in 2019.
Reddit had $804 million in annual sales in 2023, up 20% from the previous year.
Reddit moderators will be allowed to participate in the IPO through the company's directed share program.
ticker symbol = a unique series of letters assigned to a security for trading purposes
“The ticker symbol for Google is GOOG”
annual = yearly
“The sponsored walk became an annual event”
moderators = a person who moderates an internet forum or online discussion
“Meta moderators remove harmful content ”
Vocabulary of The Week 📚
