Reddit stock was up after it reported first-quarter earnings that beat analysts’ expectations, but by far less than it had been immediately after the results. The social media site reported a profit of 13 cents a share,

Reddit (NYSE: RDDT) recently announced its Q1 earnings, reporting a profit of $0.13 per share on revenue of $392 million. This exceeded market expectations of $0.01 per share and $370 million in revenue.

The stock price is likely also being affected by the fact that the U.S. economy contracted in the first three months of the year, its first quarterly decline since 2022. Reddit's stock fell by as much as 11% today and was down by 7.7% as of 11:43 a.m. ET on Wednesday.