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Reddit 's stock popped 7% Friday after the company surpassed third-quarter estimates and signaled strong advertising growth.

The social media platform's revenues surged 68% from a year ago to $585 million, beating an LSEG estimate of $546 million. Earnings per share totaled 80 cents, surpassing an estimate of 51 cents.

Reddit also released a better-than-expected sales outlook for the fourth quarter. The company projects between $655 million and $665 million, topping the $638 million forecast from Wall Street.

These results "speak to the company's continued progress across its ad and platform initiatives," wrote Morgan Stanley analyst Brian Nowak. "We see a long runway for growth across both active advert

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