Reddit, the largest online community in the English-speaking world, beat market expectations for first-quarter revenue and net profit and issued an optimistic forecast for the second quarter. Reddit shares rose 6 percent in after-hours trading after the earnings release, CNBC reported on Wednesday.

Reddit's first-quarter revenue rose 69 percent to $692 million from $392 million a year earlier. Net profit increased to $204 million from $26 million. Earnings per share rose to $1.01 from $0.13.

The company forecast second-quarter revenue of $715 million to $725 million. That is above the market estimate of $712 million. It forecast adjusted profit of $285 million to $295 million, above the average estimate of $276 million.

User metrics also improved. First-quarter daily active unique users rose 17 percent from a year earlier to 126.8 million. That beat the market estimate of 125.9 million. Average revenue per user was $5.23, above the estimate of $4.81. Average revenue per user in the United States was also $9.63, above the Wall Street estimate of $8.53.

Strength in the online advertising market also continued. Meta and Alphabet both reported revenue that beat market expectations in earnings releases on April 29. The two companies posted their fastest growth in recent years and also set out plans to expand investment in artificial intelligence infrastructure.

Investor reactions were mixed. Alphabet shares rose on April 30, but Meta shares fell. Investor concerns over Meta's large-scale artificial intelligence spending and the absence of a cloud business were reflected.

Reddit CEO Steve Huffman (스티브 허프먼) said deeply engaged communities and authentic human conversation are the foundation of Reddit's business. He said that foundation is lifting growth, profitability and efficiency together, and is a point of differentiation for Reddit in the era of artificial intelligence.