Reddit’s stock increased by 22% in after-hours trading on Tuesday, peaking at over US$100 for the first time.

This uptick followed the release of favorable third-quarter results and an optimistic outlook for the next quarter.

For the quarter, Reddit reported earnings per share of 16 cents, beating the expected loss forecast of 7 cents.

Revenue stood at US$348.4 million, exceeding the anticipated US$312.8 million.

This third earnings report follows Reddit’s public debut in March.

Since then, its stock value has nearly tripled, lifting its market capitalization to $13.6 billion.