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.

Reddit stock initially shot up after the company’s quarterly earnings beat analysts’ expectations, but had erased those gains by Friday afternoon. The social media site reported a profit of 13 cents a share,

Shares of Reddit jumped in premarket trading Friday, a day after the social media company reported better first-quarter results than expected and issued a strong outlook.