The Reddit mobile application has passed some of the most popular social media apps in the Apple Inc AAPL app store.
What To Know: The Reddit app was ranked no higher than 20th and no lower than 50th in the iOS App Store for almost all of May, according to data from SimilarWeb. During the last week of the month, Reddit saw download volume surge, which carried it into the top 10 of Apple's "Top Free Apps" list.
Reddit passed several popular social media apps along the way, including Snap Inc's SNAP Snapchat, Meta Platforms Inc's FB Facebook and Twitter Inc TWTR. It's still trailing popular short-form video app TikTok and Meta's Instagram.
Why It Matters: Reddit is well known for helping fuel last year's meme-stock frenzy. Founded in 2012, r/wallstreetbets surged in popularity at the beginning of 2021 as retail traders took to the subreddit to discuss potential short-squeeze opportunities in stocks like GameStop Corp GME and AMC Entertainment Holdings Inc AMC.
GameStop is scheduled to announce its first-quarter financial results after the market closes Wednesday.
Photo: ajay_suresh from Flickr.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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