Shares of Reddit Inc. rose more than 16% after beating third-quarter sales expectations and predicting a strong holiday season, sending the stock to a record high as the newly publicly traded company continues to pay off its investments in ad tech.

The social network operator, which went public in March, reported revenue of $348.4 million for the period ending in September, above the $312.8 million analysts had forecast. According to the Chief Executive Officer, Reddit was also profitable on a GAAP basis for the first time since its IPO Steve Huffmanwho spoke to Bloomberg.