Aug 6 (Reuters) - Reddit forecast third-quarter revenue above Wall Street estimates on Tuesday, a sign that a recovering digital ad market would draw new advertisers to the social media platform.

The company said it expects third-quarter revenue to be between $290 million and $310 million, compared with analysts' average estimate of $278.7 million, according to LSEG data.

The results, the company's second after Reddit went

public in March

, follows bigger rival Meta's

upbeat second-quarter revenue

and rosy sales forecast, driven by robust digital-ad spending.

The earnings also fan optimism that Reddit's content licensing deals with Alphabet's

Google

and Microsoft-backed

OpenAI

are paying off despite a fiercely competitive social media market, as it looks to diversify its revenue streams.

Reddit also signed

deals with sports leagues

, including the National Basketball Association and the National Football League in July, to attract a loyal sports audience and in turn create opportunities for advertisers.

The company's daily active unique visitors increased 51%, to 91.2 million, in the second quarter ended June 30. (Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai)