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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

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Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.

The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.

Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

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[–] [email protected] 8 points 2 weeks ago

Cuz of all the niche subs, every drug and music subgenre has some sort of relevant community on it. Every job has a sub too