Reddit Achieves Profitability for the First Time Since Its Founding in 2005
Reddit, which went public on Wall Street in March 2024, has become profitable for the first time since its founding in 2005, recording a profit of $29.9 million in the last quarter.
In a report published yesterday, Reddit announced a 68% increase in its revenue, totaling $348.3 million, divided between advertising ($315.1 million) and user-generated content monetization ($33.2 million). Earlier this year, Reddit allowed Google and OpenAI to leverage its content to train their language models in exchange for financial compensation.
Reddit now attracts 97 million unique daily users, having even surpassed the 100 million mark during the quarter, representing a 47% increase compared to October 2023.
