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

submitted 4 weeks ago by geese_feces@hexbear.net to c/technology@hexbear.net

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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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[-] merthyr1831@lemmy.ml 19 points 3 weeks ago

So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.

Yeah they're so fucking cooked hahahahaha

[-] Tom742@hexbear.net 8 points 3 weeks ago

This is also "profitable" with some big air quotes, they still have to make back all of that money they lost.

[-] merthyr1831@lemmy.ml 2 points 3 weeks ago

Yeah most of these venture capitalists are gonna start unloading debt onto Spez the moment the forecasts start going down again

this post was submitted on 01 Nov 2024

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