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

46 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[-] sewer_rat_420@hexbear.net 2 points 3 weeks ago

I work for outlier.ai

I wouldnt recommend it as anything other then a side gig. My month by month income from it has been insanely inconsistent. I either have no work at all or a ton of work and lucrative bonuses. And getting onboarded and trained is insane and the company is authoritarian as fuck

this post was submitted on 01 Nov 2024

66 points (100.0% liked)

technology

23313 readers

14 users here now

On the road to fully automated luxury gay space communism.

Spreading Linux propaganda since 2020

Rules:

1. Obviously abide by the sitewide code of conduct. Bigotry will be met with an immediate ban
2. This community is about technology. Offtopic is permitted as long as it is kept in the comment sections
3. Although this is not /c/libre, FOSS related posting is tolerated, and even welcome in the case of effort posts
4. We believe technology should be liberating. As such, avoid promoting proprietary and/or bourgeois technology
5. Explanatory posts to correct the potential mistakes a comrade made in a post of their own are allowed, as long as they remain respectful
6. No crypto (Bitcoin, NFT, etc.) speculation, unless it is purely informative and not too cringe
7. Absolutely no tech bro shit. If you have a good opinion of Silicon Valley billionaires please manifest yourself so we can ban you.

founded 4 years ago

MODERATORS

context@hexbear.net

EmmaGoldman@hexbear.net

SexUnderSocialism@hexbear.net

gaycomputeruser@hexbear.net

ZoomeristLeninist@hexbear.net