For the first time, Reddit has reported a profit, posting $29.9 million in Q3 with revenue of $348.4 million—a 68% increase year-over-year. Daily users rose 47% to 97.2 million, boosted by new translation features. Advertising revenue reached $315.1 million, while data licensing, including agreements with Google and OpenAI, added $33.2 million.
Since going public, Reddit has cut losses and introduced new revenue streams, such as ad deals with sports leagues and improvements to its search feature. CEO Steve Huffman notes Reddit’s growing online influence, with “Reddit” ranking as the sixth most Googled word in the U.S.
Read more – https://www.theverge.com/2024/10/29/24283056/reddit-earnings-user-growth-revenue-up
