Reddit is profitable for the first time ever, with nearly 100 million daily users

Reddit conscionable turned a nett for the archetypal time. As portion of its third-quarter earnings results released connected Tuesday, the institution reported a nett of $29.9 million, on with $348.4 cardinal successful gross — a 68 percent summation twelvemonth implicit year.

The institution reportedly hasn’t been profitable astatine immoderate constituent successful its astir 20-year history. Since going public, Reddit mislaid $575 cardinal during its archetypal 4th connected the market, but it decreased that nonaccomplishment to $10 cardinal past quarter, and is present yet successful the green.

Reddit besides grew to 97.2 cardinal regular users implicit the past fewer months, marking a 47 percent summation from the aforesaid clip past year. That fig exceeded 100 cardinal users connected immoderate days during the quarter, Reddit says.

Reddit’s advertizing gross grew to $315.1 million, portion “other” gross reached $33.2 cardinal connected relationship of “data licensing agreements signed earlier this year.” Both Google and OpenAI person chopped deals with Reddit to bid their AI models connected its posts.

In a missive to shareholders, Reddit CEO Steve Huffman attributed the caller summation successful users to the platform’s AI-powered translation feature. Reddit started letting users construe posts into French past twelvemonth earlier expanding it to Spanish, Portuguese, Italian, and German. Now Huffman says Reddit plans to grow translation to implicit 30 countries done 2025.

“Reddit’s power continues to turn crossed the broader internet,” Huffman wrote. “In 2024 truthful far, ‘Reddit’ was the sixth astir Googled connection successful the U.S., underscoring that erstwhile radical are looking for answers, advice, oregon community, they’re turning to Reddit.” The level is besides moving to marque its hunt diagnostic “easier and much intuitive.”