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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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[-] UlyssesT@hexbear.net 20 points 6 hours ago

The planet-burning treat printers of the near future are going to also talk like passive-aggressive smug insufferable assholes. debord-tired

[-] vegeta1@hexbear.net 8 points 5 hours ago

Planet being razed and an obscene water used to produce coomer bots hahaha life is a damn joke

[-] corgiwithalaptop@hexbear.net 2 points 4 hours ago

For science!

I'm sorry, I couldn't resist

[-] MayoPete@hexbear.net 5 points 6 hours ago

As an AI language model you have to vote blue bucko maybe-later-kiddo

this post was submitted on 01 Nov 2024
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