Reddit, as a concept, can't make more money without destroying it's value. The more advertising is injected into it, the less useful it becomes, and the less people will want to use it.

So yes, it's up, but they've hurt themselves drastically to get it up by hurting so much of Reddit's usefulness, and even then, they fell short. People who remained are already low on patience with it.

To drive it even higher, they will have to cripple it even more.

It's possible to make money with Reddit while leaving it unmolested, but it's not possible to make ALL the money that way. Investors want ALL the money.