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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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[-] FortifiedAttack@hexbear.net 1 points 9 minutes ago

I visited the Deltarune Subreddit recently and all I saw were people reposting the same tired old "joke" over and over.

No wonder Reddit is great data for LLMs, the people using the site are basically indistinguishable from one.

[-] Tom742@hexbear.net 24 points 5 hours ago* (last edited 44 minutes ago)

the company reported a profit of $29.9 million

while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.

Only profitable by exploiting "their" content to LLM farms

[-] merthyr1831@lemmy.ml 8 points 2 hours ago

So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.

Yeah they're so fucking cooked hahahahaha

[-] Tom742@hexbear.net 2 points 43 minutes ago

This is also "profitable" with some big air quotes, they still have to make back all of that money they lost.

[-] DragonBallZinn@hexbear.net 9 points 4 hours ago

We did it, Reddit.

[-] TreadOnMe@hexbear.net 8 points 4 hours ago

I wonder how long it will take for them to actually make back as much money as they lost. You know, actually be 'profitable'.

[-] roux@hexbear.net 13 points 5 hours ago

Amazing, all they had to do was turn into Facebook! Who knew?

[-] BoxedFenders@hexbear.net 30 points 6 hours ago

Our entire economy is being propped up by the AI grift now. 8 of the 10 largest companies by market cap are either spending all of their CapEx on training AI or selling the hardware necessary to do it (the only exceptions are Saudi Aramco and Berkshire Hathaway). This is just an insane funneling of money into one industry that can only result in one of two outcomes- 1. AGI is achieved and whoever wields it will have godlike power or 2. there is a market crash the likes of which we have never seen before. Guess which is more likely.

[-] sewer_rat_420@hexbear.net 9 points 3 hours ago

I currently train AI (its a gig economy type job). The amount of money being thrown around to produce training data is absolutely insane. Ill make 10 or so prompts in a day (takes like 5-6 hrs) and make $700. And the projects have thousands of others so do the math...

At least the gravy train is spilling over onto me right now but im certain it will dry up in an instant when this AI bubble finally bursts

[-] peeonyou@hexbear.net 33 points 7 hours ago

if google and openai are training bots on that shithole.. oh man we're in for a world of hurt where you can't tell whether someone is a lib or just a bot anymore

[-] AmericaDelendaEst@hexbear.net 15 points 5 hours ago

you can't tell whether someone is a lib or just a bot anymore

astronaut-2 astronaut-1

[-] UlyssesT@hexbear.net 21 points 6 hours ago

It's already insufferable when a smug liberal accuses anyone they disagree with of being a bot and it's going to get worse.

[-] UlyssesT@hexbear.net 19 points 6 hours ago

Too bad it's utter and complete shit to actually try to use now.

[-] AmericaDelendaEst@hexbear.net 13 points 5 hours ago* (last edited 5 hours ago)

Can't even fucking use it when I have one account temp banned for some actual, straight up bullshit, which triggers a perma ban on my other account, FOR SOME REASON. It is literally impossible to just speak to a fucking admin to get help

Had a third account. It got summarily banned for "hate" for telling the /r/judaism, or Jewish, I don't remember, to "cry more and support more genocide" when they banned me for calling someone a racist jackass (it was a thread linked here about some nurse crybaby sobbing wailfully over- GASP- A PALESTINIAN WEARING A KAFFIYEH) after they equated said kaffiyeh wearing with "wearing a hat that says FUCK JEWS"

There's like 27 different layers of automated moderation automatic banning bullshit ostensibly to stop bots AND YET IT'S STILL FULL OF BOTS

[-] corgiwithalaptop@hexbear.net 8 points 4 hours ago

I remember that thread, I got banned from judiasm for saying "grow up"

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

A PALESTINIAN WEARING A KAFFIYEH

Existing is a threat to people that want to see others cease to exist. hitler-detector

[-] PKMKII@hexbear.net 47 points 8 hours ago

Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

Training AI to be even more racist and misogynistic, cool.

[-] 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

[-] SuperNovaCouchGuy2@hexbear.net 24 points 8 hours ago

Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.

[-] miz@hexbear.net 20 points 8 hours ago

it would be really beautiful to see people smashing waymo cars with crowbars and bats

[-] SuperNovaCouchGuy2@hexbear.net 14 points 7 hours ago

this is unironically a necessary step to take because the fucking US government wants to ramp up "intelligent" car production at the behest of car companies instead of investing in any form of mass public transport

[-] BobDole@hexbear.net 9 points 7 hours ago

Judith Butlerian Jihad against misogynist techbros and their creations

[-] Angry_Stoat@hexbear.net 9 points 5 hours ago

How unfortunate. I have fantasies of Reddit going bankrupt and all the shitty takes that have ever been posted on that site for the past 20 years getting lost forever. Then all the leftists on there get herded here to Hexbear (and also Lemmy/Lemmygrad, I guess). But of course, someone would tell the insufferable Reddit masses to "go use Lemmy," spawning another abomination like Lemmy.World.

[-] AmericaDelendaEst@hexbear.net 5 points 5 hours ago
[-] Assian_Candor@hexbear.net 43 points 8 hours ago

Profitable, and unusable!

Welcome to the Web 2.0 reddit

[-] Evilphd666@hexbear.net 11 points 6 hours ago

And more shit than ever!

looks like the Twitter advertisers have found a new home lol

[-] WhatDoYouMeanPodcast@hexbear.net 15 points 7 hours ago* (last edited 7 hours ago)

bit idea: sell reddit to another billionaire, they ruin the site, and it finally causes class consciousness to arise when they realize billionaires ruin everything they touch

[-] roux@hexbear.net 9 points 5 hours ago

We might be able to go troll Elon into buying it and speed run this whole thing.

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

:super-troopers: it's already been ruined! you can't ruin it any further!

[-] GoodGuyWithACat@hexbear.net 10 points 6 hours ago

CIA funding finally is coming through.

[-] peeonyou@hexbear.net 11 points 7 hours ago

but.. how? how are so many people still using that piece of shit site?

[-] CocteauChameleons@hexbear.net 4 points 34 minutes ago

Cuz of all the niche subs, every drug and music subgenre has some sort of relevant community on it. Every job has a sub too

[-] Adkml@hexbear.net 7 points 5 hours ago

Seriously it's worse than ever and like 60% of all accounts are clearly bots.

[-] coolusername@lemmy.ml 12 points 7 hours ago

how many of those are cia and israeli bots though?

[-] frauddogg@hexbear.net 24 points 8 hours ago

Profit via theftbox partnership... Genuinely sickening.

[-] fossphi@lemm.ee 19 points 8 hours ago

What about the time when users donated to the site by buying reddit gold? Wasn't the progress bar mostly full back then? Or am I misremembering

[-] plinky@hexbear.net 13 points 8 hours ago

I wonder what is a split between native/astroturfed advertisement (with included pisrael bots) and posts marked as advertisement

[-] SuperNovaCouchGuy2@hexbear.net 12 points 8 hours ago
[-] tacosanonymous@lemm.ee 10 points 7 hours ago

No it fucking doesn’t.

[-] miz@hexbear.net 14 points 8 hours ago

FUCK.

death to reddit

[-] grandepequeno@hexbear.net 8 points 8 hours ago

This is so sad

this post was submitted on 01 Nov 2024
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