Reddit is finally out of the red, with almost $30 million profit in third quarter
Born in late June, 2005, Reddit is headquartered in San Francisco, California, and currently has over 2,000 employees in a total of just 5 locations. Available worldwide, except for China and Indonesia, Reddit made its debut on the stock market earlier this year, in late March. Now, it is finally out of the red zone, as it has just reported the first profitable quarter in its history.
Since going public, Reddit lost $575 million in the first quarter on the market, decreased that deficit to just $10 million in the second quarter, and now there's a noticeable profit involved as well. With almost $350 million in revenue, which translates to more than 68% more than last year, the company's third quarter saw Reddit going up to nearly $30 million.
When talking about its popularity, it should be enough to say that Reddit was the 9th most-visited website in the world this summer, with almost 52 percent of the traffic being from the US, followed by the UK and Canada, each with slightly more than 7 percent. With more than 100 million users in the good days, Reddit averaged 97.2 million daily visitors over the last few months. This translates to a 47 percent increase over last year, and the future can only be bright.
AI played a key role in this ascension, as Reddit CEO Steve Huffman thinks that the AI-powered translation capability is the main culprit for bringing in users from France, Germany, or Portugal. Even more, Reddit has cut deals with both Google and OpenAI for them to train the AI models on posts from this platform.
Although many would disagree with the title, Jacob Desforges' You Should Quit Reddit is a quite popular book on Amazon that was rated as a 4.5/5 product. The Kindle edition is currently 33% off, so it can be acquired for $9.99, while the paperback version goes for $14.99.