Reddit’s third-quarter earnings, released on Tuesday, surprised investors with record growth and profitability. Reddit reported a profit for the first time in its 19-year history, with a net income of $29.9 million, or 16 cents a share, for the quarter compared to a net loss of $7.4 million at the same time last year. Analysts...
Reddit grew for nearly two decades before going public in March at around a $6.5 billion valuation. Though the social media forum site now boasts 91 million daily active users, its success was not a certainty. In fact, Reddit’s co-founders were rejected by startup accelerator Y Combinator at the start of their entrepreneurial journey. “So,...
During Reddit’s Q2 2024 earnings call Tuesday, cofounder and CEO Steve Huffman said that Reddit’s 342 million active users are increasingly using the platform as a search engine, resulting in over one billion internal searches per month. Huffman also explained how AI could draw users deeper into Reddit while adding some advertising dollars to the...
The gates of Reddit are now open to ChatGPT. Reddit and ChatGPT-maker OpenAI entered a new partnership on Thursday that brings more advertising dollars and AI tools to Reddit in exchange for Reddit posts. Reddit stock rose 13% on Friday following the announcement. OpenAI will use real-time data from Reddit users to train ChatGPT and...
Google is now doing the Googling for its expansive U.S. audience — and news publishers are facing potentially multi-billion-dollar consequences caused by the change. Google announced on Tuesday that it is applying AI to high-impact elements of search, from AI summaries to pages of AI recommendations in clustered groups. AI summaries, which appear at the...
Social media forum Reddit, which has been around for nearly two decades, is finally going public. An SEC filing released today shows that the company wants to raise up to $748 million in its upcoming stock launch — which would place its valuation at up to $6.5 billion. Reddit plans to sell 22 million shares...
In this photo illustration, the Reddit logo is displayed on a cell phone and computer monitor on February 13, 2024 in Los Angeles, California. Mario Tama | Getty Images Reddit aims to raise up to $748 million as part of its upcoming IPO, in which the social media company is seeking a valuation of about...