By Emma Roth , a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and ed

Reddit is profitable for the first time ever, with nearly 100 million daily users

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2024-10-30 04:00:02

By Emma Roth , a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.

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 green.

Reddit also grew to 97.2 million daily users over the past few months, marking a 47 percent increase from the same time last year. That number exceeded 100 million users on some days during the quarter, Reddit says.

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.