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.
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
We might be able to go troll Elon into buying it and speed run this whole thing.
:super-troopers: it's already been ruined! you can't ruin it any further!