6 sources
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1y ago

Reddit Reports First-Ever Profit in Q3 Earnings with Strong User Growth

Reddit announces a $29.9 million profit for Q3, driven by user growth and new AI features, exceeding analysts' expectations.

Sam Altman’s decade-old investment in Reddit is now worth over a billion dollars
FortuneFortune

Sam Altman’s decade-old investment in Reddit is now worth over a billion dollars

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Fortune
Reddit shares soar 40% on profitability, rosy guidance
CNBCCNBC

Reddit shares soar 40% on profitability, rosy guidance

CNBC
Reddit shares soar after company turns first-ever profit
The GuardianThe Guardian

Reddit shares soar after company turns first-ever profit

The Guardian
Reddit's explosive user growth and AI tools help it soar to its first-ever profit
Associated PressAssociated Press

Reddit's explosive user growth and AI tools help it soar to its first-ever profit

Associated Press

Overview

A summary of the key points of this story verified across multiple sources.

In its third-quarter earnings report, Reddit achieved its first-ever profit of $29.9 million, supported by a 68% revenue boost to $348.4 million. Daily users grew by 47% to 97.2 million, bolstered by an AI translation feature. The stock surged over 40% following the announcement. Reddit forecasts Q4 revenues between $385 and $400 million, surpassing expectations. CEO Huffman attributed user growth to international expansions and highlighted data licensing agreements with Google and OpenAI as significant revenue contributors. Analysts praised the company's strong performance and potential for continued growth in advertising and AI partnerships.

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