Reddit's explosive user growth and AI tools help it soar to its first-ever profit
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The social platform claimed a profit of $29.9 million, or 16 cents per share, for the period ending in September, and reported sales of $348.4 million, an amount surpassing the $312.8 million analysts had projected. In a letter to shareholders, Reddit CEO Steve Huffman said its new AI translation feature — which allows readers to convert posts between English, French, Spanish, Portuguese, Italian and German — was a primary driver of user growth, especially internationally in countries like France, India and the Philippines. “We saw this play out in real-time when the White House came to Reddit to share critical information during recent hurricanes, reaching people in the affected areas with timely updates.” While the company's advertising remains its main source of revenue, Reddit's earnings summary notes its recent data licensing agreements are beginning to pay off financially.
Discover Related
Fake Social Media Posts Can Tank The Stock Market Now
Decoding Memecoin Trends In Crypto: A Guide For Retail Investors
Ghibli effect: ChatGPT usage hits record after rollout of viral feature
Ghibli effect: ChatGPT usage hits record after rollout of viral feature
Elon Musk's xAI startup buys his social media platform X for $33 billion
OpenAI does not expect to be cash-flow positive until 2029: Report
How to Avoid US-Based Digital Services—and Why You Might Want To
No notice to X on Grok AI responses, govt. official says; informal discussions under way
FTC Removes Posts Critical of Amazon, Microsoft, and AI Companies
OpenAI and Musk agree to fast tracked trial over for-profit shift
Reddit unveils new content moderation and analytics tools to boost user engagement
Memo to Jeff Bezos: Never has a free press been more important
Paytm integrates Perplexity’s AI-powered search in app
Elon Musk’s Grok AI was specifically instructed not to say he spread misinformation
OpenAI's weekly active users surpass 400 million
OpenAI's weekly active users surpass 400 million
OpenAI board ‘unanimously’ rejects Elon Musk’s $97.4 billion bid for company