Reddit just achieved something for the first time in its 20-year history

Reddit

Reddit’s connected a roll. The societal media level has conscionable turned a profit for nan first clip successful its 20-year history, and now boasts a grounds 97.2 cardinal regular progressive users, marking a year-over-year summation of 47%. A fewer times during nan quarter, nan fig topped 100 million, which Reddit CEO and co-founder Steve Huffman said successful a letter to shareholders had been a “longstanding milestone” for nan site.

The company, which went nationalist successful March, announced nan news successful its third-quarter net results connected Tuesday.

In a singular turnaround, Reddit reported a $29.9 cardinal profit, a immense betterment connected nan $575 cardinal nonaccomplishment that it suffered earlier this twelvemonth successful its first 4th arsenic a nationalist company, though successful its past 4th it reduced that to $10 million.

The beardown capacity is down to advertisement gross of $315.1 million, up by 56% connected a twelvemonth earlier, and “other revenue” (including deals struck pinch Google and AI to let Reddit contented to beryllium utilized for training their AI models), which reached $33.2 million, marking a whopping 547% summation connected a twelvemonth earlier.

“It was different beardown 4th for Reddit and our communities arsenic we achieved important milestones, including caller levels of personification traffic, gross growth, and profitability,” Huffman said connected Tuesday.

The CEO said that truthful acold this year, “Reddit” has been nan sixth astir Googled connection successful nan U.S. arsenic group progressively move to nan level for answers, advice, and communities.

“We saw this play retired successful real-time erstwhile nan White House came to Reddit to stock captious accusation during caller hurricanes, reaching group successful nan affected areas pinch timely updates,” he said.

But it hasn’t each been soft sailing for nan institution down nan celebrated online forum. Last year, for example, Reddit was heavy criticized for its determination to commencement charging for API access, a move that heavy impacted third-party apps and which caused immoderate to adjacent down.

It’s besides facing scrutiny from nan Federal Trade Commission complete nan waste of user-generated contented for training ample connection models operated by Google and OpenAI.