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