Reddit has turned a profit for the first time in its history, and its daily user base has grown to almost 100 million users.
Reddit ’s on a roll. The social media platform has just turned a profit for the first time in its 20-year history, and now boasts a record 97.2 million daily active users, marking a year-over-year increase of 47%. A few times during the quarter, the figure topped 100 million, which Reddit CEO and co-founder Steve Huffman said in a letter to shareholders had been a “longstanding milestone” for the site.
Recommended Videos In a remarkable turnaround, Reddit reported a $29.9 million profit, a huge improvement on the $575 million loss that it suffered earlier this year in its first quarter as a public company, though in its last quarter it reduced that to $10 million. “It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability,” Huffman said on Tuesday.
“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,” he said.
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