NEW YORK (AP) — For the first time in its nearly 20-year history, Reddit is turning a profit. The social platform claimed a profit of $29.9 million, or 16
FILE - Reddit CEO Steve Huffman and company employees celebrate on the New York Stock Exchange trading floor, prior to his company's IPO, March. 21, 2024. 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. Reddit also grew its number of daily users to 97.
“In 2024 so far, ‘Reddit’ was the sixth most Googled word in the U.S., underscoring that when people are looking for answers, advice, or community, they’re turning to Reddit,” Huffman wrote. “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. Both Google and OpenAI have signed deals with Reddit to train their artificial intelligence models on its content. Reddit, whose investors include OpenAI CEO Sam Altman, went public in March at $34 a share. The stock has since tripled, surging 34% to $110.20 in morning trading Wednesday.WASHINGTON — Kamala Harris said she disagrees “with any criticism of people based on who they vote for,” reacting after President Joe Biden’s reference to Donald Trump’s supporters and “garbage.” “I will represent all Americans, including those who don’t vote for me,” the vice president said.
Have you dreamed of designing your own video game or being at the forefront of artificial intelligence? There is a school that can help turn those dreams into a reality.As the summer sun warms the Puget Sound area, the Seattle All-Star Classic celebrity softball game is gearing up for its third inning.Saving Great Animals, along with Carter Subaru, outlined valuable tips to ensure four-legged family members are secure during car rides.
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