Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

Extra Clues And Answers For Today’s Game

June 21, 2025

Answer Engine Optimization (AEO) — What Brands Need To Know

June 20, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

June 20, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » Reddit Is Profitable For the First Time in 19 Years: Report
Money & Finance

Reddit Is Profitable For the First Time in 19 Years: Report

adminBy adminOctober 31, 20240 ViewsNo Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

Reddit’s third-quarter earnings, released on Tuesday, surprised investors with record growth and profitability.

Reddit reported a profit for the first time in its 19-year history, with a net income of $29.9 million, or 16 cents a share, for the quarter compared to a net loss of $7.4 million at the same time last year. Analysts forecasted a loss of seven cents a share for the quarter.

Revenue was up, increasing 68% year-over-year to reach $348.4 million, better than the $312.8 million analysts expected. Ad revenue drove the bulk of the increase, contributing to $315.1 million of the overall total.

The earnings also showed that Reddit’s user base is growing, with 97.2 million people visiting the site daily in the third quarter, a record high and a nearly 50% increase from the same time last year. Reddit shares were up over 22% on Tuesday after the earnings announcement.

Related: Here’s Why Reddit Turned Down an Acquisition Offer From Google in Its Early Days, According to Cofounder Alexis Ohanian

“I’m excited to share that Q3 was a landmark quarter for Reddit,” Reddit CEO Steve Huffman wrote in his quarterly letter to shareholders. He added later that “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.”

Reddit CEO Steve Huffman. Credit: Greg Doherty/Variety via Getty Images

Huffman stated that Reddit started using AI to translate content on its website into other languages, starting with French in the first half of the year. The site has now expanded the effort to Spanish, Portuguese, Italian, and German, per the letter.

Going forward, it will try to make the search experience better for people searching internally or those navigating to Reddit from an external search engine like Google, according to the company.

Related: Reddit Traffic Nearly Triples in 8 Months, Posts Rise to the Top of Google Search

Reddit was up over 120% year-to-date at the time of writing.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

What Is ‘Doom Spending’ and Which Generation Falls for It?

Money & Finance June 20, 2025

Mom’s Side Hustle Made $30k in 2 Months, Then $500k a Year

Money & Finance June 19, 2025

Best U.S. Cities for Jobs That Afford Comfortable Lifestyles

Money & Finance June 17, 2025

Why Every Small Business Owner Should Consider Real Estate — Even Without Deep Pockets

Money & Finance June 15, 2025

Inside ‘Culture Shock’ at Goldman Sachs, ‘Black Capitalism’

Money & Finance June 14, 2025

Micro-Retirement? Quit Your Job Before You’re a Millionaire

Money & Finance June 12, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

Extra Clues And Answers For Today’s Game

June 21, 2025

Answer Engine Optimization (AEO) — What Brands Need To Know

June 20, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

June 20, 2025

How to Build a Tech-Forward Company That Lasts

June 20, 2025

Still Saying ‘I’ll Just Do It’? That’s Why You’re Stuck

June 20, 2025

Latest Posts

How ‘Jaws’ Sank Shark Conservation Before It Began

June 19, 2025

Mom’s Side Hustle Made $30k in 2 Months, Then $500k a Year

June 19, 2025

How to Turn Complaints, Comments and Compliments Into Business Wins

June 19, 2025

50 Side Hustle Ideas to Make Extra Money in 2025

June 19, 2025

Unpacking AI Agents | WIRED

June 19, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT