this post was submitted on 30 Oct 2024
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Technology

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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)
submitted 14 hours ago by alyaza@beehaw.org to c/technology@beehaw.org
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Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

In a letter to shareholders, Reddit CEO Steve Huffman attributed the recent increase in users to the platform’s AI-powered translation feature. Reddit started letting users translate posts into French last year before expanding to Spanish, Portuguese, Italian, and German. Now, Huffman says Reddit plans to expand translation to over 30 countries through 2025.

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[–] pineapple_pizza@lemmy.dexlit.xyz 11 points 13 hours ago (1 children)

Dammit, all of you told me Reddit was going into the ground and I didn't invest lol

[–] SturgiesYrFase@lemmy.ml 10 points 12 hours ago

Pffffffffffff...since when is it a good idea to get financial advice from randos on the internet?