this post was submitted on 09 Jun 2023
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Reddit CEO Admits "we are not profitable" right before upcoming IPO (old.reddit.com)
submitted 1 year ago by Technoguyfication@kbin.social to c/reddit@lemmy.ml
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How do you address the concerns of users who feel that Reddit has become increasingly profit-driven and less focused on community engagement?

We’ll continue to be profit-driven until profits arrive. Unlike some of the 3P apps, we are not profitable.

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[–] EtherBalls@lemmy.world 8 points 1 year ago (2 children)

It’s insane to me that a site with as much activity and engagement as Reddit is allegedly “not profitable”. He’s either flat-out lying or they have mismanaged the site to a legendary degree.

Either way, it’s pretty pathetic.

[–] MayorMcCheese@lemmy.ml 5 points 1 year ago

This seems typical for dot com/social/next best thing. They grow at all cost in angel funding. Then cash out.

[–] alternativeninja@lemmy.sdf.org 3 points 1 year ago

I think a large portion of the profit losses might have to do with reddit hosting video/images.