Reddit Reports First Profit of $29.9 Million

Reddit has reported its first-ever profit, achieving $29.9 million in Q3 earnings alongside a 68% revenue increase to $348.4 million, marking a significant turnaround after two decades of losses. The platform's daily user base has surged to 97.2 million, with peaks over 100 million, attributed largely to the successful implementation of AI-powered translation features. Advertising revenue accounted for the bulk of earnings at $315.1 million, supplemented by $33.2 million from data licensing deals with tech giants like Google and OpenAI. CEO Steve Huffman noted the growing influence of Reddit, highlighted by it being the sixth most Googled term in the U.S. this year. Future plans include expanding translation services to over 30 countries by 2025 and enhancing the platform's search capabilities. This financial milestone positions Reddit favorably in the competitive social media landscape, focusing on community-driven content and genuine user engagement.