Reddit, an iconic American social network, has just revealed its figures for its third quarter of 2024. An announcement full of enthusiasm given that it is the first time that it can announce figures in the green after 20 years of waiting.
A first since 2005
This is a historic first for Reddit. After 20 years of waiting, the American social network indicates that it is profitable for the very first time in its history. Via the announcement of its results for the third quarter of 2024, the company formalizes a net profit of $29.9 million on $348.4 million in revenue. An increase of 68% compared to last year.
Another notable fact is the spectacular growth in the number of users. In recent months, Reddit has reached an average of 97 million daily users with occasional peaks of over 100 million. Once again, a significant increase of 47% compared to the same period in 2023.
To explain this staggering rise, Reddit CEO Steve Huffman said the integration of artificial intelligence had been a crucial addition. For the past year, AI has made it possible to automatically translate messages into many languages, including French. A vital feature to attract users from other countries, Reddit being mainly used by Americans. He also confirms that he wants to extend this translation function to more than 30 countries by next year.
AI is not alone in this story. Advertising revenue ($315 million) is also on the rise and partnerships with OpenAI and Google seem rather lucrative. The road is still long, Reddit will do everything to ensure that the fourth quarter is as positive.
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