For the first time in its nearly 20-year history, Reddit has posted a profit, marking a significant milestone for the platform that began as a community-driven website in 2005.
According to a statement released by Reddit, the company reported a net profit of $29.9 million, or 16 cents per share, in the quarter ending September, with revenue reaching $348.4 million.
This performance exceeded the $312.8 million revenue forecast by analysts, signaling a period of robust growth fueled by innovative AI initiatives and expanding user engagement.
AI Translation and User Engagement Boost
Central to Reddit’s recent success has been the platform’s new AI translation feature, which enables posts to be converted between six languages, including English, French, Spanish, and German.
According to Reddit CEO Steve Huffman…