Reddit’s user growth, AI tools help it soar to first profit as public company

New York – Reddit has turned a profit for the first time as a public company.

The social platform claimed a profit of $29.9 million, or 16 cents per share, for the period ending in September, and reported sales of $348.4 million, an amount surpassing the $312.8 million analysts had projected. Reddit also grew its number of daily users to 97.2 million, a 47% increase from the same time last year, according to a company statement.

In a letter to shareholders, Reddit CEO Steve Huffman said its new AI translation feature – which allows readers to convert posts between English, French, Spanish, Portuguese, Italian and German – was a primary driver of user growth, especially internationally in countries like France, India and the Philippines. Huffman wrote that Reddit plans to expand this feature to over 30 countries going into 2025.

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