Reddit is getting bigger.

Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.

The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.

Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

  • PKMKII [none/use name]@hexbear.netEnglish
    48·
    12 hours ago

    Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

    Training AI to be even more racist and misogynistic, cool.

    • SuperNovaCouchGuy2 [any]@hexbear.netEnglish
      23·
      12 hours ago

      Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.