Reddit just turned a profit for the first time in 20 years, and its partnerships with Google and OpenAI played surprisingly little role

You might be surprised to hear that the Internet's most popular discussion hub has yet to make a profit since its inception almost 20 years ago. Now, in a letter to shareholders (PDF) (via The Verge), Reddit has just announced that the company was profitable in the third quarter of 2024 with “net income of $29.9 million and a net margin of 8.6% , representing an improvement of $37.2 million over the previous year.” Year”.

Reddit's journey from the red to the black has also put the company firmly in Wall Street's sights, as the company's shares rose over 35% following the report, according to The Guardian.