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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)

submitted 3 months ago by geese_feces@hexbear.net to c/technology@hexbear.net

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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.

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[–] PKMKII@hexbear.net 59 points 3 months ago (2 children)

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@hexbear.net 28 points 3 months ago (3 children)

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.

[–] miz@hexbear.net 23 points 3 months ago (1 children)

it would be really beautiful to see people smashing waymo cars with crowbars and bats

[–] SuperNovaCouchGuy2@hexbear.net 18 points 3 months ago

this is unironically a necessary step to take because the fucking US government wants to ramp up "intelligent" car production at the behest of car companies instead of investing in any form of mass public transport