Reddit has achieved a first in its 20-year history: Here are the details!

 Reddit, one of the world's largest social media platforms, has achieved a first in its 20-year history. Here are the details...

Reddit, one of the world's most popular social media platforms, announced that it has made a profit for the first time in its 20-year history. The company shared its third-quarter financial report and announced that it has overcome a long-term depression and achieved a remarkable success. With its rapidly increasing number of users and advertising revenues, Reddit made an unexpected rise by making a profit of $29.9 million in the third quarter.

Reddit announced its first profit in 20 years!

Reddit’s daily active user count has increased by 47 percent year-over-year to reach 97.2 million in total, and has broken records by exceeding 100 million at certain times of the year. Reddit CEO and co-founder Steve Huffman stated in a letter to shareholders that this threshold is a long-awaited milestone for the platform.

The company turned a profit for the first time this quarter since its initial public offering in March, making up for the $575 million loss it experienced at the beginning of the year. Reddit, which reduced this loss to $10 million in the second quarter, increased its revenue to $315.1 million during this period thanks to successful advertising strategies. In addition, the company contributed $33.2 million in other revenues from its collaborations with Google and other artificial intelligence companies.