The company reported $804 million in revenue for the last year, showing a growth of more than 20 percent compared to 2022. But the company is still unprofitable with net loss of $90.8 million in 2023.
“I have never been more excited about Reddit’s future than I am right now,” CEO Steve Huffman said in aletterannouncing the news.
Reddit is going public 19 years after its founding
Image credits:Brett Jordan
Reddit is known for its vast array of communities, covering nearly every topic imaginable and fostering dialogue, humor, support, and debate across its countless “subreddits.”
“I think of August 13, 2005 as the day Reddit really came to life. We had been online for a couple of months, but until then there had never been enough posts from users on any day to fill the front page. That morning, to my surprise, I opened Reddit to discover the home page was overflowing with posts from real users for the first time,” read Steve’s letter.
Going against the norm, Reddit is also giving its top users, including moderators and those with high karma scores, the chance to buy shares in during its initial public offering (IPO).
Reddit is reserving some shares for its top users
The next tier will include people with a karma score of at least 2,000 and those “who have performed at least 5,000 moderator actions.”
Reddit did not specify how many shares would be set aside for its top users.
Steve spoke about the platform’s future and said it’s time Reddit behaves like an adult company.
“We’re 18 years old,” he told NPR in 2023. “I think it’s time we grow up and behave like an adult company.”
He also made it clear that Reddit has no intention of giving away their treasure trove of data for free.
“Reddit represents one of the largest data sets of just human beings talking about interesting things,” he told the outlet in June last year. “We are not in the business of giving that away for free.”
Reddit has massive communities, covering nearly every topic imaginable
Which was your favorite Reddit community in 2023?#redditrecaphttps://t.co/ao6LDHWiMKpic.twitter.com/uo7j9THqm4
— Reddit (@Reddit)December 6, 2023Lei RV
Renan Duarte
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