It might surprise you to hear that, until now, the internet's favourite discussion hub hadn't turned a profit since it started almost 20 years ago. Now, in a letter to shareholders [PDF] (via The Verge), Reddit has just announced that it was profitable in Q3 2024 with a "Net Income of $29.9 million and net margin of 8.6%, an improvement of $37.2 million from the prior year".
Reddit getting out of the red and into the black has put it firmly on Wall Street's radar, too, as The Guardian says that its shares rose over 35% following this report.
