From Sydney Morning Herald:

Reddit’s IPO debut valuated the company at $9 billion, a far cry from Meta Platforms’ $1.2 trillion. Although Reddit has never been profitable, it has ramped up efforts to boost revenue through advertising, increasing revenue from $229 million in 2020 to $804 million in 2021.

With cumulative losses of $717 million, Reddit aims to generate more revenue by selling ads and licensing content like the $60 million deal with Google. The company faces scrutiny, however, as the US FTC launched an inquiry into its content licensing agreements.

Reddit’s leadership has faced turmoil, with co-founders leaving in 2009 only to return later. CEO Steve Huffman alludes to past challenges and emphasizes the need for continued growth and adaptation. The public will closely monitor the company’s progress as a newly minted public entity, especially during its next earnings call.



Read more at Sydney Morning Herald: Sam Altman cashes in after Wall Street debut