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Reddit user base, profit soar as valuation hits $18.74b
Reddit has announced a notable increase in its user base and revenue, with India playing a significant role in this growth.
User views in India rose by 59% year-on-year, according to a letter sent to shareholders by co-founder and CEO Steve Huffman.
In the quarter ending in September, Reddit achieved a record 97.2 million daily active users. This marked a 47% increase from the previous year.
Following this news, Reddit’s stock increased by 40% in a day. This tripled its valuation to US$18.74 billion since its NYSE debut in March.
Recent Reddit developments
| Timeline |
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30-Oct-2024 🚀 Reddit stock jumps 22% on strong Q3 earnings
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25-Jun-2024 📈 Reddit’s IPO signals thawing tech winter, but listing game has changed
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22-Mar-2024 🚀 Reddit co-founder’s VC firm eyes Japan for AI chip investments
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12-Dec-2022 🌏 Reddit names ex-Coinbase exec as APAC vice president
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| 01-Mar-2021 🚀 Reddit’s founder, others pour $17.5m in final close of fund for Pakistani startups |
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