Reddit– An American social forum that includes question-answers and holds multiple discussions regarding diverse topics. Reddit answers over 70 million queries in a week.
Durgesh Kaushik, Vice President of Product and International Growth in Reddit took to LinkedIn to update the users about the robust growth of Reddit.
Following were the points he shared:-
- Daily Active Uniques (DAUq) increased 21% year-over-year to 110.4 million.
- The company’s revenue grew to 78% year-over-year to 500 million dollars.
- The gross margin expanded year-over-year to 90.7%.
- It has now achieved a net income of 89 million dollars giving the online forum now a growth of 18% of revenue.
- A diluted EPS of 0.45 dollars, adjusted EBITDA 1 of 167 million dollars, providing a growth of 33% of revenue.
- It is now operating on a cash flow of 111 million dollars and fully diluted shares of 206 million, up 0.3% sequentially.
Reddit CEO Steve Huffman said, “For years, people have been adding ‘Reddit’ to their search queries to find real experiences, recommendations, and discussions. Our communities are the world’s most valuable database of human experience. We’re simply building the infrastructure to make that wisdom more accessible and searchable”.
Have you searched anything on Reddit? Yes! Then, congratulate yourself because you’ve probably contributed to this growth.
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