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Reddit is profitable for the first time ever, with nearly 100 million daily users (www.theverge.com)

submitted 1 week ago by geese_feces@hexbear.net to c/technology@hexbear.net

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Reddit just turned a profit for the first time. As part of its third quarter earnings results released on Tuesday, the company reported a profit of $29.9 million, along with $348.4 million in revenue — a 68 percent increase year over year.

The company hasn’t been profitable at any point in its nearly 20-year history. Since going public, Reddit lost $575 million during its first quarter on the market, but it decreased that loss to $10 million last quarter and is now finally in the black.

Reddit’s advertising revenue grew to $315.1 million, while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.” Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

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[–] sewer_rat_420@hexbear.net 18 points 1 week ago (1 children)

I currently train AI (its a gig economy type job). The amount of money being thrown around to produce training data is absolutely insane. Ill make 10 or so prompts in a day (takes like 5-6 hrs) and make $700. And the projects have thousands of others so do the math...

At least the gravy train is spilling over onto me right now but im certain it will dry up in an instant when this AI bubble finally bursts

[–] coolusername@lemmy.ml 2 points 1 week ago (1 children)

How do I find this type of job

[–] sewer_rat_420@hexbear.net 2 points 1 week ago

I work for outlier.ai

I wouldnt recommend it as anything other then a side gig. My month by month income from it has been insanely inconsistent. I either have no work at all or a ton of work and lucrative bonuses. And getting onboarded and trained is insane and the company is authoritarian as fuck