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Reddit revenue rises 20% ahead of IPO, but it isn’t profitable yet (www.businesstimes.com.sg)

submitted 9 months ago* (last edited 9 months ago) by CoffeeAddict@kbin.social to c/RedditMigration@kbin.social

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REDDIT posted a more than 20 per cent rise in revenue in 2023 versus the year before, sources familiar with the situation said, as it prepares for one of the United States’ most anticipated potential initial public offerings (IPOs).

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[–] lvxferre@mander.xyz 11 points 9 months ago (2 children)

I trust Reddit enough to manipulate the numbers to make the situation better than it looks like.

That said, some increase in short-term profit is to be expected, when a company exploits its own value: getting rid of third party apps, decreasing running costs by locking LLM training bots out, being rather aggressive on pushing towards the official app to anyone who "dares" to use a plain mobile browser, wrestling control of the subreddits from the "landed gentry", so goes on. The problem will be only quantified later, as profits will drop and "nobody will know" why.

So it's a lot like eating the seeds for your next season. Sure, you'll be fuller now, but you'll starve later.

[–] JohnEdwa@sopuli.xyz 6 points 9 months ago* (last edited 9 months ago)

Doesn't matter as long as the people who did it got their money and are sailing to the sunset in their private yachts.
What do they care if yet another fantastic website got turned into a steaming pile of enshittification in the process.

[–] Chozo@kbin.social 5 points 9 months ago* (last edited 9 months ago) (2 children)

I trust Reddit enough to manipulate the numbers to make the situation better than it looks like.

What? Nooo, Spez would never make undocumented changes to misrepresent things! Don't be silly.

[–] Bonifratz@feddit.de 1 points 9 months ago* (last edited 9 months ago)

Thanks for reminding me of this. For those not aware, in 2016 Spez secretly edited users' reddit comments. It's fascinating that he survived as CEO after that given that it shows an absolutely breathtaking failure of judgment and self-control.

[–] lvxferre@mander.xyz 1 points 9 months ago* (last edited 9 months ago)

You made me realise that I worded it really, really bad. (I need to fix it.)

I'm glad that you guys got the meaning that I was trying to convey though - that Reddit Inc. is scum, you can trust on the fact that they're scum, and spez et al. are likely distorting the situation to make Reddit look more profitable than it is.