this post was submitted on 01 Nov 2024
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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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[–] PKMKII@hexbear.net 59 points 1 week ago (2 children)

Both Google and OpenAI have cut deals with Reddit to train their AI models on its posts.

Training AI to be even more racist and misogynistic, cool.

[–] SuperNovaCouchGuy2@hexbear.net 28 points 1 week ago (3 children)

Everywhere outside of silicon valley will enact a Butlerian Jihad and a full return to analog machinery within a week of OpenAI releasing their new insufferable redditor-trained chatgpt model.

[–] miz@hexbear.net 23 points 1 week ago (1 children)

it would be really beautiful to see people smashing waymo cars with crowbars and bats

[–] SuperNovaCouchGuy2@hexbear.net 18 points 1 week ago

this is unironically a necessary step to take because the fucking US government wants to ramp up "intelligent" car production at the behest of car companies instead of investing in any form of mass public transport

[–] BobDole@hexbear.net 12 points 1 week ago

Judith Butlerian Jihad against misogynist techbros and their creations

[–] Assian_Candor@hexbear.net 50 points 1 week ago

Profitable, and unusable!

Welcome to the Web 2.0 reddit

[–] BoxedFenders@hexbear.net 41 points 1 week ago (1 children)

Our entire economy is being propped up by the AI grift now. 8 of the 10 largest companies by market cap are either spending all of their CapEx on training AI or selling the hardware necessary to do it (the only exceptions are Saudi Aramco and Berkshire Hathaway). This is just an insane funneling of money into one industry that can only result in one of two outcomes- 1. AGI is achieved and whoever wields it will have godlike power or 2. there is a market crash the likes of which we have never seen before. Guess which is more likely.

[–] 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

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[–] peeonyou@hexbear.net 38 points 1 week ago (2 children)

if google and openai are training bots on that shithole.. oh man we're in for a world of hurt where you can't tell whether someone is a lib or just a bot anymore

[–] AmericaDelendaEst@hexbear.net 21 points 1 week ago

you can't tell whether someone is a lib or just a bot anymore

astronaut-2 astronaut-1

[–] Tom742@hexbear.net 37 points 1 week ago* (last edited 1 week ago) (1 children)

the company reported a profit of $29.9 million

while “other” revenue reached $33.2 million on account of “data licensing agreements signed earlier this year.

Only profitable by exploiting "their" content to LLM farms

[–] merthyr1831@lemmy.ml 19 points 1 week ago (1 children)

So they sold their data for a one off payment and stuffed the platform with so many bots and astroturf accounts that it is effectively poisoned against being a reliable source for future AI data licensing.

Yeah they're so fucking cooked hahahahaha

[–] Tom742@hexbear.net 8 points 1 week ago (1 children)

This is also "profitable" with some big air quotes, they still have to make back all of that money they lost.

[–] merthyr1831@lemmy.ml 2 points 1 week ago

Yeah most of these venture capitalists are gonna start unloading debt onto Spez the moment the forecasts start going down again

[–] frauddogg@hexbear.net 27 points 1 week ago

Profit via theftbox partnership... Genuinely sickening.

looks like the Twitter advertisers have found a new home lol

[–] fossphi@lemm.ee 21 points 1 week ago

What about the time when users donated to the site by buying reddit gold? Wasn't the progress bar mostly full back then? Or am I misremembering

[–] WhatDoYouMeanPodcast@hexbear.net 19 points 1 week ago* (last edited 1 week ago) (2 children)

bit idea: sell reddit to another billionaire, they ruin the site, and it finally causes class consciousness to arise when they realize billionaires ruin everything they touch

[–] roux@hexbear.net 15 points 1 week ago

We might be able to go troll Elon into buying it and speed run this whole thing.

[–] peeonyou@hexbear.net 9 points 1 week ago

:super-troopers: it's already been ruined! you can't ruin it any further!

[–] roux@hexbear.net 16 points 1 week ago

Amazing, all they had to do was turn into Facebook! Who knew?

[–] miz@hexbear.net 15 points 1 week ago

FUCK.

death to reddit

[–] plinky@hexbear.net 15 points 1 week ago

I wonder what is a split between native/astroturfed advertisement (with included pisrael bots) and posts marked as advertisement

[–] peeonyou@hexbear.net 14 points 1 week ago (2 children)

but.. how? how are so many people still using that piece of shit site?

[–] Adkml@hexbear.net 11 points 1 week ago

Seriously it's worse than ever and like 60% of all accounts are clearly bots.

[–] CocteauChameleons@hexbear.net 8 points 1 week ago

Cuz of all the niche subs, every drug and music subgenre has some sort of relevant community on it. Every job has a sub too

[–] Angry_Stoat@hexbear.net 14 points 1 week ago

How unfortunate. I have fantasies of Reddit going bankrupt and all the shitty takes that have ever been posted on that site for the past 20 years getting lost forever. Then all the leftists on there get herded here to Hexbear (and also Lemmy/Lemmygrad, I guess). But of course, someone would tell the insufferable Reddit masses to "go use Lemmy," spawning another abomination like Lemmy.World.

[–] coolusername@lemmy.ml 13 points 1 week ago

how many of those are cia and israeli bots though?

[–] SuperNovaCouchGuy2@hexbear.net 13 points 1 week ago
[–] Evilphd666@hexbear.net 12 points 1 week ago

And more shit than ever!

[–] DragonBallZinn@hexbear.net 12 points 1 week ago

We did it, Reddit.

[–] tacosanonymous@lemm.ee 11 points 1 week ago

No it fucking doesn’t.

[–] FortifiedAttack@hexbear.net 11 points 1 week ago

I visited the Deltarune Subreddit recently and all I saw were people reposting the same tired old "joke" over and over.

No wonder Reddit is great data for LLMs, the people using the site are basically indistinguishable from one.

[–] TreadOnMe@hexbear.net 10 points 1 week ago

I wonder how long it will take for them to actually make back as much money as they lost. You know, actually be 'profitable'.

[–] grandepequeno@hexbear.net 9 points 1 week ago

This is so sad

[–] GoodGuyWithACat@hexbear.net 9 points 1 week ago

CIA funding finally is coming through.

[–] AmericaDelendaEst@hexbear.net 7 points 1 week ago